The global aesthetic/cosmetic lasers market is projected to reach USD 1,132.7 million by 2021 from USD 697.6 million in 2016, growing at a CAGR of 10.2% during the forecast period.
Growth of this market can be attributed to factors such as growing adoption of noninvasive procedures, changing lifestyles, rising incidence of skin damage, reduction in procedural costs, and rising medical tourism. However, lack of reimbursement of cosmetic laser based procedures is restraining the growth of this market.
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. Thus, this segment is expected to grow at the highest CAGR during the forecast period.
The skin rejuvenation segment is expected to grow at the highest CAGR during forecast period, due to factors such as rise in population with skin disorders and concerns, growing adoption of aesthetic procedures, and technological advancement in lasers. Furthermore, the hair removal segment is expected to have the largest market size in 2016, due to the factors such as high adoption of aesthetic procedures, developments in laser technology, increased focus on body appearance, and high disposable income.
In 2016, North America is expected to account for the largest share of the global aesthetic/cosmetic lasers market, followed by Europe, Asia-Pacific, and Rest of the World (RoW). North America’s large share is attributed to the growing preference for aesthetics procedures, rising aging population, high disposable income, technological advancement, and increasing awareness on the benefits of laser treatment. In the coming years, the aesthetic/cosmetic lasers market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan. This can be attributed to factors such as changing lifestyles, rising incidences of skin damage, rising disposable income, and increasing medical tourism.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (expansions; new product launches; marketing and promotion; agreements, collaborations, contracts, partnerships, and joint ventures; funding; acquisitions; patent grants, website launches, and product enhancement) to increase their market shares and establish a strong foothold in the global aesthetic/cosmetic lasers market.
Major players in the aesthetic/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.).