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[2023.10.17 Exprive]
The healthcare industry, valued at $166 billion in 2022, is expansive and experiencing remarkable growth of an 11% CAGR to reach $277 billion by 2027. North America leads the way, representing 44% of the market, followed by the Asia-Pacific (APAC) region at 22% and Europe at 21%. (Source: GlobalData) The medical device market, which was valued at $63 billion in 2022, is on a steady upward trajectory, expected to reach $135 billion by 2030 with an 11% CAGR. (Source: SkyQuest)
A. Medical Aesthetics Market
In the realm of aesthetics, there has been a significant surge in demand for non-invasive procedures. In this constantly evolving industry, medical aesthetics, particularly advanced laser devices, have become a cornerstone of modern beauty treatments. Medical aesthetic devices constitute a significant segment, with a valuation of $15 billion in 2022 and an anticipated growth to $37 billion by 2030, driven by a CAGR of 12%. (Source: Coherent Market Insights) Whether you are a healthcare facility considering investments or an individual seeking the latest treatments, understanding the nuances of this market is vital.
B. Medical Aesthetic Laser Devices Market
These markets can be analyzed based on various factors such as application (skin, body, hair, facial, and breast), end-user (hospitals, clinics, and home), geography, and product category. Two primary product categories, namely, energy-based and non-energy-based, have evolved over the years to offer a wide range of treatments.
1. Non-Energy Based: Includes injectables such as botulinum toxin, dermal fillers (subcutaneous), threads, chemical peels, microdermabrasion, and implants (facial, breast, among others).
2. Energy Based: Energy-based aesthetic treatments have undergone a remarkable evolution over the years, with a focus on addressing specific skin layers and delivering effective results. This category encompasses a range of technologies, each designed to target different depths within the skin.
Laser: In the 1970s, lasers made their debut in the field of aesthetics, primarily targeting the epidermis and dermis layers of the skin. This foundational technology laid the groundwork for subsequent advancements in non-invasive skin treatments.
Light-based - Intense Pulsed Light (IPL): In the early 2000s, IPL technology emerged as a prominent addition to the aesthetic toolbox. IPL devices focused on the epidermis and dermis layers of the skin, offering a versatile approach for treating a variety of skin concerns, including pigmentation issues and vascular lesions.
Radio Frequency (RF): Around 2004, the aesthetic industry witnessed a shift towards technologies that target the dermis layer specifically. RF devices such as Bausch Health/Solta Medical's Thermage, Inmode, Jeysis' Potenza, Wontech Laser's Oligio, Classys' Volnewmer, ViOL Medical's Sylfirm, Hironic's Gentlo, and Lutronic's Genius, gained prominence. These devices delivered controlled thermal energy to the dermal layer, stimulating collagen production and offering skin tightening solutions.
Fractional: Around 2005, fractional technologies were introduced, expanding the scope of aesthetic treatments. Devices like Bausch Health/Solta Medical's Fraxel Laser, Lumenis' UltraPulse, Lutronic's Clarity II, Jeysis' INTRAcel, and Ilooda's Secret, targeted both the epidermis and dermis. This approach allowed for precise, micro-injuries to the skin, encouraging natural healing processes and yielding remarkable skin rejuvenation results.
High-Intensity Focused Ultrasound (HIFU): Around 2010, HIFU technology emerged as a game-changer in the aesthetic industry. This approach directly addressed the dermis, subcutaneous fat, and the SMAS (Superficial Musculoaponeurotic System) layer. Leading brands such as Merz Aesthetics' Ultherapy, Classys' Shurink, Jeysis' ULTRAcel, Hironic's Doublo, and Asterasis' Liftera utilized HIFU to provide non-surgical facelifts and skin tightening.
HIFU+RF: Building on the success, technologies combining HIFU with RF came into play. Brands like Hironic introduced solutions like New Doublo and V-RO, further advancing non-invasive treatments by simultaneously targeting multiple skin layers.
C. Medical Aesthetic Laser Device Brands
Numerous companies have emerged as leaders in providing innovative solutions for cosmetic and medical applications.
1. Global Aesthetic Laser Devices:
Thermage FLX (by Bausch Health/Solta Medical): Recognized for its radiofrequency technology, providing non-invasive skin tightening.
Ultherapy (by Merz Aesthetics): A leading brand in high-intensity focused ultrasound (HIFU) for non-surgical facelifts.
Inmode: Renowned for innovative aesthetic solutions, including laser devices, for skin rejuvenation and body contouring.
