Global Medical Aesthetic Devices Market size accounted for $10.42 Billion in 2020 and is expected to hit $16.68 Billion by 2028, growing at a CAGR of 5.9%.
Medical Aesthetic Devices Market
The global Medical Aesthetic Devices Market accounted for USD 10.42 Billion in 2020 and is expected to reach USD 16.68 Billion by 2028, growing at a CAGR of 5.9% from 2021 to 2028.
Rising acceptance of minimally invasive operations in dermatological applications paired with the rapid increase in population between the age of 30 and 60 are major factors planned to be major demand boosters within the medical aesthetic devices market. This, in return, escalates the demand for dermatological applications in the Asia Pacific market. This is often providing new development chances for the worldwide medical aesthetic devices market. On the opposite hand, the high price of treatment is anticipated to be the main limitation for the medical aesthetic devices market.
Additionally to the present, technological enhancements will offer innovative items and might open up new growth opportunities within the coming years. For instance, in April 2018, Salient Medical Solutions unrolled a new facial skin analysis system that employs skin care photographic imaging tools. The device offers clinical calculations of subsurface and surface facial skin conditions by using digital images techs through PL polarized light, RGB light, and UV spectrum. This launch of the new device has enhanced the event of the medical aesthetic devices market.
The global Medical Aesthetic Devices market has witnessed a slight decline in growth for the short term due to the lockdown endorsement placed by governments to contain COVID spreading. The medical aesthetic devices manufacturers had to shut down the production and supply units due to the lockdown, that was imposed at the beginning of the COVID-19 outbreak, globally. These suppliers have their manufacturing facilities spread across various countries. Thus, COVID-19 has highly impacted the medical aesthetic devices market worldwide. However, the situation is gradually improving.
The global Medical Aesthetic Devices market is primarily driven by the expansion of the medical device industry in the Asia Pacific region, especially in China, India and Japan. Another major driving factor is the increasing demand for minimally invasive procedures coupled with technological innovations, increasing obese population, increasing awareness regarding aesthetic procedures and rising adoption of minimally invasive devices. Additionally, the concern of individuals about their appearance is gradually on an increase, both within the developed and therefore the developing countries. Thus, there's a rise within the number of cosmetic surgeries performed, annually. However, volatile staple prices and strict government regulations implied in this industry are major restraints that will limit the expansion of the market.
Based on products the market is segmented into aesthetic skin tightening & body contouring devices, laser & energy devices, aesthetic implants and facial aesthetic devices. The facial aesthetic products segment is expected to hold the largest share of the medical aesthetics market in 2020. The large share of this segment is attributed to the growing patient demand for facial aesthetic treatments, increasing disposable income and spending capabilities, and the rising geriatric population across the globe. Key application market covered under this study includes facial & skin rejuvenation, facial & body contouring, breast enhancement, scar treatment, reconstructive surgery, tattoo removal and hair removal.
The medical aesthetic devices market was led by North America with the share of over 39% in 2020. This area is anticipated to carry on its supremacy in the medical aesthetic devices market in the coming years. The attendance of a huge base of major players in this area paired with technological improvements is anticipated to assist the region to maintain its dominance in the global medical aesthetic devices market in the years to come. Europe was another leading region in the medical aesthetic device market. This development is primarily due to unremitting technological enhancements in the aesthetic device.
Some of the key players in the Medical Aesthetic Devices market include
The global Medical Aesthetic Devices Market is segmented as follows:
The global Medical Aesthetic Devices Market was valued at USD 10.42 Billion in 2020.
The global Medical Aesthetic Devices Market is expected to reach USD 16.68 Billion by 2028, growing at a CAGR of 5.9 % between 2021 to 2028.
Certain factors that are driving the market growth include the increasing obese population, increasing awareness regarding aesthetic procedures, rising adoption of minimally invasive devices, and technological advancement in devices.
North America in 2020 ruled the Medical Aesthetic Devices Market and was believed to be the highest income-generating area all over the globe.
Some of the key players in the Medical Aesthetic Devices market include Lumenis Ltd., Mentor Worldwide LLC, Merz, Inc., Alma Lasers, Allergan plc, Cutera, Inc., Galderma S.A., Cynosure, Inc., Syneron Medical Ltd., Solta Medical, Inc., and ZELTIQ Aesthetics, Inc.