The extensive flood in the inclination for non-stylish strategies and specialized progressions in laser innovation are the central point that drive the cosmetic laser market.
The extensive flood in the inclination for non-stylish strategies and specialized progressions in laser innovation are the central point that drive the cosmetic laser market.
The global cosmetic laser market generated $1.81 billion in 2018, and is expected to reach $5.41 billion by 2026, portraying at a CAGR of 14.5% from 2019 to 2026.
Ascend in mindfulness for cosmetic layers, headways in field of lasers, and expansion in weight across the globe are the main considerations that drive the development of the worldwide cosmetic laser market. Nonetheless, greater expense related with these strategies prevents the market development. Then again, improvement in fillers, lasers, and injectables are assessed to set out rewarding open doors for the market in the coming future.
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Covid-19 Scenario:
- Due to prolonged lockdown across various countries, the supply of raw material was disrupted, which created a huge gap in the supply-demand of the cosmetic laser market.
- cosmetic laser manufacturing companies have affected to a larger extent due to disrupted supply chainamid the Covid-19 outbreak.
- However, as governments have announced relaxation in lockdown measures, the manufacturing of cosmetic laser is expected to gain momentum.
Technological advancements in cosmetic lasers such as providing minimally invasive treatments and surge in awareness among individuals toward self-grooming are the major factors that propel the cosmetic laser market growth. In addition, rise in disposable incomes in developing economies, such as China and India, further contribute to the growth of cosmetic laser market. However, high cost of these devices and a lack of appropriate reimbursement policies restrain the growth of cosmetic laser market. On the contrary, rise in baby boomer population and the budding trend of body altering across the globe are anticipated to create lucrative opportunities for the market in the future. In addition, manufacturers are continuously focused toward improving their products to help users gain better results in a shorter time period with minimal or no incisions.
The global cosmetic laser market is divided on the basis of type, modality, application, and geography.
Based on type, the non-ablative lasers segment accounted for nearly three-fifths of the total market share in 2018, and is expected to maintain its leadership position throughout the forecast period. This is attributed to rise in demand for this type of devices that need small incisions on surface of the skin through which cannula can be inserted. However, the ablative lasers segment is estimated to maintain the highest CAGR of 15.2% from 2019 to 2026. This is attributed to its rise in application for skin rejuvenation.
Based on modality, the YAG laser segment accounted for the largest share in the global cosmetic laser market in 2018, accounting for nearly one-fourth of the total share in terms of revenue, and is estimated to maintain its dominant position during the forecast period. This is attributed to surge in usage in cataract surgery. Contrarily, the erbium segment is estimated to register the fastest CAGR of 18.0% during the forecast period.
Based on application, the body contouring segment dominated the cosmetic laser market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the surge in awareness among individuals toward self-grooming and getting their bodies in shape. Moreover, a significant rise in obesity across the globe contributes to the growth of cosmetic lasers market.
Based on region, North America accounted for the highest market share in 2018, holding more than two-fifths of the total market share, and will maintain its lead position throughout the forecast period. However, Asia-Pacific is estimated to portray the highest growth rate, witnessing a CAGR of 16.2% during the forecast period. This is due to increase in disposable income and rise in promotional activities regarding usage of cosmetic lasers.
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The Major Key Players 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 Solta Medical. The other players in the value chain include Aerolase Corporation, Iridex, ALLTEC GmbH, and Fotona.
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