Certain factors that are driving the market growth include increasing obese population, increasing awareness regarding aesthetic procedures, rising adoption of minimally invasive devices, and technological advancement in devices.
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 still remains that people are getting more concerned with their appearance, especially with the increasing standard of living.
In Asia, cosmetic surgery has become an accepted practice, and countries, such as China and India, have become Asia's biggest cosmetic surgery 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, resulting in a huge growth in the market size of medical aesthetic devices.
Key Market Trends
Hair Removal is Expected to Hold a Significant Market Share in the Application Segment
Getting rid of unwanted body hair is one such problem that everyone had faced at some point in their lives. For more than two decades, people have been turning to several processes of hair removal, to help them mitigate this common issue that virtually everyone faces. Since the introduction of laser light and energy-based devices for the removal of unwanted hair, aesthetic physicians and dermatologists have been able to offer effective treatments to patients that have withstood the test of time, leading to a high growth of medical aesthetics devices market. Hence, with the rising number of surgical procedures performed globally, the maket is expected to witness rapid growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
Medical aesthetic technology has advanced rapidly over the past two decades in the United States. The highly advanced technologies have offered a wide range of products and solutions, to patients seeking medical assistance. New technologies are being developed and introduced into the market, including the use of laser, dynamic pulse control, radiofrequency, and infrared technologies. In recent years, skin-tightening and non-invasive fat technologies have created a new niche in the US medical aesthetic devices market. They have been proven as financially lucrative and are expected to dominate in the near future.
The medical aesthetic devices market is highly competitive and consists of a number of major players. Companies, like Allergan Inc., Alma Lasers Ltd. (Sisram Med), Bausch Health Companies Inc. (Solta Medical Inc.), Cutera Inc., El.En. (Asclepion Laser Technologies), Lumenis Inc., Sciton Inc., Syneron Medical Ltd, and Venus Concept, hold a substantial share in the market studied.
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