The considerable surge in the preference for non-aesthetic procedures and technical advancements in laser technology are the major factors that drive the cosmetic laser market
Portland, OR, Jan. 14, 2021 (GLOBE NEWSWIRE) -- According to the report, 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.
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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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.
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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Leading market players analyzed in the research Hoyoconbio, Lumensis, Palomar and Syneron, Aerolase El.En. Spa Lumenis Ltd., Aerolase Corporation Sciton, Inc., Sharp Light Technologies, Fosun Pharmaceutical, Alma, Candela Cutera, Syneron Medical Inc., Cynosure, Deka, and Solta Medical.
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