According to business intelligence provider GBI Research, the European aesthetic lasers and energy devices market across five major countries (Germany, France, Italy, the UK and Spain) will reach a value of $258.6m by 2020.
The market was valued at $166.1m in 2013, and GBI expects it to expand at a CAGR of 6.5% to $258.6m. The report, Market Snapshot: Aesthetic Lasers and Energy Devices Market 2006 to 2020 – Europe, predicts that while Germany will remain the single largest contributor to the market - valued at $75.1m by 2020 - France will see both the fastest and highest volume of growth over the forecast period, with the French market value increasing by $32.2m at a CAGR of 9.1%, to hit $70.5m by 2020.
Aesthetic lasers and energy devices are used for slimming and toning treatments and hair removal, among other professional procedures, and some technologies are also available on the consumer market in home-use devices.
“With increased awareness, rapid advances in technology and new options to reduce risk and recovery time, the aesthetic market in Europe is poised to witness steady growth over the forecast period," commented Stephen Palaparthy, an analyst at GBI Research. He added that the lowest and slowest growth is predicted to occur in Spain, where the market will expand from $19.5m in 2013 to $26.4m by 2020, representing a CAGR of just 4.4%: “Spain will not witness as much market growth as its European neighbours, due to the country’s comparatively poor economic performance. Countries such as Spain are facing a deflationary environment, which severely curtails spending, meaning that people are either postponing or deciding against elective aesthetic procedures," he concluded.