Medical lasers market grows rapidly in India as access increases

The Indian subsidiary of the global Israeli innovator in medical lasers, Alma Medical Pvt. Ltd. has expanded into Tier 2 cities, and plans to bring over-the-counter laser technology

Updated - June 11, 2024 07:08 am IST

Published - June 11, 2024 03:30 am IST - New Delhi

Alma Medical Private Limited, the Indian subsidiary of the Israeli manufacturer that’s among the global innovators in lasers for medical, light-based, radiofrequency, and ultrasound solutions in the aesthetic, surgical and beauty (spa) markets, is expanding further into Asia, where it already has a strong presence, especially in India, China, Korea and Japan, apart from Australia.

Also Read: ZEISS MediTec sees greater adoption of robotic laser-guided vision correction technology in India

The Indian medical lasers market, including in aesthetics, which was valued at ₹715.72 million in FY2023, is expected to increase to ₹1,835.08 million in FY2031, with a CAGR of 12.49% for the forecast period, according to industry estimates.

Alma’s laser platforms, which have been selling in India since 2007, are seen as strong brands. The company credits itself with having changed millions of lives worldwide in over 25 years with its clinically proven applications. “Access to aesthetics is showcased in Alma’s R&D process as we are investing in innovative approaches to enable treatment for a diverse range of skin types, even the most complicated ones, to enable aesthetics for all,” Alon Tzionit, president of Alma India Pvt. Ltd., told The Hindu.

With laser treatment now more accessible than ever before, whereas cost was hitherto a factor that limited access, the Indian market for laser treatments is expanding alongside growth in GDP. Alma India, too, has been able to expand at speed, and reach Tier 2 cities.

Alma’s Soprano Titanium is regarded as a ‘gold standard’ the B2B, B2C and C2B laser hair removal market in India. “Indian doctors are seeking to give their patients the best aesthetic outcome that the patients can visually see on themselves, and they are choosing Alma platforms to make it possible. Due to doctors’ preferences and its strong brands, Alma has been able to reach Tier 2 and Tier 3 cities in India,” Mr. Tzionit said.

The range of services covered internationally by Alma includes injectables, skincare, aesthetics, digital dentistry, and home-use devices. Given India’s diversity, what’s the company’s product rollout roadmap ahead? “We will be expanding our product portfolio in the next two years in India with a few more platforms, injectables, and skincare and innovative protocols,” Mr. Tzionit said.

When asked what unique challenges the Indian market presented, and whether the company would be launching products tailormade for Southeast Asia, Mr. Tzionit said India is still a price sensitive market. “Alma expands customer base and is open to new opportunities, including in the dental market. The synergy between unique product capabilities and cutting-edge technologies makes Alma one of the top three medical aesthetics company worldwide,” he added.

The size of the Indian medical devices market is estimated at over $11 billion, and is expected to grow to ₹50 billion by 2025, with the sector growing steadily at a CAGR (compounded annual growth rate) of 15% in the past three years, according to Invest India, the national investment promotion and facilitation agency.

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