The global medical aesthetic devices market is anticipated to flourish at a decent speed in forthcoming years, owing to rise in number of elder people all around the world. Some of the important organizations in the market are Solta Medical Inc. (A Division of Valeant Pharmaceuticals International Inc.), Allergan PLC, Syneron Medical Ltd., Lumenis Ltd., Cynosure Inc. (A Division of Hologic, Inc.), Johnson & Johnson, KGaA, Merz Pharma GmbH & Co., Alma Lasers Ltd. (Acquired By Shanghai Fosun Pharmaceutical (Group) Co. Ltd.), Sientra Inc., Dentsply Sirona Inc. (formerly DENTSPLY International Inc.), GC Aesthetics plc, and Zimmer Biomet Holdings, Inc. Besides these, the key players operating in the industry are Danaher Corporation, Zeltiq Aesthetics Inc., Institut Straumann AG, Polytech Health & Aesthetics GmbH, and 3M Company.
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According to Transparency Market Research (TMR), the global medical aesthetic devices market is expected to expand at a healthy CAGR of 9.9% within the forecast period from 2016 to 2024. The market was valued around worth US$6.5 bn in 2015. The market is foreseen to witness opportunities worth US$15.1 bn by the end of 2024. Based on product, the global medical aesthetic devices market is segmented into aesthetic implants, facial aesthetic devices, aesthetic laser and energy devices, and skin tightening and body contouring devices. Among these, the aesthetic laser and energy devices segment is expected to lead the market with more than 30% of share in 2015. The segment is foreseen to sustain its lead in coming years as well. Geographically, North America region dominates the global medical aesthetic devices market, especially led by the US. This sis due to the increased purchasing power among the people in the region, increased focus on the technological advancements, and presence of several key players in the region.
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Easy Replacement of Dysfunctional Body part to Boost Demand in Market
The major purpose of the medical aesthetic devices are to cure impairments related to an individual’s aesthetic appearance, for example, excessive fat, skin laxity, cellulite, moles, scars, wrinkles, liver spots, unwanted hair, skin discoloration, and spider veins. Aesthetic medicine comprise of non-surgical and surgical processes, both. The healthcare professional may implement both the processes together to enhance the outer appearance of the person. The aesthetic implants help in easy replacement of missing body part or dysfunctional part because of trauma, accidents, coupled with other congenital illnesses. This increases the demand for medical aesthetic devices market.
High Cost of Treatment to hamper Market Growth
Moreover, increase in adoption of minimally invasive surgeries, rise in the cases of trauma and road accidents, rise in prevalence of congenital tooth and face deformities, advancements in technology, rises in awareness among the population, for example awareness about breast reconstructive surgeries (launched in the U.S.), increased cases of breast cancer, and increase in number of cosmetology professionals are some of the key factors driving the medical aesthetic devices market growth. Nevertheless, high expenses of treatment, improper reimbursement policies, and constant risk of malfunctions related with the surgeries, especially, implants are some more important factors that hinder the growth. However, rise in medical tourism and increased popularity of celebrities among the youth are some factor propelling the market.
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