Cosmetic Laser Market

Market Overview

The global cosmetic lasers market size was valued at USD 3,072.8 million in 2022. It is estimated to reach USD 9,992.8 million by 2031, growing at a CAGR of 14% during the forecast period (2023–2031). Rise in awareness regarding cosmetic lasers and advancements in the field of lasers drive the market’s growth.

Cosmetic lasers diminish facial wrinkles and skin abnormalities, including skin looseness, moles, age spots, surplus fat, and imperfections or acne scars. This technique uses focused, intermittent bursts of light to target and accurately eliminate uneven skin layers. The widely recognized method is laser ablation, laser resurfacing, or laser ablation. Cosmetic lasers have significantly transformed the beauty business by providing minimally intrusive treatments. Various types of lasers utilize distinct wavelengths to target specific pigments selectively. Furthermore, ablative lasers specifically target the outermost layer of the skin, inducing micro-wounds on its surface. The non-ablative lasers penetrate the outer skin and reach the underlying tissue without causing harm.

Market Dynamics

Global Cosmetic Laser Market Drivers:

Rise in Awareness Regarding Cosmetic Lasers

Cosmetic surgery is gaining considerable traction among individuals across the globe to remove tattoos, scars, stretch marks, sunspots, wrinkles, birthmarks, spider veins, and facial hair. Moreover, the significance of physical attractiveness is increasing, and individuals worldwide are drawn to products and therapies that assist them in preserving their youthful appearance and beauty. Individuals are becoming aware of various cosmetic surgeries and the different available products. In addition, celebrities' popularity and people's desire to look aesthetically appealing boost the growth of the cosmetic lasers market.

Advancements in the Field of Lasers

Marketing Cosmetic lasers are increasingly used for various aspects of the medical field. In recent years, governments have approved different cosmetic lasers. For instance, in 2018, Lumenis introduced a new laser hair removal solution, SPLENDOE X. This product lets individuals customize their hair removal and treatments across an infinite spectrum of skin tones. In addition, Cutera, Inc., a leading provider of laser, light, and other energy-based aesthetic systems, received FDA clearance in 2018 for truSculpt 3D, a non-surgical body sculpting system indicated for lipolysis or the breakdown of fat. Therefore, such advancements in the field of cosmetic lasers fuel the growth of the market.

Global Cosmetic Laser Market Restraint:

Higher Costs Associated with These Procedures

The expenses related to cosmetic laser treatment are exorbitant. Ultrasonic-assisted liposuction typically costs between USD 2,500 and USD 5,450. Furthermore, radiofrequency body sculpting equipment costs might vary between USD 2,500 and USD 3,000. Similarly, the cost of cold laser and low-level laser treatment for fat disruption is anticipated to be between USD 1,500 and USD 1,700 for a two-week treatment duration. The exorbitant expense associated with these treatments is a significant impediment to expanding the cosmetic laser business.

Global Cosmetic Laser Market Opportunities:

Various Opportunities in Developing Economies

With the increase in medical tourism, skin care clinics are anticipated to be available in hotels and resorts soon for people who wish to undergo a body contouring procedure. Furthermore, as emerging countries become more economically accessible, there is a growing inclination towards seeking an enhanced standard of living. Consequently, the prevalence of cosmetic treatments is increasing in both industrialized and emerging nations, including South Korea, Italy, the United States, and China. Additionally, the introduction of non-invasive technology further enhances the market's expansion. The global popularity of non-invasive technologies is increasing due to their decreased risk and shorter recovery times.

Regional Analysis

North America Dominates the Global Market

Based on region, the global cosmetic laser market is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant global cosmetic laser market shareholder and is estimated to grow at a CAGR of 14.1% over the forecast period. The rise of the North American cosmetic laser market may be attributed to two main factors: the widespread availability of devices in this region and the existence of significant industry leaders, including Hologic, Inc., Bausch Health Companies Inc., and Cutera, Inc. Moreover, the considerable presence of high disposable income in this region significantly contributes to the expansion of this market. The cosmetic laser market in North America is consistently growing due to the large population of obese individuals, resulting in an increased demand for body contouring operations in the region. Furthermore, the increasing awareness of aesthetics among individuals in the area also catalyzes market expansion.

Europe is expected to demonstrate a CAGR of 17.4% during the projected period. The European cosmetic laser industry is experiencing tremendous growth due to substantial investments in research and development and the presence of advanced healthcare infrastructure. Additional factors contributing to the market's growth include the prevalence of obesity, the heightened awareness and improved availability of cosmetic lasers, and the collaboration of prominent regional industry leaders. Furthermore, the market expansion in this region is also driven by factors such as an increased prevalence of government-approved non-invasive cosmetic laser procedures. The utilization of cosmetic lasers is rising, as demonstrated by the recent authorizations granted by the government for many devices in the area.

In addition, the collaboration among prominent stakeholders also acts as a catalyst for industry expansion. Allergan plc. has partnered with Syneron Medical Ltd. to promote Syneron Candela's body sculpting and skin care products to members of Allergan Partner Privileges. Moreover, the increase in obesity significantly contributes to the expansion of the cosmetic laser market in the region.

