Portland, OR, March 24, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Aesthetic Lasers And Energy Devices Market by Product (Laser Resurfacing Devices, Body Contouring Devices, and Aesthetic Ophthalmology Devices), Technology (Laser-Based Technology, Light-Based Technology, and Energy-Based Technology), Application (Hair Removal, Scar Removal and Skin Resurfacing, Skin Rejuvenation, Skin Tightening, and Others), and End User (Multi Specialty Centers, Standalone Centers, and Cosmetic Surgery Centers & Clinics): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global aesthetic lasers and energy devices market garnered $4.59 billion in 2019, and is expected to garner $9.54 billion by 2027, growing at a CAGR of 10.30% from 2020 to 2027.
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Prime determinants of growth
Increase in awareness regarding medical aesthetics, advancements in aesthetic devices, and rise in rate of obesity across the globe drive the global aesthetic lasers and energy devices market. However, high costs related to these procedures restrain the market growth. On the other hand, increase in disposable income is expected to offer an array of opportunities to the market players in the near future.
Covid-19 Scenarios-
- Due to the emergency during the pandemic, the health care resources were prioritized for the patients with Covid-19. At the same time, the routine health care services were completely suspended to curb the spread of coronavirus.
- The clinics offering laser, light based and intense pulsed light services have remained closed for treatments. However, as the government bodies are now issuing safety measure to open the lockdown, the industry is expected to get back on the track soon.
The energy-based technology segment to continue its dominant position by 2027
Based on technology, the energy-based technology segment held nearly three-fourths of the total share of the global aesthetic lasers and energy devices market in 2019, and is estimated to continue its dominant position throughout the forecast period. This is due to its enormous use for skin treatments across the globe. However, the light-based technology segment is expected to register the highest CAGR of 10.8% from 2020 to 2027.
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The laser resurfacing devices segment to maintain its lead throughout the forecast period
Based on product, the laser resurfacing devices segment held the highest market share in the global aesthetic lasers and energy devices market in 2019, contributing to more than two-fifths of the total share, and will maintain its lead position in terms of revenue by 2027. This is due to surge in the treatments using laser resurfacing devices such as skin rejuvenation, skin resurfacing, and others. However, the aesthetic ophthalmology device segment is estimated to register the fastest CAGR of 11.1% from 2020 to 2027.
North America to continue its dominant position during the forecast period
Based on region, North America held the largest market share in terms of revenue, with nearly two-fifths of the global aesthetic lasers and energy devices market in 2019, and is expected to retain its dominance during the forecast period. This is due to increase in healthcare expenditure, and technological advancements in aesthetic lasers and energy devices. However, Asia-Pacific is expected to grow at the highest CAGR of 11.8% from 2020 to 2027, owing to rise in disposable income, greater untapped opportunities, and rapid rise in awareness among patients in this region.
Major market players in the industry-
- ABBVIE INC.(ALLERGEN)
- CANDELA MEDICAL
- HOLOGIC INC.
- ENERGIST MEDICAL GROUP
- FOTONA INC.
- LUMENIS LTD.
- LUTRONIC INC
- SISRAM MEDICAL LTD.
- SCITON INC.
- SOLTA MEDICAL
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