The global dermatology lasers markers will progress at 7.2% CAGR through 2030, according to a new study by ESOMAR-certified firm Future Market Insights (FMI). The study opines that increasing demand for technologically advanced medical treatments coupled with the growing prevalence of skin diseases worldwide will drive the market to US$ 1.34 Bn by 2030.
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Having assessed the changing demand patterns during the COVID-19 pandemic, the study opines that the growth of the market is likely to be negatively impacted to an extent on the back of the changing medical preferences of consumers and healthcare institutions.
According to the study, increased spending power and rising awareness regarding the availability of advanced technologies for treating skin-related issues will act as crucial growth drivers through the assessment period.
Moreover, the development of novel technologies to perform hair removal and face rejuvenation procedures coupled with the increasing incidence of skin diseases such as psoriasis and vitiligo will create revenue opportunities.
Leveraging the demand, market players are directing their efforts towards new product innovations to minimize the possibility of side effects caused by the existing products.
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Key Takeaways from Report Include:
- Solid-state lasers will account for more than half of market value owing to their efficiency in heating and healing deep skin tissues.
- Non-ablative lasers remain the most sought-out technology ascribed to minimal side effects.
- Hair removal and face rejuvenation are poised to remain the most popular application areas for dermatology lasers backed by heightened consumer spending on maintaining appearance.
- Dermatology & cosmetic clinics segment is expected to channel more than 2/3rd of revenue to the market.
- North America and Europe will cumulatively account for over 2/3rd of global value, with the former holding the lion’s share.
- East Asia, spearheaded by China, is expected to exhibit tremendous growth potential on the back of the high burden of skin diseases and improvements in healthcare infrastructure.
“Market players are capitalizing on the growing number of skin diseases and are working on launching innovative products to perform procedures with minimal side-effects,” remarks FMI analyst.
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COVID-19 Impact on Dermatology Lasers Market
The COVID-19 outbreak has resulted in a significant shift in the medical priorities of both consumers and healthcare institutions alike. On the back of the increasing number of infections, governments, and hospitals have prioritized treatment for COVID-19 patients to reduce the mortality rates.
On this premise, non-essential medical procedures, including hair removal, tattoo removal, facial rejuvenation, and scar treatment, among others, have been deprioritized and rescheduled. This has muted the demand for dermatology lasers. However, a swift rebound is expected post-pandemic as people return to their routine and focus on enhancing their appearance.
Who is Winning?
Key players operating in the market are focusing on launching new products to cater to the growing demand for advanced products. Moreover, players are adopting organic strategies such as acquisitions and collaborations to expand their presence. On these lines:
- In 2017, Sciton Inc., announced its strategic partnership with Michelson Diagnostics Ltd. (MDL), a United Kingdom-based company, to offer advanced personalized skin diagnosis and treatment.
- In 2018, Cutera, Inc. launched two new products named New Juliet™ laser and Secret RF® micro-needling devices, to treat tissue and skin conditions.
FMI’s report includes profiles of some of the most prominent names in the market including Cutera, Inc., Cynosure, Inc., Alma Laser, El.En and Candela Corporation.