In the past few years, the cosmetic industry has found new bioactive and high potency ingredients, which offer noticeable skin benefits to consumers. Various technological advancements in the esthetic industry, increase in disposable income, surge in awareness about skin rejuvenation & appearance are the major factors driving demand for esthetic procedures in developed as well as developing markets. The trend of adoption of innovative and advanced surgical devices in the esthetics market has continued in the past few years. However, rapid growth has been witnessed in non-invasive procedures that involve the use of lasers and energy devices. Laser and energy devices include lasers, light-based systems, ultrasound devices, and radio frequency based devices. These devices often use a combination of energy types in order to provide the most effective therapy. Esthetic laser and energy devices are most commonly used in skin and hair treatment, including applications such as skin rejuvenation, tattoo removal, and skin tightening.
The global esthetic lasers and energy devices market can be segmented based on product type, application, end-user, and region. In terms of product type, the global market can be classified into body contouring devices, laser resurfacing devices, and cosmetic ophthalmology devices. The body contouring devices segment can be categorized into fat reduction devices, liposuction devices, skin tightening devices, and cellulite reduction devices. The laser resurfacing devices segment can be bifurcated into conventional devices and fractional ablation skin resurfacing devices. The laser resurfacing devices segment is anticipated to account for major share of the market owing to technological advancements, rise in research and developmental, and new product launches. Manufacturers are making continuous progress in terms of research and development to create products with advanced technologies. Adoption of laser-based devices is increasing because of the technological advancements and widening utility of laser devices. In March 2016, Venus Concept’s Venus Versa system was approved by the U.S. FDA for more than 20 applications including skin resurfacing and hair removal. Moreover, the system was approved for treatment of facial wrinkles, acne vulgaris, vascular lesion, skin rejuvenation, and facial rhytides.
Based on application, the global esthetic lasers and energy devices market can be divided into liposuction & skin tightening, hair removal, scar removal & skin resurfacing, ophthalmic application, and skin rejuvenation. Obesity is a significant problem globally that affects large number of people. Rise in obesity drives adoption of non-invasive liposuction procedures. Liposuction was the most popular procedure performed in the U.S. in 2016 and is expected to witness highest CAGR during the forecast period. Hence, rise in obese population globally and increase in per capita income are expected to drive the segment in the near future.
In terms of end-user, the global esthetic lasers and energy devices market can be categorized into hospitals, cosmetic centers & dermatology clinics, and ambulatory surgery centers (ASCs). The ASCs segment is anticipated to grow at rapid pace due to rise in demand for ambulatory surgery centers in developed countries. Ambulatory surgical centers provide modern health care facilities and focus on providing same-day surgical care. Patients prefer ASCs over hospitals because of cost-effective services, after care provided by ASCs, and use of minimal invasive surgeries which help patients to recover early. A study conducted by the Texas Ambulatory Surgery Center Society stated that nearly 75% of all surgeries is performed at ASCs in developed regions.
Geographically, the global esthetic lasers and energy devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in terms of revenue in 2017 and the trend is expected to continue during the forecast period. Surge in awareness and adoption of various non-invasive esthetic services, improving health care infrastructure, and rise in incidence of skin disorders are anticipated to boost the growth of the market in the region. Moreover, increase in demand for cosmetic treatments among the male population and access to user-friendly esthetic devices are the key factors fuelling the growth of the esthetic lasers and energy devices market in the near future.
Key players operating in the global esthetic lasers and energy devices market include Syneron Medical Ltd., Alcon, Inc. (Novartis AG), Cynosure, Inc., Deka Laser, Alma Lasers Ltd., Cutera, Lumenis Ltd., Sciton, Inc., and Chromogenex Technologies Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.