In the Asia-Pacific region, the cosmetic laser industry is expected to experience rapid growth, making it the most promising market in terms of opportunities and potential. The Asia-Pacific region has a high population density, with India and China being the most populous nations. Moreover, the prevalence of obesity in countries like Australia significantly contributes to the expansion of the cosmetic laser market in this area. Additionally, the expansion of this market is influenced by factors such as an increase in disposable income and a rise in promotional efforts related to the utilization of cosmetic lasers.

Furthermore, prominent entities like Allergan plc. have introduced CoolSculpting, a body reshaping device, in India. The launching event featured a cutting-edge panel discussion that included renowned celebrities and photographers. This additional significant component contributes to the expansion of the cosmetic laser industry in this region. Furthermore, Venus Concept and other organizations have observed an increasing number of male individuals in South Korea seeking body-contouring procedures. This also acts as a catalyst for the expansion of the market in this region.

The LAMEA region is currently in the early stages of development. The scarcity of healthcare facilities in the region results in a lack of specialized major manufacturing facilities, limited health expenditure, and insufficient health coverage. The healthcare system in Brazil has a substantial public sector, a limited paid health insurance sector, and a small private sector where patients directly bear the cost of medical treatments. The market expansion in this region is hindered by a need for more awareness regarding body reshaping operations. On the other hand, the market in this region is expected to grow due to a rise in awareness regarding body sculpting.

Segmental Analysis

The global cosmetic laser market is bifurcated into product, modality, application, and end user.

Based on product, the global cosmetic laser market is bifurcated into ablative, non-ablative, and laser.

The non-ablative segment dominates the global cosmetic laser market and will likely exhibit a CAGR of 13.7% over the forecast period. Non-ablative lasers generate heat beneath the skin to prevent controlled injury in the dermis without injuring the skin surface. These lasers are less invasive than ablative lasers, thus offering better results. Further, downtime is significantly lower, and the potential for side effects is greatly reduced. Around four to six treatment cycles are usually recommended for non-ablative laser treatment. Examples of these lasers include Clear + Brilliant, CoolTouch Fraxel Restore, and N-Lite. Several types of non-ablative lasers in the market typically have a suitable water absorption mechanism that impacts the water chromophores while not causing ablation. In addition, fiber lasers are commonly used in non-ablative treatments. Erbium glass is a typical fiber laser used for this purpose.

Additionally, Non-ablative laser treatments are appropriate for those with fair to medium skin tone who desire to reduce the appearance of fine lines and wrinkles, smoothen acne scars, and enhance skin complexion. In addition, non-ablative lasers are commonly fractionated to deliver heat into the skin via numerous small, deep columns called microthermal therapeutic zones while leaving the surrounding untreated skin intact. Due to its non-ablative nature and minimally invasive technology, this technology is expected to increase substantially in the forecast years.

The global cosmetic laser market is divided into many modalities, including pulsed dye laser (PDL), YAG laser, carbon dioxide laser (CO2), Erbium, Intense pulsed light (IPL), radiofrequency, infrared, and others.

The YAG laser segment dominates the worldwide cosmetic laser market and is projected to demonstrate a CAGR of 16.4% during the forecast period. The YAG capsulotomy laser treatment is commonly employed to restore visual acuity following cataract surgery. The technique is widely regarded as safe for the eyes. This operation aims to eliminate the opacification and thickening of the capsule in your eye, restoring your eyesight to its pre-cataract surgery state. During the process, the physician uses a specialized lens to direct a laser beam toward the capsule, creating a small aperture at the capsule's center through which the light is transmitted.

Based on application, the global cosmetic laser market is segmented into hair removal, skin resurfacing, vascular lesions, scar and acne removal, body contouring, and others.

The body contouring segment is the leading sector in the global market and is projected to demonstrate a CAGR of 13.8% over the forecast period. Body contouring encompasses a range of cosmetic operations to modify the body's form and dimensions. Body contouring devices tighten loose skin or eliminate unwanted fat from several body areas, including the waist, abdomen, and upper torso. These devices operate via several processes, including radiofrequency, cryolipolysis, and high-intensity focused ultrasound (HIFU).

The global cosmetic laser market is categorized based on end-users into hospitals, skin care clinics, and cosmetic surgical centers.

The hospital sector is the primary driver of market growth and is projected to have a CAGR of 13.8% during the forecast period. Hospitals are healthcare institutions where patients are hospitalized for medical treatment, where qualified medical experts assess patients, prescribe medications, and provide instructions on medication usage. Hospitals are the primary setting for cosmetic laser operations due to the presence of certified physicians who are qualified to execute the procedure. These treatments necessitate using both general and local anesthetics to create incisions on the skin's surface.

Recent Developments

• May 2023- Lumenis Ltd., a medical laser researcher and producer, announced that its new M22 VBeam Perfecta laser system has obtained FDA authorization. The M22 VBeam Perfecta laser system is flexible and can treat vascular and pigmented lesions, such as port wine stains, rosacea, and tattoos.
• January 2023- Alma Lasers, Ltd., a leading manufacturer of cosmetic laser devices, announced the acquisition of the assets of Sciton, Inc., another market leader. Alma Lasers will be able to increase its product offering and reach a more extensive client base due to the purchase.