Laser Aesthetic Devices Market Analysis & Key Business Strategies by Leading Industry Players - Axilum Robotics, Mastigm, Nexstim plc, Neuronetics
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Increasing inclination toward minimally invasive or noninvasive procedures, less pain, reduced hospital stay, smaller incisions, and faster recovery options have boosted the global laser aesthetic devices market during the year 2016. The driving forces of the market include high disposable income, and growing prevalence of obesity across the world, which has led to new and technologically advanced devices and upgraded the aesthetic clinics. There is significant growth in the number of end-users of the global laser aesthetic devices market owing to the increasing acceptance of cosmetic surgeries.
The global laser aesthetic devices market can be segmented on the basis of product type, and by geography. Based on product type, the market can be segmented into body contouring devices, laser resurfacing devices, and others. Body contouring devices holds the larger market share owing to the increasing disposable income and the growing prevalence of obesity across the world. However, the laser resurfacing devices segment is anticipated to expand during the forecast period owing to no downtime and minimal and reduced soreness during the treatment or procedure.
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Geographically, the global laser aesthetic devices market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. North America held the dominant share of the market in 2016 as the Food and Drug Administration (FDA) has approved the use of laser aesthetic devices and also due to the presence of advanced medical treatment facilities. The market in North America will continue to grow during the forecast period due to rise in the number of non-surgical procedures like fat reduction, laser hair removal, laser liposuction, skin tightening, and photo facial, laser wrinkle reduction, laser tattoo removal and others. Europe holds the second largest market share of the global laser aesthetic devices market, dominated by countries such as the U.K, France, Germany, and Italy, owing to propensity by the population to spend a significant proportion of their high disposable income to improve their appearance. The market in Europe is slated to continue growing during the forecast period due to high demand for laser aesthetic devices for body contouring, skin rejuvenation, and resurfacing.
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The global laser aesthetic devices market in Asia Pacific is anticipated to grow during the forecast period due to increasing inclination toward sophisticated self-care systems leading to acceptance of cosmetic procedures. Majority of the revenue in the Asia Pacific region is generated from India, Japan, Australia, South Korea, and China owing to improvements in the healthcare infrastructure, increase in disposable income, awareness, and public health systems. The Asia Pacific region has attracted customers from other regions of the world due to lower prices of products manufactured in Asia Pacific by local players. In Middle East & Africa, demand for laser aesthetic devices will increase owing to rise in medical tourism especially in countries such as Saudi Arabia and UAE. Medical tourism covers cosmetic surgery and also includes treatment for weight loss, cancer, reproductive issues, orthopedics, cardiovascular, dentistry, and others.
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Due to the presence of several players, the global laser aesthetic devices market is highly fragmented. Key players in the global laser aesthetic devices market are Syneron Medical, Lumenis, Cynosure, and Cutera. Other prominent players include VCA LASER, Sciton, Merz Aesthetics, HCbeauty, Erchonia, Ellipse, Ellman International, Deka Laser Technologies, Energist, Body BeneFits, Alma Lasers, and Allergan.
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