According to a 2011 study, yes!
Melasma is one of the more difficult pigment issues to treat, so any advances in melasma treatment make a big difference.
The study was composed of 27 female participants. Each was treated with very low fluence Q-switched Nd:YAG immediately following a microdermabrasion treatment. They each also followed a basic skin care regimen consisting of hydroquinone and either tretinoin or vitamin-c.
22 of the patients had at least 75% clearance of melasma. Even more surprising, 11 of the patients achieved 95%+ clearance!
We would have liked to have seen the results without the use of hydroquinone and tretinoin, but the results are still promising.
Considering this treatment is nearly painless and has no recovery time, it seems like a no-brainer.