Cosmetic Laser Market size was valued at $2,378 million in 2020, and is anticipated to reach $5,743 million by the end of 2026 growing at a CAGR of 6.0% during the forecast period 2021-2026. The cosmetic laser industry growth rate is attributed to the increasing demand for aging baby boomers as well as surplus income with the middle class to spend on cosmetic surgeries and is anticipated bringing new opportunities. Cosmetic laser is a therapy that reduces vascular lesions, facial wrinkles and skin tightening, such as blemishes or acne scars. This technique directs brief, concentrated pulsating beams of light on uneven surfaces of skin, which precisely removes skin layer by layer and is also known as lasabrasion technique, laser peel, or laser vaporization. It is used to treat many medical conditions such as aging skin problems, age spots, fine lines, wrinkles on the face birthmarks, spider veins, droopy, dry, sagging eyelid skin, and dark circles. Further, it can also be used in uneven skin tone correction and texture, smokers’ line, etc. Moreover, cosmetic laser market creates great opportunity to expand their wings. Manufacturer’s continuous cosmetic laser techniques worldwide is also driving the laser market during the forecast period
Cosmetic Laser Market Segment Analysis – By Application
In 2020, on the basis of application, hair removal segment accounted for the largest segmental revenue of the cosmetic laser market. The laser hair removal segment held the largest market on account of the growing cosmetic laser consciousness and the cost of hair removal process is comparatively less than other cosmetic procedures making it affordable and cheaper in the long run thereby, positively impacting the segment growth. Furthermore, conventional hair removal techniques prove to be time-consuming and are not feasible in the current fast-moving lifestyle.
On the contrary, skin tightening segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.89%. The prime factor supplementing the growth of this segment is owing to the fact that skin tightening is common amongst people between the ages of 35 and 50. Skin tightening is the most common cosmetic procedure among those considering it and has an advantage over dermal fillers and implants because of its non-invasive nature, fast recovery time, and noticeable performance, which is to continue drive the segment growth in the forecast period 2021-2026. Furthermore, the rise in obesity and early results of the operation, Brazil, Mexico, India, and China has seen an increase in demand for laser-assisted lipoplasty. This procedure is used to treat regions of the body that are prone to exercise and dieting, such as the stomach during pregnancy, the thighs, and localized fats in other body parts., which is anticipated to further fuel the segment growth.
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Cosmetic Laser Market Segment Analysis – By End Users
On the basis of end users, hospital segment accounted for the largest segmental revenue of the cosmetic laser market in 2020 owing to increasing number of hospitals with laser treatment facilities is anticipated to drive the segment growth. Expansion in the cosmetic industry and the rise in awareness about the physical appearance amongst the population is poised to positively influence the market demand.
On the other hand, skin care clinics segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.5%. The skin care clinics is to witness a healthy growth owing to rising number of aesthetic/cosmetic procedures across the globe, increasing awareness about various aesthetic procedures and their benefits, growing preference of the patients for minimal invasive cosmetic surgeries, and growth in the number of private clinics and surgeons providing these treatments. All these factors are to drive the segmental market growth.
Cosmetic Laser Market Segment Analysis – By Geography
North America is the major region dominating the cosmetic laser market with a market share of 38.16% in the year 2020. This can be attributed to the growing consciousness amongst the elderly population and rapid technological advancements. Also, the manufacturers compete closely for market share in this region. Moreover, owing to the absence of professional training for cosmetics procedures, companies incorporate training initiatives using their own products for healthcare practitioners, thus boosting their sales thereby, aiding the regional cosmetic laser market growth.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to its large aging population base and comparatively lesser procedures costs. Improved results and reduced risk coupled with adverse events such as accidents and burns encourage people to opt for aesthetic procedures which foster the growth of the market in the region. Apart from this, rise in promotional activities related to cosmetic lasers coupled with the presence of companies such as Sciton, Inc., Syneron Medical Ltd., Lutronic, and Cutera in the region has been affecting the market for cosmetic laser positively.
Cosmetic Laser Market Drivers
Significant Increase In The Preference For Non-Aesthetic Procedures
The cosmetic laser market is poised to receive upswing demand owing to significant increase in the preference for non-aesthetic procedures and technical advancements in laser technology. In addition, surge in adoption of the non-invasive procedures, rise in cases of skin damages, increase in medical tourism & ever-changing lifestyles, and reduced procedural expenses propel the growth of cosmetics laser market. Other factors such as enhanced implementation of aesthetic procedures, development of laser technology, increased focus on body appearance among both men and women, and high disposable income in developing economies fuel the growth of cosmetic lasers market to a significant extent.
Cosmetic Laser Market Challenges
Strict Regulations And Lack Of Reimbursement
Despite several drivers, less emphasis of manufacturers on aesthetic devices, strict regulations by governments on the usage of cosmetic lasers, and lack of reimbursement are major factors that could challenge market growth to a certain extent over the forecast period 2021-2026. Conversely, development in fillers, lasers, and injectable are estimated to create lucrative opportunities for the cosmetic laser market in the near future.
Cosmetic Laser Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Cosmetic Laser Market. In 2020, Cosmetic Laser market share is fragmented by the top ten players present in the market. Cosmetic Laser Market top 10 companies are Alma, Candela, Cutera, Cynosure, Deka, Hoyoconbio, Lumensis, Palomar, and Syneron, Aerolase El.En. Spa Lumenis Ltd., Aerolase Corporation Sciton, Inc., Sharp Light Technologies, Fosun Pharmaceutical, Syneron Medical Inc. and others.
Acquisitions/Product Launches
In July 2019, Hologic Inc. launched two new products for innovative cosmetics treatments called TempSure Film handpiece for SculpSure sub mental treatments.
In February 2019, Alma Lasers launched a new hair removal device called the Soprano Titanium.
Key Takeaways
North America dominated the Cosmetic Laser market with a share of 38.16% in the year 2020.
The factors such as growing adoption of noninvasive procedures, changing lifestyles, rising incidence of skin damage are among the major factor projected to impel growth of cosmetic laser market.
Additionally, factors such as reduction in procedural costs and rise in medical tourism devices are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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