The medical laser industry is one of the fastest growing in the medical equipment sector. In previous years, Americans have spent more than $12 billion on cosmetic procedures annually and the compound annual growth rate of the global medical aesthetics market is expected to achieve between 10.8% and 12.5% by 2018. Around 83% of all cosmetic treatments are non-surgical procedures with minimally invasive treatments being the most popular option. Laser hair removal, for instance, is among the top 5 non-surgical procedures in the US and worldwide. With these figures in mind, it’s not difficult to understand why most experts argue that the medical laser system market alone will hit the $2 billion mark in the next two years.
The key reason behind the rapid interest in the aesthetic laser industry is the combination of the increasing demand for these type of minimally invasive and non-invasive aesthetic procedures and their relatively low price, especially in developed countries. Coupled with the technological advancements in energy-based devices, decreased incidence of side effects and a tendency to aim for a more youthful look, this has resulted in an unmatched interest and industry growth.
Currently, the aesthetic laser market is dominated by a number of players. Cynosure Inc., Syneron Medical Ltd, Solta Medical, Inc., ZELTIQ Aesthetics Inc. and others established themselves as global leaders in 2014. Geographically speaking, North America (US and Canada) have the larger share of the market (49% in 2015), followed closely by Europe. The rapidly aging and obese population in the US is arguably the primary reason for this trend, though other factors such as technological advancements and growing FDA approvals of energy-based devices are key.
The global medical aesthetics market can be separated into three segments based on product type. The aesthetic lasers and energy device segment accounted for the largest share of the market in 2015 and will continue to grow in future years, experts say. It has also resulted in a robust aftermarket industry making cosmetic laser equipment and repair services more affordable. This has led to significant growth opportunities for medical practices, laser hair removal centers and medspas.
Our blog will discuss current trends, equipment types, treatment types and other facts relevant to the cosmetic laser industry.
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