Medical Aesthetic Devices Market: Snapshot
Expanding at a healthy 9.9% CAGR from 2016 to 2024, the medical aesthetic devices market
is poised to amount to a value of US$15.1 bn by 2024. The opportunity
in the market was pegged at US$6.5 bn in 2015. This signifies that
despite the small share aesthetics holds in the overall medical devices
industry, the market holds immense scope for growth. A rapidly expanding
pool of geriatrics is perhaps the most significant factor driving the
demand for aesthetic procedures, thereby boosting the sales of medical
aesthetic devices around the world. An increasing number of medical
discoveries and innovations have transformed the healthcare and medical
devices industries and the rising demand for youthful radiance will
continue to offer a world of opportunities for players to capitalize on.
Aesthetic Laser and Energy Devices Emerge as Most Preferred Product Category
The medical aesthetic devices market can
be segmented on the basis of product into facial aesthetic devices,
aesthetic implants, skin tightening and body contouring devices, and
aesthetic laser and energy devices. Comprising of ablative and
non-ablative resurfacing devices, the segment of aesthetic laser and
energy devices held the dominant share of over 30.0% in 2015 and is
anticipated to exhibit rapid expansion over the coming years. This
segment has been identified as having the most potential for growth
owing to the fact that dermatologists prefer these devices over any
other.
The most common use of aesthetic laser
and energy devices is in hair and skin treatments, which comprise skin
rejuvenation, tattoo removal, and removal of pigmented lesions.
Considering that these devices are non-invasive in nature, they have
gained preference over other devices among patients. Moreover, since
these devices can be quite capital intensive, several manufacturers are
offering to lease these laser and energy devices and ensure greater
adoption.
Youth-oriented Culture of Americans to Ensure Dominance of the Region through 2024
Among the key regional segments, North
America dominates the worldwide market for medical aesthetic devices,
powered by the U.S. This flourishing market accounted for a massive
43.0% share in 2015, thanks to the strong presence of leading medical
device manufacturers. North America is predicted to retain its lead
throughout the forecast period on account of greater purchasing power of
the consumers, an increased focus on innovation, and a rising number of
aesthetic companies operating out of the U.S. Another factor driving
the medical aesthetic devices market in North America is a large
geriatric population and a high number of consumers looking for ways to
delay or reverse signs of aging. This youth-oriented nature of the
people has translated into increased demand for medical aesthetic
devices such as injectables.
Asia Pacific and Latin America have been
identified as immensely lucrative markets and both the regions are
anticipated to exhibit strong growth in the coming years. This potential
growth can be attributed to a large population, rising disposable
incomes of the people, growing awareness among the consumers regarding
the benefits offered by aesthetic treatments, and an increasing presence
of several local device manufacturers offering competitively-priced
products.
Allergan plc, Lumenis Ltd., Syneron
Medical Ltd., Merz, Inc., Cynosure, Inc., Alma Lasers (Fosun
Pharmaceutical Co., Ltd.), Galderma S.A. (Nestle), Cutera, Inc., ZELTIQ
Aesthetics, Inc., Solta Medical, Inc., and Mentor Worldwide LLC (Johnson
& Johnson) are some of the most prominent players in the global
medical aesthetic devices market. The market is highly consolidated by
nature and several companies are resorting to strategic collaborations
to gain a greater share in the medical aesthetic devices market.
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