Candela Medical (by Syneron): Known for its wide range of aesthetic laser devices, Candela offers solutions for hair removal, skin rejuvenation, and tattoo removal.
Lumenis: Lumenis is a renowned name in the field of medical and aesthetic laser technology, known for its innovative solutions catering to a wide range of cosmetic and medical applications.
Zeltiq's CoolSculpting (by Abbvie/Allergan Aesthetics): Famous for its CoolSculpting technology, offering non-surgical fat reduction.
Cynosure (by Hologic): Offers a variety of aesthetic lasers, including the popular Icon and SculpSure systems.
Cutera: Specializes in laser, light, and energy-based aesthetic systems for various skin treatments.
Alma Lasers: Offers innovative solutions for skin rejuvenation, body contouring, and hair removal.
2. Korean Aesthetic Laser Devices:
Classys: Founded in 2007 and listed on KOSDAQ in 2017, Classys sold its controlling stake to Bain Capital in 2022 for over $500 million. Its product portfolio has 3 lines: Classys for medical, Cluederm for aesthetic, and Skederm for cosmetic, generating ~40% of its revenue from consumables and ~60% from the export in 2022. Its medical line devices include Ultraformer 3 (Shurink for eyebrow lifting and improvement of elasticity in face, abdomen, thigh and wrinkle removal), Ultraformer MPT (Shrunk Universe), Scizer (HIFU for abdominal circumference reduction), Clatuu Alpha (cooling control tech for subcutaneous layer reduction), and Volnewmer (6.78Mhz monopolar RF for tissue coagulation). Its aesthetic line devices include Ulfit, Refit, Aquapure, Cool4D, Intrasure, and Forshape.
ilooda: Founded in 2006, ilooda offers a wide range of laser devices such as Reepot, Curas Hybrid, Pento, N.Core 3D, N-Core Prime, Hyzer Me, Secret Duo, Veloce, Fraxis Duo, Healer 1064, Vikini, Curas, Ultra Beaujet, and i-Graft. Reepot is a pigmentary disroder treatment device, leveraging VSLS (Vasculature Slavage Laser Surgery) technology that can drive better treatment results, convenience, profitability, and metacognition. ilooda generates ~21% of its revenue from consumables and ~75% from the export (47% from Americas, 22% Europe, 14% Asia, 11% Middle East in Q1 2023).
Lutronic: Founded in 1997 and listed on KOSDAQ in 2006, Lutronic has 767 IP rights, 427 published journal papers, and ~560 employees serving a wide range of customer groups such as dermatology, plastic surgery, orthopedics, dentistry, obstetrics and gynecology, and rehabilitation hospitals with a diversified portfolio of laser, RF, LED, IPL, and EMS devices. Lutronic generates 12% of its revenue from consumables and 89% from the export to 80 countries, primarily the US, Germany, Japan, and China. Select devices include DermaV, Clarity II, Hollywood Spectra, ULTRA, PICOPLUS for laser, Genius for RF, Solari for IPL, Healite for LED, and Accufit and Accucurv for Electromagnetic.
Jeisys Medical: Founded in 2004, Jeisys Medical partnered with Cynosure in 2019 as an ODM. Jeisys generated 42% of its revenue from consumables, 25% from RF, 13% from HIFU, 8% from IPL and 4% from Laser in 2023 1H. Select devices include Density High, Potenza and INTRACel PRO for RF, ULTRACel, LIPOCel, LinearZ and LinearFirm for HIFU, and Cellec V and TRI-BEAM Premium for IPL/Laser.
Tentech: Founded in 2014, Tentech provides medical aesthetic lasers (10Therma, 10Thera, 10Cell, 10PL, Onethera, 10Hi, 10SONO, LipoThera), fillers (Regevan Fill, Rhinofill Premium), threads (10Cog, 10Mono), skinboosters (Regevan PN), and cosmetics (Regevan C, Regevan Alocare Ampoule).
GTG Wellness: Founded in 1999 and listed on KONEX in 2015, GTG Wellness offers Repotent, Leshape, Picoholic, Dual-hi, Curezen, and Ammos for medical, Hydpeel, Meta-In, ABAS-CE, D-Cool, and Opera for aesthetic and various home and cosmetic products.
Wontech Laser: Founded in 1999, Wontech Laser offers medical, aesthetic and home laser technologies such as Oligio and PicoCare.
In conclusion, the global aesthetic laser device industry is on an upward trajectory, with various options available to meet the diverse needs of patients and healthcare facilities alike. When considering treatments or investments, it's essential to stay informed and consult with qualified practitioners for the most suitable solutions.
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