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Medical Aesthetic Device Market
The market is estimated to be USD 8.38 billion in 2016 and is projected to reach USD 13.81 billion by 2021, growing at a CAGR of 10.5% during the forecast period.
Minimally invasive and non-surgical aesthetic procedures, like the facial cosmetic procedures and liposuction procedures, account for a majority of the aesthetic procedures performed.
Rapid technological advancements, increasing demand for minimally invasive techniques (MIS), increasing awareness of aesthetic procedures, and rising obese population are a few important driving factors for this market.
After the 2008 economic slowdown and recovery of some of the developed countries, significant growth has been noticed in the aesthetics market.
Rapid technological advances, increasing demand for the use of minimally invasive and non-invasive equipment, widespread awareness about aesthetic procedures, and a rise in obese population are the major driving factors for the growth of the market.
As per global estimates, out of the 23 million cosmetic/aesthetic procedures that were conducted till-date, a majority have turned out to be of the minimally invasive type.
The minimal and non-invasive procedures account for more than 80% of the cosmetic procedures.
Social stigma concerns and lack of proper reimbursement and education policies are the main restraints hindering the growth of the market.
The global medical aesthetic devices market can be segmented based on:
- Products (aesthetic lasers & energy devices, aesthetic implants, facial aesthetics)
- Procedures (cosmetic and reconstruction)
- End Users (beauty and home settings)
- Geography (North America, Europe, APAC and Rest of the World).
Currently, North America is the largest global market, followed by Europe, while APAC is the fastest growing segment.
The medical aesthetic devices market has a great scope for growth if the companies can find ways to capitalize on factors like the increasing beauty consciousness and large disposable incomes.
Some of the key players in the global medical aesthetic market that are covered in the report include:
- Johnson & Johnson
- LCA Pharmaceutical
- Galderma Pharma
- Solta Medical
- Alma Lasers