A research study titled, “Medical Aesthetic Devices Market by Product, Application, and End User – Global Industry Analysis and Forecast to 2025” published by ASA Market Research, states that the medical aesthetic devices market is projected to be around $16 billion by 2025.
Medical aesthetics is a comprehensive term used for enhancing cosmetic appearance through use of various surgical and non-surgical procedures. Medical aesthetic devices are used to treat impairments associated with individual aesthetic appearance such as scars, skin discoloration, wrinkles, hair loss and excessive fat. According to study conducted by International Society of Aesthetic Plastic Surgery (ISPAS), in 2015, around 38,097,209 aesthetic/cosmetic procedures were performed worldwide. Although aesthetic devices accounts for relatively smaller share in global medical device market, it is expected to witness high growth during forecast period. This can be attributed to number of factors such as high prevalence of face and dental deformities, increasing elderly population opting for various aesthetic procedures and increasing number of cosmetology centers serving large pool of people. Furthermore, increase in prevalence of breast cancer worldwide will further contribute to the market growth. According to Breast Cancer Research Foundation, in 2015, an estimated 231,840 new cases of breast cancer were diagnosed in the U.S. Thus, increasing incidence of breast cancer is expected to drive the market growth.
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Aesthetic laser device segment dominated the global market in 2016 owing to their ability to provide efficient treatment by utilizing combination of energy types, rise in elderly population opting for more aesthetic procedures and high adoption rate by dermatologist. Skin tightening and body contouring devices segment is expected to witness high growth during forecast period due to increase in demand for skin tightening and body shaping aesthetic procedures. Dental implant segment will witness favorable growth during the forecast period owing to increase tooth deformities, rise in elderly population requiring tooth replacements and improved denture retention using dental implants.
Based on application, body and extremities segment is expected to witness lucrative growth during forecast period owing to rise in obese population, rise in demand for minimal invasive surgical techniques and rise in disposable income of people. Medical spas market will experience lucrative growth over the forecast period owing to increase in the number medical spa centers across the globe and growing demand for cosmetic procedures globally.
U.S. held the largest share of the North American medical aesthetic devices market due to increasing adoption of cosmetic procedures in the country as a result of high disposable income. According to a survey conducted by the American Society for Aesthetic Plastic Surgery, Americans spent more than $15 billion on surgical and non-surgical aesthetic procedures in 2016. France dominated the European medical aesthetic devices market in 2016 owing to increase rate of aesthetic surgical procedures such as lipoplasty and rhinoplasty.
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Major players operating in the medical aesthetic devices market are Syneron Medical Ltd., Cynosure Inc., Solta Medical, Inc. Lumenis Ltd., Johnson & Johnson, Merz Pharma GmbH & Co. KGaA, Alma Lasers Ltd. (acquired by Shanghai Fosun Pharmaceutical (Group) Co. Ltd.), GC Aesthetics plc. Sientra Inc., Zimmer Biomet Holdings, Inc., and Dentsply Sirona Inc.
Key Findings of the Research Study:
- Aesthetic laser devices segment accounted for over one-fourth share of the global market, primarily due to increase utilization of these devices in wide range of aesthetic procedures such as skin rejuvenation, tattoo removal, and removal of pigmented lesions.
- Medical spas and beauty centers market will witness lucrative growth over the forecast period due to availability of large number of skilled professionals to perform cosmetic procedures and rising consumer interest in aesthetic appeal.
- North America accounted for two-fifth share of the global market in 2016, owing to continuous technological advancements and high adoption rate of aesthetic devices among consumers.
- Asia-Pacific is expected to witness fastest growth during forecast period due to growing awareness about aesthetic procedures, rise in disposable income of people and increase in aging population.