Global Aesthetic Devices Market - Segmented by Product, End Users, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global aesthetic devices market is expected to register a CAGR of 6% during the forecast period of 2018–2023. North America is anticipated to dominate the market during the forecast period owing to technological advancement in the development of innovative devices.
Increasing Awareness about Aesthetic Procedures
With the advent of the internet and growing trend of social media, information is becoming more accessible to everyone, and people are becoming more aware of aesthetic procedures. Growing number of social media users and raising awareness among the masses about the medical aesthetic procedures is likely to pose a positive impact on the sales of medical aesthetic devices, resulting in a huge growth in the market size. For instance, in 2005, 5.4 million medical aesthetic procedures were performed worldwide. This number had increased to 12 million by 2014 and is expected to reach 21.9 million by 2020. Additionally, technological advancement, growing geriatric population, and the rising disposable income are likely to drive the market for aesthetic devices globally.
Capital Equipment-based Market
A majority of the medical aesthetic devices, like the laser ablation systems or the liposuction devices, require significant capital investment, and in turn, they last for several years. Hence, these devices are rarely replaced, resulting in low sales. In most cases, new sales are more or less equal to the replacement rate of these devices. This happens to be a major restraint for the medical aesthetic devices market as it is challenging to get new sales for a product beyond the replacement rate. Additionally, poor reimbursement scenario is further restricting the growth of the market.
North America is the Largest Market
North America is the biggest market for global aesthetic devices owing to the growing investment from key players in the development of innovative devices, and rising demand for aesthetic procedures in the region. Asia-Pacific is the fastest growing region. Factors, such as huge population base and rising disposable income, are anticipated to drive the market for aesthetic devices in the region.
Key Developments in the Market
• January 2018: Cutera, Inc. a leading provider of laser and energy-based aesthetic systems, launched Juliet and Secret RF to its product offerings of laser and energy-based devices.
• February 2018: The Baldan Group launched the Fibra DFA hair removal device. The company claims that the device has decreased energy wastage, from 30% in other machines to nearly 0%, which improves operational safety.
Major players: ALLERGAN, INC., ALMA LASERS, GALDERMA S.A., JOHNSON & JOHNSON, LUMENIS, INC. PHOTOMEDEX INC., SCITON, INC., SOLTA MEDICAL, INC., SYNERON MEDICAL LTD, AND ZELTIQ AESTHETICS, INC., amongst others.
Reasons to Purchase the Report
• To have an understanding of the current and future global aesthetic devices market outlook in the developed and emerging markets.
• Analysis of various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Identify the segment that is expected to dominate the market.
• Identify the regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3-month analyst support, along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Increasing Awareness about Aesthetic Procedures
With the advent of the internet and growing trend of social media, information is becoming more accessible to everyone, and people are becoming more aware of aesthetic procedures. Growing number of social media users and raising awareness among the masses about the medical aesthetic procedures is likely to pose a positive impact on the sales of medical aesthetic devices, resulting in a huge growth in the market size. For instance, in 2005, 5.4 million medical aesthetic procedures were performed worldwide. This number had increased to 12 million by 2014 and is expected to reach 21.9 million by 2020. Additionally, technological advancement, growing geriatric population, and the rising disposable income are likely to drive the market for aesthetic devices globally.
Capital Equipment-based Market
A majority of the medical aesthetic devices, like the laser ablation systems or the liposuction devices, require significant capital investment, and in turn, they last for several years. Hence, these devices are rarely replaced, resulting in low sales. In most cases, new sales are more or less equal to the replacement rate of these devices. This happens to be a major restraint for the medical aesthetic devices market as it is challenging to get new sales for a product beyond the replacement rate. Additionally, poor reimbursement scenario is further restricting the growth of the market.
North America is the Largest Market
North America is the biggest market for global aesthetic devices owing to the growing investment from key players in the development of innovative devices, and rising demand for aesthetic procedures in the region. Asia-Pacific is the fastest growing region. Factors, such as huge population base and rising disposable income, are anticipated to drive the market for aesthetic devices in the region.
Key Developments in the Market
• January 2018: Cutera, Inc. a leading provider of laser and energy-based aesthetic systems, launched Juliet and Secret RF to its product offerings of laser and energy-based devices.
• February 2018: The Baldan Group launched the Fibra DFA hair removal device. The company claims that the device has decreased energy wastage, from 30% in other machines to nearly 0%, which improves operational safety.
Major players: ALLERGAN, INC., ALMA LASERS, GALDERMA S.A., JOHNSON & JOHNSON, LUMENIS, INC. PHOTOMEDEX INC., SCITON, INC., SOLTA MEDICAL, INC., SYNERON MEDICAL LTD, AND ZELTIQ AESTHETICS, INC., amongst others.
Reasons to Purchase the Report
• To have an understanding of the current and future global aesthetic devices market outlook in the developed and emerging markets.
• Analysis of various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Identify the segment that is expected to dominate the market.
• Identify the regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3-month analyst support, along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
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