The global medical aesthetic devices market represents a high consolidated competitive landscape with merely two companies, Allergan Plc. and Mentor Worldwide LLC, holding 60% share in 2015. With strategic collaborations to expand their global presence and continued emphasis on aesthetic products such as breast implants and body contouring, these two players are expected to remain dominant in the coming years. In September 2016, Mentor Worldwide LLC revealed a new collaboration with Galderma to strengthen their operations in skin health. The collaboration aspires to partner with Canadian surgeons in a bid to improve patient experience pertaining to aesthetic procedures and solutions as well as broaden consumer’s access and awareness.
The Transparency Market Research (TMR) report estimates that the global medical aesthetics market had an opportunity of US$6.5 bn in 2024, and rising at a healthy CAGR of 9.0% during the forecast period of 2016 to 2026, the global revenue is projected to reach US$15.1 bn in 2024.
North America Remains Most Lucrative Region
The TMR report segments the global medical aesthetic devices market on the basis of product, application, end-user, and geography. By product, the market has been categories into aesthetic laser and energy devices, skin tightening and body contouring devices, aesthetic implants, and facial aesthetic devices. Out of these, the segment of laser and energy devices currently serves the maximum demand, with a nearly 30% share in the global medical aesthetics devices market in 2015. This segment is expected to continue as the most prominent product over the forecast period. This is owing to the increasing preference of consumers for aesthetic procedures, which has been a result of vast reduction in cultural prohibitions and social taboos.
Geographically, the report studies the regional markets of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2015, North America was the most lucrative region with 43% of the global demand. According to the American Society of Plastic Surgeons, the number of minimally invasive aesthetic procedures performed in the U.S. has been steadily increasing, with an estimated number of 15.9 million in 2015. North America constitutes a developed market with high rate of adoptability of new technology within the end-users. Asia Pacific market for medical aesthetic devices too is projected for a healthy growth rate.
Effectiveness of Surgeries and Fewer Side-effects Influencing Uptake
The rise in surgical procedures for enhancing personal appearance is credited by the report as the key driver of the global market for medical aesthetic devices. Advanced laser devices are now quite versatile as well as cost-effective, which is driving the uptake. Some of the other key trends noted by the report are: heightened demand for minimally invasive and non-invasive equipment, increased adoption of laser-based devices, and the high demand for augmentation and reconstructive surgeries. The laser-based devices are now readily adopted. Moreover, due to the effectiveness of surgeries, fewer post-surgery complications and side effects as well as shorter recovery spans, minimally invasive surgeries are now frequently recommended by dermatologists, and thereby boosting the market for medical aesthetics devices.
Conversely, the report finds that intense competition between the local manufacturers is leading to reduced costs of equipment to gain market share, which is significantly hampering the profitability of international vendors, particularly in cost-sensitive countries. Additionally, continuous technological developments in the aesthetic devices market is forcing manufacturers to provide latest devices and services at affordable costs, which may lead to erosion of investment.
The information presented in this review is based on a Transparency Market Research report, titled, “Medical Aesthetic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Segments of the Global Medical Aesthetic Devices Market
Global Medical Aesthetic Devices Market Revenue, by Product
- Aesthetic Laser and Energy Devices
- Ablative Skin Resurfacing Devices
- Non-ablative Skin Resurfacing Devices
- Skin Tightening and Body Contouring Devices
- Liposuction Devices
- Skin Tightening Devices
- Cellulite Reduction devices
- Aesthetic Implants
- Breast Implants
- Soft Tissue Implants
- Aesthetic Dental Implants
- Facial Aesthetic Devices
- Microdermabrasion Devices
- Botulinum Toxin
- Dermal Fillers
Global Medical Aesthetic Devices Market Revenue, by Application
- Facial and Body Contouring
- Facial & Skin Rejuvenation
- Breast Enhancement
- Scar Treatment
- Congenital Defect Repair
- Reconstructive Surgery
- Tattoo Removal
- Hair Removal
Global Medical Aesthetic Devices Market Revenue, by End-user
- Dermatology Clinics
- Cosmetic Centers
Global Medical Aesthetic Devices Market Revenue, by Geography
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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