The Asia Pacificaesthetic medical laser systems market is expected to reach US$ 374.55million by2027 from US$ 173.03million in 2019. The market is estimated to grow at a CAGR of 10.4% from 2020–2027.
The growth of the Asia Pacificaesthetic medical laser systems market is attributedto key driving factors such as growing number of cosmetic procedures and increasing advancements in technologies in aesthetic procedures. However, the high cost of aesthetic medical laser procedures may hinder the market growth.
The growth of the Asia Pacific aesthetic medical laser systems market is driven by the rising numbers of cosmetic procedures. The awareness of cosmetic procedures to improve aesthetic appeal is high in China. The “New Oxygen 2019 White Paper on Medical Aesthetics Industry” stated that in 2018, the consumption of Chinese aesthetic treatment ranked first in the world, exceeding that of the US and South Korea.In addition, nonsurgical facial rejuvenation projects such as skin rejuvenation, tightening, and lifting have increased by 92.64% in the country. Also, the increasing preference for cosmetic procedures such as wrinkle reduction and face lifting in Japan is likely to demand aesthetic medical laser systems. As per the International Society of Aesthetic Plastic Surgery (ISAPS) annual Global Aesthetic Survey, in 2017, Japan is one of the top five countries contributing to 38.4% of the world’s cosmetic procedures. Moreover, growing cosmetic surgery tourism is likely to favor the growth of the market. As per the International Medical Travel Journal (IMTJ), in 2017, tourist spending on cosmetic surgery in South Korea has increased four times from 2012. South Korea is the third-largest cosmetic surgery market across the globe. The countryhas the largest rate of plastic surgery procedures performed per person amongst the International Society of Aesthetic Plastic Surgery member nations. Thus, increasingnumber of cosmetic procedures across the region is driving the Asia Pacific aesthetic medical laser systems market.
Countries in AsiaPacific are witnessing huge challenges due to COVID-19 outbreak. Considering the economic operations and geographic conditions, the outbreak has hindered the medical tourism, and manufacturingof medical equipment, laser systems, and accessories. In addition, low-income countries across the region are facing other problems posed by the shortage of healthcare infrastructure. To prevent the spread of the novel coronavirus, restrictive measures have been taken in countries such as India, South Korea, Singapore, Malaysia, and the Philippines. According to WHO, due to the rapidly changing risk of COVID-19 affected countries and constantly controlling outbreak trends, any additional health measures islikely to significantly interfere with international travel and trade.
Japan and Australia are conducting virtual international conferences to anticipate the impact of the COVID-19 outbreak on cosmetic industry in Asia Pacific. The ongoing pandemic has created a seismic shift in living and cosmetic habits in the region, and beauty industry has borne a significant brunt of this shopper shake-up. China is specifically facing issues with the pandemic, leading to disruptionsin supply chain, losses in projected revenue, andreduction in marketing and sales within all industries—especially the beauty industry.Also, the concerns of health within the production units and other public places are surging. On the other hand, unlike North America and Europe, as of now Asian countries have not imposed second lockdown. Hence, the businesses in the countries are slowly recovering their economies. Also, the local demand for cosmetic treatments and post pandemic care is enabling aesthetic industry to recover the losses. Spas and clinics in urban areas are adjusting to a changing market, which is likely offer lucrative opportunities for the market to bring its economy on track.
Based on type,theAsia Pacific aesthetic medical laser systems market is bifurcated into standalone lasers and multiplatform lasers. Thestandalone lasers segment held a largermarket share in 2019, whereas the multiplatform segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on application,theAsia Pacific aesthetic medical laser systems market is segmented into hair removal, acne and scars, skin rejuvenation, pigmented lesions, leg and varicose veins, and others. The hair removal segment held the largest market share in 2019.However, the skin rejuvenation segment is anticipated to register the highest CAGR in the market during 2020–2027.
The Asia Pacific aesthetic medical laser systems market, by end user, is segmented into hospitals, clinics, medical spas, and others. The clinics segment held the largest share of the market in 2019, and the same segment is anticipated to register the highest CAGR in the market from 2020 to 2027.
A fewof the primary and secondary sources referred to while preparing the reporton the Asia Pacificaesthetic medical laser systemsmarketare International Medical Travel Journal (IMTJ) and China Food and Drug Administration (CFDA).