Medical Aesthetic Device Market is segmented By Product (Aesthetic Lasers and Energy Devices, Body Contouring Devices, Aesthetic Implants, Breast Implants, Facial Aesthetics, Others), By Technology (Laser-Based Technology, Energy-Based Technology), By End-User (Hospitals, Clinic/Beauty Centre, Home Setting), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.
Medical Aesthetic Device Market is expected to grow at a CAGR 10.5% during the forecasting period (2023-2030). Medical aesthetic devices are used to treat impairments associated with a person’s aesthetic appearance, such as skin laxity, excessive fat, cellulite, scars, moles, wrinkles, unwanted hair, liver spots, spider veins, and skin discoloration. Convenient replacement of dysfunctional/missing body parts caused due to accidents, trauma, and other congenital disorders is also possible by use of aesthetic implants.
Medical Aesthetic Device Market Scope
Metrics |
Details |
Market CAGR |
10.5% |
Segments Covered |
By Product, By Technology, By End-User, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
Market Dynamics
The global medical aesthetic device market growth is driven by the several factors such as increasing demand for minimally invasive reconstruction surgeries, technological advancement, natural face and tooth deformities, and awareness about aesthetics appearance.
Increasing awareness regarding aesthetic procedures will drive the market growth
The concern of people about their appearance is gradually on a rise, both in the developed and the developing countries. Thus, there is an increase in the number of cosmetic surgeries performed, annually. Although the rate of increase is not much high in developing countries, the fact remains that people are getting more concerned with their appearance, especially with the increasing standard of living.
In Asia pacific, cosmetic surgery has become an accepted practice, and countries, such as China and India, have become Asia's biggest cosmetic surgery market. Also, the growing adoption of minimally invasive and non-invasive aesthetic procedures drives the studied market. With the advent of the internet, information became accessible to everyone and people started becoming more aware of the aesthetic procedures. All these factors together increased the awareness among the masses about the medical aesthetic procedures, which, in turn, increased the sales of medical aesthetic devices. Additionally, the increasing research and development activities, for the launch of novel products in the market will propel the medical aesthetic devices market. For instance, in June 2020, Cynosure launched the Elite iQ platform, the next generation of the Elite+ Aesthetic Workstation in the United States, European, and Australian markets for laser hair removal and skin revitalization applications. Thus these factors are driving the growth of the market in the forecast period.
High cost of the medical aesthetic device is likely to hamper the market growth
Many manufacturers charge a high upfront cost of $120K to $300K for new medical aesthetics devices to get as much money as they possibly can from their customers as per medicreations.com. Factors such as research and development, substantial trials to gain FDA approval, COVID-19 production/supply shutdown, and insurance can contribute to high costs, but be wary of what seems astronomical. Conversely, quality shouldn’t suffer for a bargain. It’s risky to purchase cheap devices in the $500 to $5K range found on third-party websites such as Alibaba, Glownar, and Amazon. These are mostly made overseas in Asia, don’t function well, and break frequently. These factors will hamper the growth of the market in the forecast period.
COVID-19 Impact Analysis
The medical aesthetic devices manufacturers had to shut down the production and supply units due to the lockdown, that was imposed in the beginning of COVID-19 outbreak, globally. According to a survey by Hamilton Fraser Cosmetic Insurance, conducted in March 2020, with 1,360 cosmetic practitioners in the United Kingdom to assess the impact of the pandemic on cosmetic procedures, stated that 99.78% of practitioners revealed that their practice had been affected during the current pandemic. Additionally, consumers are also looking for online cosmetic home treatments. As per the research article published in Journal of Cutaneous and Aesthetic Surgery (September 2020), airborne contaminants are associated with certain lasers, such as ablative fractional lasers and high-peak-power ultrashort-pulsed lasers, such as nano- and picosecond lasers. Also, devices, such as excimer lamp and skin-tightening devices, have probes that come in close contact with the skin, and the risk of transmission of SARS-CoV2 virus is high. Thus, COVID-19 has highly impacted the medical aesthetic devices market worldwide. However, when the situation became normal the market will grow at moderate rate.
Segment Analysis
Breast implants segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Breast augmentation, also known as augmentation mammoplasty, is a surgery to increase breast size. It involves placing breast implants under the breast tissue or chest muscles or transferring fat. Breast augmentation procedures have increased over the years. As per a 2019 report by the American Society of Plastic Surgeons (ASPS), the number of breast implant procedures increased considerably in the United States, from 212,500 in 2000 to 299,715 in 2019.
Additionally, the increasing product launches and advancements in technologies boosted the growth of the market. For instance, in 2019, Evonik and BellaSeno GmbH entered a long-term agreement for the use of a RESOMER bioresorbable polymer for an innovative breast implant technology. The RESOMER polymer features mechanical properties and a degradation profile that allow the scaffold to safely absorb at a rate that matches the formation of the patient's tissue and is designed to be implanted after breast reconstruction, augmentation, or revision surgery. Thus, owing to the aforementioned factors, the breast implants segment is expected to grow over the forecast period.
Geographical Analysis
North America region holds the largest market share of global medical aesthetic device market
North America is expected to dominate the overall medical aesthetic device market in the forecast period. According to the American Society of Plastic Surgeons, 18.1 million cosmetic procedures were recorded in 2019, an increase of 2%, from 2018, which included around 1.8 million cosmetic surgical and 16.3 million cosmetic minimally invasive procedures. Also, the high concentration of major players in the region and subsequent product launches play a vital role in the growth of the studied market in the region. For instance, in June 2020, E.S.I. The novel. a part of Essence Group, launched JOLI360, a new skin rejuvenation solution that can measure three skin parameters: hydration, elasticity, and sebum. Thus, the aforementioned factors are expected to drive the market over the forecast period in the region.
Competitive Landscape
The medical aesthetic device market is moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbvie Inc. (Allergan PLC), Alma Lasers Ltd (Sisram Med), Bausch Health Companies Inc. (Solta Medical Inc.), Cutera Inc., El. En. (Asclepion Laser Technologies), Lumenis Inc., Sciton Inc., and Syneron Medical Ltd, DEKA Laser Technologies, Sigmacon Medical among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Medical Aesthetic Device Market globally. For instance, in March 2020, JW Pharmaceutical launched Initium, a hyaluronic acid filler, in the South Korean market.
Abbvie Inc. (Allergan Aesthetics)
Overview:
Allergan Aesthetics develops, manufactures, and markets a portfolio of leading brands and products including facial injectable, body contouring, plastics and more. The company is a subsidiary of Abbvie Inc.
Product Portfolio:
Natrelle Breast Implants: Natrelle Breast Implants are approved for the following.
Breast augmentation for women at least 22 years old for silicone-filled implants and for women at least 18 years old for saline-filled implants. Breast augmentation includes primary breast augmentation to increase the breast size and revision surgery to correct or improve the result of a primary breast augmentation.
Breast reconstruction. This includes primary breast reconstruction to replace breast tissue that has been removed due to cancer or trauma or that has failed to develop properly due to a severe breast abnormality. This also includes revision surgery to correct or improve the result of a primary breast reconstruction.
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