Cosmetic laser market sets it sights high
By 2026, there will be a sharp rise, at a CAGR of 13.7 per cent, in the global cosmetic laser market, indicates a recent report by Transparent Market Research (TMR).
Mergers and acquisitions in the international cosmetic laser industry, along with other developments, have led to substantial growth in the industry over the past years and this trend is expected to continue, especially in the APAC region.
The developmental factors that will be responsible for the expansion of the cosmetic laser market include a rapid rise in medical tourism in APAC regions and Latin America; a general growth of the cosmetic industry both globally and in the Asia-Pacific region; and the launch of new products in this segment. Here is a look at some of the influences that are driving growth in this segment:
Expansion of the medical tourism industry will positively impact growth of the cosmetic laser market. Countries such as India, Thailand, Brazil, Mexico, and Turkey have emerged as important centres for medical tourism. Cutting-edge technology, superior care, faster access to treatments, and lower prices are a few of the reasons for medical travel to these countries. The medical tourism industry has been growing at a rate of 15 to 25 per cent. In 2017, 14 to 16 million medical tourists traveled abroad. Especially attractive rates for laser treatment in India, etc, have been a major driver, in particular, for the cosmetic laser market. Rise in awareness of skincare and a marked increase in disposable incomes are a few factors bosting the industry. Also a rise in preference for minimally invasive cosmetic procedures will result in positive expansion opportunities for the cosmetic laser market in the coming years.
In terms of revenue, the cosmetic laser market in Asia-Pacific is projected to expand at a CAGR of 14.1 per cent during the period leading up to 2026. Once again, an increase in awareness and a want for the benefits of minimally invasive cosmetic procedures will drive the market. Also, favorable government policies supporting medical tourism, appealing rates for treatments, and a growing population will create great opportunities for the cosmetic laser market in the coming years.