The hospital segment held the largest share and is estimated to dominate the market during the study period. This is because of a large number of dermatology and aesthetic procedures performed in the hospitals for various treatments such as skin disorders and fat removal.
The other segment includes diagnostic centers and e-commerce. This segment is projected to show significant growth during the forecast period due to the growing prevalence of skin cancer globally. Thus, there is increased demand for diagnostics products for the early diagnosis of skin cancer.
Regional Insight
North America dominated the market in 2015 due to the highly developed healthcare infrastructure and high disposable income in this region. Moreover, the higher prevalence of skin cancer and obesity in the U.S. also has led to the growth of the market.
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The Asia Pacific is expected to showcase the fastest growth during the forecast period. This high growth is due to the growing popularity of medical tourism owing to the availability of less expensive medical treatments in the Asia Pacific region.
Competitive Insights
Some of the key players comprise Solta Medical, Inc.; Alma Lasers, Ltd.; Valeant Pharmaceuticals International Inc.; Cynosure, Inc.; Cutera, Inc.; Syneron Medical Ltd.; Avita Medical Ltd.; and GE Healthcare. These companies are involved in new product development, mergers & acquisitions, collaborations, and geographical expansions to gain maximum share in the sector. For instance, in 2013, cynosure, Inc., acquired Palomar medical technologies, which is expected to strengthen their laser-based treatment product portfolio.
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