Market Dynamics
Global aesthetic lasers and energy devices market drivers
Rising awareness regarding medical aesthetics
Aging results in the loss and redistribution of fat and collagen and leads to wrinkles, lax skin, and other unwanted visible signs on the face and body of a person. Aesthetic therapies assist in minimizing the effects of aging to a certain extent. Moreover, the importance of physical appeal is on the rise, and people all over the globe are attracted to products and treatments that they expect could help them retain their youth and beauty. Individuals are becoming aware of various aesthetic surgeries and related products available in the market. For instance, in 2019, 16.3 million cosmetic minimally invasive procedures were performed. The popularity and influence of celebrities increase people's desire to look appealing which boosts the growth of the aesthetics laser and energy devices industry.
Advancements in the field of aesthetic devices
Aesthetic devices are used in various aspects of the medical field. In recent years, governments have approved various aesthetic and energy machines. For instance, in 2020, Candela announced Health Canada's approval of two new gynecological indications for the co2re laser platform. The co2re laser platform offers women a non-surgical, hormone-free treatment for the genitourinary syndrome of menopause. In addition, Allergan plc received FDA clearance for CoolSculpting treatment, the first and only non-surgical fat reduction treatment. CoolSculpting can also contour the area below the jawline and enhance the look of lax tissue when combined with submental fat treatments. Therefore, these advancements in aesthetic lasers and energy equipment fuel the aesthetic lasers and energy devices market's growth.
Global aesthetic lasers and energy devices market restraint
Higher costs associated with laser treatment procedures
The cost of aesthetic laser treatment is very high. For instance, ultrasonic-assisted liposuction can range from USD 2,500 to USD 5,450. Moreover, radiofrequency body contouring devices can range from USD 2,500 to 3,000. The cost of CoolSculpting is determined by the area being treated and involves using a vacuum-like device to freeze away fat cells. The higher the treatment area, the greater the associated expense. The high cost of these treatments severely constrains the market.
Global aesthetic lasers and energy devices market opportunities
Increasing disposable incomes
Individual centers offering body sculpting procedures are likely to open in hotels and resorts as medical tourism expands. In addition, with an increase in affordability in developing countries, there is an increase in preference for a better quality of life. This leads to an increased penetration rate of aesthetic procedures in developed and developing countries, such as South Korea, Italy, the U.S., and China. Non-invasive devices are less risky and have lower recovery times, which leads to a rise in their adoption across the globe. Therefore, the advent of non-invasive technology further contributes to the market's growth.
Regional Analysis
The global aesthetic lasers and energy devices market share is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North america dominates the global market
North America is the most significant shareholder in the global market for aesthetic lasers and energy devices and is expected to grow at a CAGR of 10% during the forecast period. The market is analyzed across the U.S., Canada, and Mexico. North America is the largest revenue contributor and a mature market. The factors contributing to the growth of the aesthetic laser and energy devices market in this region include the easy availability of devices and the presence of key players, such as Hologic, Inc., Bausch Health Companies Inc., and Cutera, Inc. Furthermore, the high disposable income also plays a significant role in the market's growth. The market is experiencing continuous growth, as North America has a sizable obese population, contributing to an increase in the region's body contouring treatments. In addition, the rise in aesthetic consciousness also serves as a growth factor.
Europe is expected to grow with a CAGR of 9.7%, generating USD 2,053 million during the forecast period. The market in the region is growing rapidly due to high R&D investments and developed healthcare infrastructure. The other factors contributing to the growth of this market include a rise in obesity, an increase in awareness and accessibility of aesthetic laser and energy devices, and the partnership of primary aesthetic lasers and energy device manufacturers in the region. Additionally, the regional market is growing due to factors including the increased number of non-invasive aesthetic laser and energy devices that have received government approval.
Asia-Pacific includes China, Japan, India, and other countries. This region offers rewarding prospects for the aesthetic lasers and energy equipment market and is anticipated to become the fastest-growing market during the forecast period. Asia-Pacific is densely populated, with India and China being the most populated countries. In addition, the high rate of obesity in countries such as Australia also plays a significant role in the growth of the aesthetic laser and energy devices industry in this region. Moreover, factors such as a rise in disposable income and an increase in promotional activities associated with the use of aesthetic laser devices also contribute to the growth of this market.
The market in LAMEA is in its nascent phase due to the lack of healthcare facilities in the region, which leads to a shortage of specialized large production facilities, inadequate health expenditure, and insufficient health coverage. There is also a lack of awareness regarding body contouring procedures, which hinders the market's growth in this region. Conversely, an increase in awareness related to body contouring is estimated to contribute to market growth in the region.
