European aesthetic lasers and energy devices market value to hit $258.6M by 2020, report claims
The European aesthetic lasers and energy devices market across five major countries (Germany, France, Italy, the UK, and Spain) was valued at $166.1 million in 2013 and will expand at a compound annual growth rate (CAGR) of 6.5 percent to reach $258.6 million by 2020, according to business intelligence provider GBI Research (New York, NY).
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The company’s latest report states that while Germany will remain the single largest contributor to the market, valued at $75.1 million by 2020, France will see both the fastest and highest volume of growth over the forecast period. The French market value will increase by $32.2 million at a CAGR of 9.1 percent to hit $70.5 million by 2020.
"Aesthetic lasers and energy devices are used for a variety of cosmetic procedures, including fat and cellulite reduction, skin tightening and resurfacing, hair removal, pigmented lesions and vascular treatment," says Stephen Palaparthy, an analyst for GBI Research. He adds that increased awareness will enable rapid advances in aesthetic laser technology and new options to reduce risk and recovery time.
Palaparthy explains that the lowest and slowest growth will occur in Spain, where the market will expand from $19.5 million in 2013 to $26.4 million by 2020, representing a CAGR of 4.4 percent. "Spain will not witness as much market growth as its European neighbors, due to the country’s comparatively poor economic performance," he says.
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