Aging Population To Fuel Global Demand for Professional Aesthetic Lasers
The National Institute on Aging of the U.S. Department of Health and Human Services states that aging causes dry skin and itching, wrinkles, and age spots and skin tags. Furthermore, the Ministry of Health of Singapore propounds that cell renewal slows down with aging and the "dead cell" layer stays for a longer duration on the skin surface of old people, owing to which the skin feels rough and scaly. Additionally, the ministry also states that elasticity decreases with age, which often leads to wrinkles and sagging and wrinkles.
As aging is responsible for numerous skin disorders, the growing geriatric population will help the professional aesthetic lasers market progress at a healthy CAGR of 10.3% during 2021–2030. According to P&S Intelligence, the market revenue stood at $1,303.9 million in 2020 and it will reach $3,387.4 million by 2030. Professional aesthetic lasers are used to treat wrinkles, dryness, sagging, and pigment alteration in the older population, which are caused due to the loss of fibrous tissues and reduction in skin stem cells.
Moreover, the mounting awareness among plastic surgeons, students, and the general public about innovative anti-aging treatments, owing to the increasing number of seminars, exhibitions, and conferences on skin diseases and treatment methods will also encourage the usage of professional aesthetic lasers in the coming years. For example, the Aesthetic & Anti-Aging Medicine World Congress (AMWC) was organized by EuroMediCom (Informa Group) in Monte Carlo, Monaco, in April 2019. This event aimed at sharing knowledge about aesthetics and anti-aging with the general public.
Spas and salons, hospitals, and private clinics use alexandrite, carbon dioxide (CO2), diode, erbium yttrium aluminum garnet (Er:YAG), neodymium-doped yttrium aluminum garnet (Nd:YAG), and pulsed-dye lasers (PDL) for hair removal, pigmentation, skin rejuvenation, tattoo removal, and vascular lesions applications. Currently, end users are using professional aesthetic lasers offered by Lutronic Corp., Alma Lasers Ltd., EL.EN. S.p.A., Sciton Inc., Laseroptek Co. Ltd., Cutera Inc., Fotona D.o.o., Lumenis Ltd., Hologic Inc., Imdad LLC, and Syneron Medical Ltd.
Globally, the North American region dominated the professional aesthetic lasers market in the preceding years. This was on account of the soaring healthcare expenditure, surging public awareness about aesthetic treatments, and increasing availability of advanced aesthetic laser systems in the U.S. and Canada. The Centers for Medicare and Medicaid Services (CMS) forecasts that the national healthcare expenditure (NHE) in the U.S. will reach around $6.2 trillion by 2028. Further, the Canadian Institute for Health Information (CIHI) states that the healthcare expenditure in Canada accounted for 13.7% of the GDP of the country.
Access Report Summary - Professional Aesthetic Lasers Market Growth Forecast Research Report