According to a report by Altus Market Research, the global cosmetic lasers market size reached a value of nearly $1,478.1 million in 2021, having increased at a compound annual growth rate (CAGR) of 4.6% since 2016. The market is expected to grow from $1,478.1 million in 2021 to $1,863.2 million in 2026 at a rate of 4.7%. The market is then expected to grow at a CAGR of 5.0% from 2026 and reach $2,373.6 million in 2031.
The global cosmetic lasers market is concentrated, with a small number of major players. The top ten competitors in the market made up to 87.62% of the total market in 2021. Major players in the market include Cynosure Inc., Lumenis, Candela Medical, Solta Medical International Inc., Cutera Inc. and others.
Player-adopted strategies in the cosmetic lasers industry includes expanding portfolio through strategic acquisition, strengthening portfolio by launch of new products, and expanding through strategic collaboration
North America was the largest region in the cosmetic lasers market, accounting for 37.4% of the global market in 2021. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the cosmetic lasers market will be Eastern Europe and the Asia Pacific, where growth will be at CAGRs of 6.5% and 6.0% respectively from 2021-2026.
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Growth in the historic period resulted from growth in cosmetics procedures, a rise in medical tourism, growing adoption of minimally invasive surgical procedures, increased focus on developing advanced products, rising incidences of skin diseases, and rising prevalence polycystic ovary syndrome (PCOS). Factors that negatively affected growth in the historic period were the high cost of surgeries and social stigma associated with cosmetic treatments. Going forward, rising urbanization, rising ageing population, increased focus on developing advanced products, a rise in demand for body contouring, and rising disposable personal income will drive market growth. Factors that could hinder the growth of the cosmetic lasers market in the future include stringent safety regulations for cosmetic lasers and shortages of plastic surgery workforce.
The cosmetic lasers market is segmented by type into standalone lasers and multiplatform lasers. The standalone lasers was the largest segment of the cosmetic lasers market by type, accounting for $973.1 million or 65.8% of the total market in 2021. The multiplatform lasers market is expected to be the fastest-growing segment going forward at a CAGR of 34.2%.
The cosmetic lasers market is also segmented by application into hair removal, skin resurfacing, vascular lesions, scar and acne removal, body contouring, and other application. The hair removal was the largest segment of the cosmetic lasers market by application, accounting for $490.13 million or 33.2% of the total market in 2021. The scar and acne removal market is expected to be the fastest-growing segment going forward at a CAGR of 4.88%.
The cosmetic lasers market is also segmented by laser into YAG laser, carbon dioxide laser, erbium, intense pulsed light (IPL), radiofrequency, and other lasers. The other lasers market was the largest segment of the cosmetic lasers market by laser, accounting for $473.1 million or 32.0% of the total market in 2021. It is expected to be the fastest-growing segment going forward at a CAGR of 4.86%.
The cosmetic lasers market is also segmented by end user into hospitals, skin care clinics, cosmetics surgical centers and others. The skin care clinics market was the largest segment of the cosmetic lasers market by end user, accounting for $802.3 million or 54.3% of the total market in 2021. It is expected to be the fastest-growing segment going forward at a CAGR of 5.1%.
The top growth potential in the cosmetic lasers market by type will arise in the standalone lasers market, which will gain $38.1 million of global annual sales by 2026. The top growth potential in the cosmetic lasers market by application will arise in the hair removal market, which will gain $134.4 million of global annual sales by 2026. The top growth potential in the cosmetic lasers market by laser will arise in other lasers market, which will gain $126.8 million of global annual sales by 2026. The top growth potential in the cosmetic lasers market by end user will arise in skin care clinics market, which will gain $225.2 million of global annual sales by 2026. The cosmetic lasers market size will gain the most in the USA at $113.3 million.
Market-trend-based strategies for the cosmetic lasers market include invest in developing IoT (Internet of Things) linked cosmetic laser devices, consider providing robotic cosmetic laser systems, invest in 3D printing technology, focus on developing advanced products, and consider strategic acquisition.
To take advantage of the opportunities, Altus Market Research recommends the cosmetic lasers companies to invest in 3D printing technology, focus on use of robotics, consider strategic acquisitions, expand in developed markets, set up authorized distributors and sales representatives, offer competitively priced products, leverage social media, participate in trade shows and events and target millennials.
