Laser aesthetics utilize medical devices that assist in the treatment of skin and body defects using minimal or non-invasive techniques. Laser aesthetic devices emit intense, high-energy, single-colored light, focused beams, or heat on the inner layer of the skin for treatment. Laser aesthetic devices find extensive applications for skin rejuvenation, removal of scars, hair, tattoos, and pigmented lesions, and for treatment of varicose veins and in fat reduction.
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.
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.
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.
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.
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.