Companies in the dermatology medical lasers market are increasingly investing in Picosecond Lasers for skin treatments other than tattoo removal as they have found their use in the treatment of acne, skin lightening and skin tightening. For instance, in July 2018, Picocare 450, manufactured by Wontech, a South Korea company, received FDA approval to be used in dermatology procedures. In February 2019, LaserOptek received FDA clearance for its PicoLO picosecond laser device used for the treatment of scars and skin rejuvenation. Therefore, the use of picosecond lasers in dermatological processes is expected to be the new trend in the dermatology medical lasers market.
The global dermatology medical lasers market size is expected to decline from $2.62 billion in 2019 to $2.55 billion in 2020 at a compound annual growth rate (CAGR) of -2.67%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The dermatology medical lasers market size is then expected to recover and reach $4.2 billion in 2023 at a CAGR of 18.18%.
According to dermatology market overview, the growing demand for cosmetic procedures is expected to drive the dermatology medical lasers market. There has been an increase in the number of people opting for cosmetic procedures to enhance the appearance levels and treatment of defects on the skin. As per a report by the American Society of Plastic Surgeons (ASPS), Americans spent $16.5 million on cosmetic procedures in 2018 and nearly 17.7 million cosmetic procedures were performed in 2018, up by 2% from 2017. Dermatology lasers are used in cosmetic procedures such as removal of fine lines, wrinkles, skin tightening, pigmented lesions, precancerous lesions, vascular lesions, tattoos, hair removal, acne scars, and others. Hence, the growing demand for cosmetic procedures among users aids in the growth of the dermatology medical lasers market.
Alternatives for laser skin treatment are expected to hinder the dermatology medical lasers market growth. The growing popularity of alternative methods of skin treatment such as the use of drugs, chemical treatment, microneedle and Botox surgery is expected to hinder the growth of the market. For instance, as per a survey by eMediHealth of 64 dermatologists from October to November 2019, drug therapy such as Isotretinoin and retinoids have a higher success rate for acne treatment with 75% dermatologist preferring it over laser therapy. Thus, the demand for alternatives is expected to restrain the market growth.
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