Increase in awareness for cosmetic layers, developments in the field of lasers, and surge in obesity across the globe drive the growth of the global cosmetic laser market
PORTLAND, Oregon, Jan. 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Cosmetic Laser Market by Product (Ablative, Non-ablative), Modality (Pulsed Dye Laser (PDL), YAG laser, Carbon Dioxide Laser (CO2), Erbium, Intense Pulsed Light (IPL), Radiofrequency, Infrared, and Others), Application (Hair removal, Skin Resurfacing, Vascular Lesions, Scar and Acne Removal, Body Contouring, and Others), and End-User (Hospitals, Skin Care Clinics, and Cosmetic Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global cosmetic laser industry garnered $1.81 billion in 2018, and is estimated to generate $5.41 billion by 2026, growing at a CAGR of 14.5% from 2019 to 2026.
Prime determinants of growth
Rise in awareness for cosmetic layers, advancements in field of lasers, and increase in obesity across the globe are the major factors that drive the growth of the global cosmetic laser market. However, higher cost associated with these procedures hinders the market growth. On the other hand, development in fillers, lasers, and injectables are estimated to create lucrative opportunities for the market in the coming future.
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The non-ablative lasers segment to retain its lead position during the forecast period–
Based on type, the non-ablative lasers segment held nearly three-fifths of the total market share of the global cosmetic laser market in 2018, and is estimated to retain its lead position during the forecast period. This is due to the fact that the increased demand for these devices that require small incisions on the skin surface through which a cannula is inserted. However, the ablative lasers segment is expected to grow at the fastest CAGR of 15.2% from 2019 to 2026. This is due to its increased usage for skin rejuvenation purposes.
The YAG laser segment to maintain its dominance in terms of revenue by 2026–
Based on modality, the YAG laser segment held the highest share in the global cosmetic laser market in 2018, contributing to nearly one-fourth of the total share, and is expected to maintain its dominance in terms of revenue throughout the forecast period. This is due to its increased usage in cataract surgery. Contrarily, the erbium segment is expected to grow at the highest CAGR of 18.0% from 2019 to 2026. As the major benefit of erbium laser resurfacing is minimal burning of surrounding tissue and reduced patient downtime.
North America to contribute largest share during the forecast period–
Based on region, North America held the largest share in 2018, accounting for more than two-fifths of the global cosmetic laser market, and will lead during the forecast period. This is due to the presence of major key players such as Hologic, Inc., Bausch Health Companies Inc., Cutera, Inc. Whereas, Asia-Pacific is estimated to witness the largest growth rate, registering a CAGR of 16.2% from 2019 to 2026. This is attributed to the factors such as rise in disposable income and increase in promotional activities associated with use of cosmetic laser.
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Leading market players–
- Palomar and Syneron
- Aerolase El.En. Spa Lumenis Ltd
- Aerolase Corporation Sciton, Inc
- Sharp Light Technologies
- Fosun Pharmaceutical
- Candela Cutera
- Syneron Medical Inc
- Solta Medical
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