Cosmetic Laser Market to Witness Comprehensive Growth by 2019 – 2027
Zion Market Research has published a new report titled “Cosmetic Laser Market by Type (Standalone Laser Devices and Multiplatform Laser Devices), by Modality (Carbon Dioxide Lasers, Erbium YAG Lasers, Diode Lasers, Pulsed Dye Lasers, ND: YAG Lasers, Alexandrite Lasers, and Others), by Applications (Vascular Lesions, Acne & Scars, Pigmented Lesions & Tattoos Removal, Hair Removal, Skin Rejuvenation, Leg & Varicose Veins, Body & Face Contouring, and Others), and by End User (Hospital, Private Clinics, and Medical Spas) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global cosmetic laser market was valued at approximately USD 639.76 million in 2017 and is expected to generate revenue of around USD 1,591.58 million by the end of 2024, growing at a CAGR of around 12.15% between 2018 and 2024.
Cosmetic lasers function on the principle of selective photo thermolysis, where photo refers to light frequency. It is a treatment used to reduce skin irregularities and wrinkles. The technique directs beams of light which are concentrated, short and pulsating at targeted irregular skin which precisely removes skin layer by layer and resurfaces the skin by removing the irregularity.
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Cosmetic laser market is segmented on the basis of type, modality, application, and end user. On the basis of type, cosmetic laser market is segmented into standalone laser devices & multiplatform laser devices. Multiplatform laser devices segment is expected to dominate the market. Multiplatform lasers provide the versatility and flexibility of different standalone systems in a single package, which drives the growth of multiplatform laser devices segment.
Based on the modality, the cosmetic laser market is further segmented into carbon Erbium YAG lasers, dioxide (CO2) lasers, pulsed dye lasers, diode lasers, ND: YAG lasers, alexandrite lasers, and others.
Based on application, the cosmetic laser market is divided into vascular lesions, pigmented lesions & tattoo removal, acne & scars, skin rejuvenation, leg & varicose veins, hair removal, body & face contouring, and other application. Hair removal segment acquired the largest market share in 2015. Development of laser technology for the treatment of the hair removal along with its cost-effectiveness fueled the growth of hair removal technique.
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On the basis of the end user, the cosmetic laser market is segmented into the hospital, private clinics, and medical spas. Private clinics segment is expected to dominate the cosmetic laser market in the forecast period. Growing preference for minimally invasive cosmetic surgeries and a growing number of private clinic and surgeons is expected to fuel the growth of private clinics segment.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the regional segments of the global cosmetic laser market. North America is anticipated to dominate the market over the forecast period due to a rapid increase in disposable income, the presence of laser-based treatment clinics, and training initiatives by companies. Europe is expected to show a significant growth in the forecast period due to increased melanin deficient population, rising medical tourism, and rapid advances in technology.
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The Asia Pacific is expected to show a high growth rate due to the increase in obese and overweight population, increase in accident and burn cases, and change in lifestyle. Latin America and the Middle East & Africa are also expected to show a steady market growth due to an increase in awareness about cosmetic laser surgeries and an increase in disposable income.
The key players in the global digital health market are Solta Medical Cutera, Inc., Aerolase, Cynosure, Inc., Lutronic, Alma Lasers, Ltd., Lumenis Ltd., Sciton, Inc., Syneron Medical Inc., and SharpLight Technologies. The players are involved in the development of advanced technologies which are cost effective.