Medical Aesthetic Devices Market - SWOT Analysis of Major Industry Segments
Medical Aesthetic Devices Market - Snapshot
Medical aesthetic devices are those medical devices that are utilized for the purposes of cosmetic procedures, which comprise skin tightening, aesthetic implants, anti-aging, excess fat removal, unwanted hair removal, unwanted hair removal, and plastic surgery. The purposes of these procedures are enhancement of body features, correction, and beautification. The global medical aesthetic devices market is likely to prosper due to the rising demand for cosmetic procedures across the globe.
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Medical aesthetic devices find use in the treatment of impairments that are related to the physical appearance of an individual. Skin discoloration, liver spots, wrinkles, spider veins, moles, scars, cellulite, excessive fat, and skin laxity are some of the aesthetic impairments of an individual, which could be treated utilizing these devices. Aesthetic procedures include both
- surgical procedures
- non-surgical procedures
Technological Advancement in the Cosmetic Surgery Field to Shoot up Demand
The global medical aesthetic devices market is likely to be driven by the increased adoption of minimally invasive procedures, awareness toward cosmetic procedures, and rising number of obese people in the world. In addition, technological progress in the medical field is likely to drive the demand for medical aesthetic procedures in the years to come.
With the advent and growing popularity of social media and the internet, information is made easily available to people. With such easy access to information, people are becoming increasingly aware of the availability of aesthetic procedures. With a rise in the number of social media users and augmented awareness, the global medical aesthetic devices market is likely to witness growth in the times to come.
The consciousness about how one looks and presents themselves to the world has been gaining prominence since last few years. There has been a rise in the number of annual cosmetic surgeries, particularly in the countries of Asia Pacific. Rise in the level of disposable income together with the growing concern about appearance is likely to propel growth of the global medical aesthetic devices market.
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Global Medical Aesthetic Devices Market – Snapshot
Medical aesthetics focuses on improving cosmetic appearance through the treatment of conditions such as scars, skin laxity, wrinkles, moles, liver spots, excess fat, cellulite, unwanted hair, skin discoloration, and spider veins. Laser and energy devices are most commonly used for skin and hair treatment including applications such as skin rejuvenation, tattoo removal, and skin tightening. Health concerns and rise in demand for technologically advanced products boost the growth of the global medical aesthetic devices market. The global market is estimated at US$ 7,798.20 Mn in 2017 and is projected to expand at a CAGR of 10.7% from 2018 to 2026.
The global medical aesthetic devices market has been segmented based on product type, application, end-user, and region. In terms of product type, the market has been classified into aesthetic laser & energy devices, skin tightening & body contouring devices, aesthetic implants, and facial aesthetic devices. The aesthetic laser & energy devices segment accounted for major market share in terms of revenue in 2017. Utilization of aesthetic laser & energy devices is rising gradually due to increase in incidence of skin and aging problems across the world. The aesthetic laser & energy devices segment is expected to grow at a rapid pace owing to rise in health consciousness, especially in the West.
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Based on application, the global medical aesthetic devices market has been categorized into facial & body contouring, facial & skin rejuvenation, breast enhancement, scar treatment, congenital defect repair, reconstructive surgery, tattoo removal, and hair removal. The breast enhancement segment accounted for major share of the global segment in 2017, followed by the hair removal segment. Rise in demand for medical aesthetics is likely to contribute to the growth of the breast enhancement and hair removal segments. Demand for breast enhancement is high due to increase in awareness about beauty and physical appearance.
In terms of end-user, the global medical aesthetic devices market has been divided into hospitals, dermatology clinics, and cosmetic centers. Hospitals was the leading segment in 2017 because these are the most favored settings for implantation and offer easy access to physicians. The hospitals segment accounted for the largest share of the global market in 2017, followed by the dermatology clinics segment. Demand for medical aesthetic devices is high in dermatology clinics due to requirement of proper assistance for interpretation of medical aesthetics for appropriate surgical process.
Geographically, the global medical aesthetic devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the global market in 2017, followed by Europe. This is attributed to well-established health care infrastructure coupled with efficient reimbursement system, and high demand for superior-quality aesthetic treatments. In terms of revenue, Germany and the U.K. dominated the medical aesthetic devices market in Europe in 2017. Asia Pacific is the most attractive market and expected to expand at the highest CAGR during the forecast period due to increase in consumer awareness about these products through social and traditional media and preference for procedures such as hair removal.
The global medical aesthetic devices market is consolidated, with small number of companies accounting for majority share. Key players operating in the global market are Fosun Pharmaceutical Co., Ltd., Cutera, Inc., Cynosure, Inc., Lumenis Ltd., and Syneron Medical Ltd. Fosun Pharmaceutical Co., Ltd., Syneron Medical Ltd., and Cynosure, Inc. exhibit the widest geographical footprint, with presence in multiple medical aesthetic devices segments.
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