Segmental Analysis
The global aesthetic lasers and energy devices market is segmented by technology, product, application, and end-user.
Based on Technology, the global aesthetic lasers and energy devices market is classified into energy-based technology, laser-based technology, and light-based technology.
The energy-based aesthetic treatment is the highest contributor to the market and is expected to expand with a CAGR of 10.5% during the forecast period. Energy-based aesthetic devices work on different mechanisms, such as laser-assisted lipolysis, radio frequency-assisted liposuction, power-assisted liposuction, water-assisted liposuction, and others. This technology mainly includes minimally invasive devices that involve using a cannula-fiber apparatus, which is invasively inserted into the subcutaneous adipose tissues. The demand for energy-based machines is increasing rapidly due to the entry of new manufacturers into the market and the launch of innovative technology.
Laser-assisted devices are minimally invasive aesthetic laser devices based on the delivery of laser energy to target tissues. These devices require small incisions on the skin surface through which a cannula is inserted. The laser energy is delivered to the target tissues through the cannula, which destroys adipocytes by coagulation. Laser-based technology is used extensively for skin and hair treatment owing to the safety associated with their use.
Light-based aesthetic technology uses diverse energy sources for skin rejuvenation, skin texture, and complexion improvement and to eliminate unwanted imperfections. These devices treat conditions including static wrinkles, pigmentation, birthmarks, sun spots, and other darkened patches of skin, resulting mainly from sun exposure. The rise in technological advancements and demand for light-based devices by consumers is anticipated to grow quickly during the forecast period.
Based on product, the global market is divided into laser resurfacing devices, aesthetic ophthalmology devices, and body contouring devices.
The laser resurfacing category owns the highest market share and is expected to grow at a CAGR of 9.9% during the forecast period. Laser resurfacing procedure removes layers of skin to improve the appearance of the face or address minor facial defects. Laser resurfacing can be done with an ablative laser and a nonablative laser. The ablative laser causes wounds, while it removes thin layers of skin and includes carbon dioxide laser and erbium laser. In contrast, the nonablative laser does not cause wounds. It stimulates collagen growth, tightens underlying skin, and includes different lasers and Intense Pulsed Light devices.
Body contouring tools reduce unwanted fat or tighten loose skin on numerous body areas, including the upper torso, waist, and abdomen. These devices operate via various techniques, including high-intensity focused ultrasound, cryolipolysis, and radiofrequency. In addition, ophthalmology focuses on the identification and treatment of eye conditions. Aesthetic technology is now increasingly being used in the field of ophthalmology. Further, the use of aesthetic devices in ophthalmology is growing considerably, owing to the prevalence of eye-related disorders and advancements in aesthetic technology.
Based on application, the global market is divided into skin tightening, hair removal, skin resurfacing, skin rejuvenation, and others.
The skin tightening segment is the highest contributor to the market and is expected to grow at a CAGR of 10% during the forecast period. The collagen beneath the skin's surface is heated during laser skin tightening, which causes the skin to tighten or contract. It is used to tighten the skin on the face, neck, or body. Lasers can treat loose skin on the face, neck, stomach, thighs, and body.
Removing unwanted body hair has become a gradually prevalent trend. Further, photo epilation by laser or other light-based technology is the fastest-growing procedure in cosmetic dermatology. Laser technology enables satisfactory treatment for large areas of unwanted excess hair with minimal discomfort.
Aesthetic laser treatment for scars and skin resurfacing uses intensive light therapy to eradicate the outer layer of the skin or stimulate the production of new skin cells to cover spoiled skin cells. Additionally, warts, wrinkles, age spots, scars, and keloids can all be less noticeable after receiving laser treatment for scars. It does not, however, entirely erase a scar.
Based on end-user, the global market is classified into cosmetic surgery centers/clinics, multi-specialty centers, and standalone centers.
The cosmetic surgery center segment owns the highest market share and is expected to grow at a CAGR of 10.7% during the forecast period. Cosmetic surgery center/clinic offers a broad range of aesthetic surgical procedures, non-surgical treatments, and spa therapies. These procedures are performed by certified physicians in hospitals and clinics as invasive procedures require the use of general anesthesia. Non-invasive and minimally invasive body contouring procedures are also performed in hospitals and clinics. These procedures are also performed in standalone centers under the supervision of certified physicians.
Multi-specialty centers are the medical facilities where patients are admitted for treatment, and certified medical professionals analyze a patient, prescribe medicines, and instruct them on medicine usage. Aesthetic laser procedures are performed majorly in multi-specialty centers as these facilities have certified physicians to carry out the procedure. Invasive and non-invasive procedures must be performed by a certified physician as these require the use of general and local anesthesia for making incisions on the skin surface.
