Growing adoption of noninvasive procedures, changing lifestyles, rising incidence of skin damage, reduction in procedural costs, and rise in medical tourism devices are the major factors driving the growth of the aesthetic lasers market. However, the rising adoption of energy-based devices and low focus of market players on aesthetic/cosmetic devices are restraining the growth of this market.
Increasing preference for noninvasive cosmetic procedures, increasing disposable income, technological advancements, and rising medical tourism are the major drivers of the aesthetic lasers market. However, lack of reimbursement will restrain the growth of this market.
According to the new market research report by MarketsandMarkets, global aesthetic lasers market is estimated to grow at a CAGR of 10.2% during the forecast period, to reach USD 1,132.7 Million by 2021.
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Based on type, the aesthetic/cosmetic lasers type market is segmented into standalone lasers and multiplatform lasers. In this market, multiplatform lasers formed the fastest-growing segment as they provide scalable and upgradeable hybrid systems that can treat multiple indications. Factors such as multiplatform lasers provide clinicians the flexibility and versatility of several standalone systems in a single package, and provide combination therapy to synergistically treat a single indication or provide treatment addressing multiple elements of any indication is contributing to the high growth of this segment in the forecast period.
Based on application, the aesthetic/cosmetic lasers type market is segmented into vascular lesions, acne & scars, pigmented lesions & tattoos, hair removal, skin rejuvenation, leg veins & varicose veins, and other applications (onychomycosis and gynecological conditions). The hair removal segment accounted for the largest share of the market due to factors such as high adoption of aesthetic procedures, developments in the laser technology, increased focus on body appearance, and high disposable income.
Based on end user, the aesthetic/cosmetic lasers type market is segmented into hospitals, private clinics, and medical spas. The private clinics segment accounted for the largest share in 2016 owing to the 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.
North America accounted for the largest share of the Aesthetic/Cosmetic Lasers Market
The market is segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Among these regional segments, North America is expected to account for the largest share of the global aesthetic lasers market. However, the Asia-pacific is expected to grow at the highest CAGR during the forecast period. The high growth in this regional segment can be attributed to factors changing lifestyles, rising incidences of skin damage, and increasing medical tourism in the region will drive the growth of this market.
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Key Market Players :
Major players in the Cosmetic Lasers Market include Aerolase (U.S.), Alma Lasers, Ltd. (Israel), Cutera, Inc. (U.S.), Cynosure, Inc. (U.S.), El.En. SpA (Italy), Lumenis Ltd. (Israel), Sciton, Inc. (U.S.), SharpLight Technologies (Israel), Syneron Medical Inc. (Israel), and Solta Medical (U.S.).