The global aesthetic lasers market is expected to reach USD 1.8 billion by 2024, according to a new report by Grand View Research, Inc. The demand is expected to upsurge due to aging population, high prevalence of obesity, and wide range of safe and effective treatments. Moreover, growing awareness about the safety and efficacy of lasers coupled with its ease of use is also expected to propel its cosmetic applications.
Advancement of technology has made needle-free procedures possible, thus boosting the rate of adoption of laser treatments. Young population also opts for cosmetic procedures as preventive measures for and to slow down the aging process.
Companies operating in this market are making huge investments in research and development of new products and holding patents. For instance, in 2014, Cutera (provider of energy-based medical Aesthetic technologies) invested USD 10.5 million for pure research purposes and holds 34 patents along with5 patent applications in the pipeline.
Stringent regulations for the cosmetic laser products are projected to ensure increasing efficiency of the devices while treating the skin without any adverse effects. The manufacturers of laser devices have to comply with the Federal Food, Drug, and Cosmetic Act in addition to radiation safety performance standards defined by the Federal Regulations. In April 2016, Oculus Innovative Sciences, Inc. received the FDA approval for Microcyn-based Lasercyn Gel, intended for post-non-ablative laser therapy procedures management
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Further Key Findings from the Study Suggests:
- Hair removal is the fourth most common minimally invasive procedure across the globe with approximately 1 million procedures done in the year 2011.It dominated the application segment in terms of number of procedures owing to the changing beliefs of beauty and lifestyle.
- Conventional hair removal methods are painful and temporary. Thus, using lasers for permanent hair removal proves to be efficient. Also, growing safety assurance results in more people opting for it. Almost 97% people who have undergone the procedure report satisfactory outcomes.
- Laser skin resurfacing segment is expected to grow at a rapid rate over the forecast period. This is attributed to the fact that it reduces the signs of aging and improves skin texture, tone, & laxity. Furthermore, increasing innovation and technological advancements brought in by the market players are expected to propel demand of the segment in the coming years.
- For instance, Sciton JOULE is an expandable platform that offers an unprecedented laser array and light wavelengths via any of its three distinct delivery modes that are broadband light, fiber, and arm, enabling practitioners with the maximum versatility to perform surgical and Aesthetic procedures from a single platform. It is the first OptiPlex platform to accommodate abovementioned three distinct delivery modes.
- Some incredible creative solutions have been prompted with the increasing demand for laser skin resurfacing. In 2010, Solta Medical (fractional resurfacing and noninvasive skin tightening pioneer) announced an FDA clearance of Fraxel restore Dual for treating actinic keratosis.
- North America dominated the market in 2015. It is due to the early acceptance of laser technology and growing awareness about lasers and its efficiency in treating all the skin type.
- The prevalence of medical spas is very high in this region. In 2012, approximately 2,100 med spas were operative in the U.S., generating revenue USD 1.94 billion per year. This number grew to USD 3.6 billion in 2016. Growing emphasis on beauty and attractiveness and its direct impact on success are expected to further increase the market share of the region.
- Some key players are Solta Medical, Inc. (acquired by Valeant Pharmaceuticals); Lumenis; Cynosure, Inc.; STRATA Skin Sciences; Syneron Medical Ltd., Lutronic, Cutera, Viora, Lynton Lasers, and Sciton, Inc.
- The industry is experiencing many mergers and acquisitions between competitors. In December 2014, Valeant Pharmaceuticals International acquired Solta Medical, Inc. in USD 236 million.
- In 2015, Mela Sciences acquired XTRAC and VTRAC laser and lamp systems from PhotoMedex, Inc. in USD 42.5 million. Moreover, the company was renamed to Strata Skin Sciences.
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Grand View Research has segmented the global aesthetic lasers market on the basis of application and regions: