MEDICAL AESTHETIC DEVICES MARKET ANALYSIS

Market Size and Trends

The global medical aesthetic devices market is estimated to be valued at USD 18.34 Bn in 2024 and is expected to reach USD 40.99 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.

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The global medical aesthetic devices market is witnessing positive trends with growing incidences of diabetes worldwide. The popularity of non-invasive aesthetic treatments over surgical procedures is expected to remain a key trend in the market over the forecast period. Non-invasive aesthetic procedures allow for quicker recovery times and less discomfort compared to surgical options. This has made them an attractive choice for individuals with less time availability or seeking subtle enhancements. The availability of various non-invasive treatments is thus expected to continue supporting market expansion. The rising focus on aesthetics and physical beauty among individuals across all age groups. There has been a marked shift in people's perception about beauty and appearance. Device manufacturers need to comply with stringent approval procedures and quality standards set by these regulators. Additionally, social stigma around medical aesthetics in certain cultures restrict the overall addressable market size.

Market Driver – Increasing Number of Aesthetic Procedures

Increasing number of aesthetic procedures and rising adoption of minimally invasive procedures across the globe are expected to augment the growth of the global medical aesthetic devices market growth over the forecast period. For instance, people are inclined towards the use of minimally invasive procedures due to the increasing awareness regarding aesthetic procedures. According to the American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS), in 2021, more than 1.4 million surgical and non-surgical procedures were performed in the U.S., a 40% increase compared to the procedures performed in 2020.

Market Concentration and Competitive Landscape

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Greater availability of information through online health forums and social media platforms has raised awareness about various non-invasive and minimally invasive aesthetic treatment options. Previously, certain cosmetic treatments carried social stigma due to underlying assumptions. However, attitudes are changing with expert advice easily accessible to people. They understand medical aesthetic procedures to be safe and effective when performed by certified professionals. Media coverage of star treatments and after-procedure celebrity selfies normalize the concept of aesthetic treatments. People are comfortable discussing procedures they have undergone with peers without stigma or judgment. Additionally, financing and installment options offered by device manufacturers have made procedures more affordable. This has allowed middle-income groups to avail treatments to enhance appearance without major financial constraints.

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Poor reimbursement scenario is expected to hamper growth of the global medical aesthetic devices market. For instance, Mediclaim policies are not designed/developed to cover the cost of cosmetic surgeries. Such procedures are not covered by most insurance companies. Lack of reimbursement on aesthetic procedures and equipment/devices is a major challenge facing the companies in the market studied. This in turn is restraining the market growth.

Market Opportunities – Increasing Demand for Medical Aesthetic Devices

Increasing demand for medical aesthetic devices due to rising awareness among people is expected to provide significant growth opportunities for players in the global medical aesthetic devices market. For instance, in August 2022, Allergan Healthcare India, a part of AbbVie Inc., a healthcare company, announced the launch of Juvéderm VOLUX under its business unit of Allergan Aesthetics. Allergan obtained all the necessary approvals from the Central Drugs Standards Control Organization before launching this product. Juvéderm VOLUX is a combination of Hyaluronic acid 25 mg + Lidocaine hydrochloride 3 mg and is intended to restore and create the volume of the face.

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The device type segment includes energy-based aesthetic device and non-energy-based aesthetic device. The energy-based aesthetic device sub-segment is estimated to hold 57.6% of the market share in 2024 owing to continuous technological innovations. These devices utilize different energy sources like laser, infrared light, radiofrequency, focused ultrasound, etc. to remodel skin and other tissues with minimal invasion. Ongoing R&D has led to the development of new advanced systems with improved safety profiles and treatment efficacy. For example, newer laser platform incorporate advanced cooling systems and micro-spot technologies to deliver energy more precisely without damaging surrounding tissues. Similarly, hybrid ultrasound and radiofrequency devices utilize synergistic effect of multi-modal energies for comprehensive body sculpting and skin tightening. Constant upgrading of such technologies attract more patients and drive repeat usage.

Insights, By Application: Rising Cosmetic Consciousness Boosts Skin Resurfacing and Tightening Procedures

The application segment includes skin resurfacing and tightening, body contouring and cellulite reduction, facial aesthetic procedures, breast augmentation, and others. The skin resurfacing and tightening sub-segment is estimated to hold 55.2% of the market share in 2024 owing to growing aesthetic awareness. With advancing age, sun exposure, and other environmental factors, signs of skin aging like wrinkles, laxity, and uneven texture have become more apparent. This has increased the demand for non-invasive procedures to restore youthful appearance. Novel energy-based technologies offer enhanced skin rejuvenation results with minimal downtime and have gained massive popularity. Furthermore, greater accessibility to such treatments and rising disposable income allow people to frequently maintain flawless complexion, thereby propelling repeat purchases.

Insights, by End User: Expanding Medical Infrastructure Favors Hospitals

The end user segment includes hospitals, beauty centers, skin clinics, and others. The hospitals sub-segment is estimated to hold 39.9% of the market share in 2024 owing to the increased availability of advanced medical infrastructure and trained professionals. Larger healthcare facilities are equipped with latest energy-based technology along with experienced doctors and technical staff to ensure optimum treatment outcomes. They also provide integrated healthcare services like weight management, physiotherapy and postoperative consultations under one roof. This adds to patient comfort while fostering brand loyalty, driving higher hospital revenues. Additionally, availability of insurance coverage and bulk purchasing agreements with OEMs allow hospitals to offer such specialized therapies at competitive price points.

Regional Insights

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North America remains the dominant region in the global medical aesthetic devices market and is estimated to hold 44.2% of the market share in 2024 owing to the high prevalence/incidence of chronic diseases and increasing obese population in the region fuel the market growth of medical aesthetics devices. For instance, obesity is a metabolic disorder and is often associated with a wide range of chronic diseases, leading to a significant increase in mortality and comorbidities. According to the Trust for America's Health (tfah.org), obesity is a growing epidemic in the U.S., and currently, about one in three Americans of all ages, more than 100 million people, are obese. This in turn is expected to increase demand for medical aesthetic devices for body contouring and cellulite reduction.

The Asia Pacific region has emerged as the fastest growing market due to the rising number of aesthetic procedures and rising adoption of minimally invasive procedures in the region. For instance, owing to the increasing awareness among people about the benefits of aesthetic procedures, people are more inclined towards the use of minimally invasive procedures. According to the International Society of Aesthetic Plastic Surgery, India carried out a total number of 524,064 aesthetic procedures (surgical and non-surgical) in 2020.

Market Report Scope

Key Developments

• On March 25, 2024, Allergan Aesthetics, a subsidiary company of AbbVie Inc., a healthcare company, announced that it had launched an Aesthetics-Ethics program named as Moving the Needle on Ethics, with medical aesthetics experts from around the globe aiming to elevate discussions on ethics in aesthetics. The collection of interviews highlights the need for industry-wide transparency and integrity to meet the expected increase in global demand for aesthetics treatments.
• On February 20, 2024, Lumenis Inc., a medical technology company, announced a distribution agreement with AESTHETICS SOLUTIONS, a licensed pharmacy specializing in supplying cosmetic and orthopedic injectables to independent practitioners in the U.K. to distribute the Lumenis portfolio across the U.K. Under the terms of the agreement, the Lumenis Beauty devices including Geneo X, Divine Pro, Maximus X, LightSheer Quattro, and NuEra Tight, as well as all consumables can now be purchased directly from Aesthetics Solutions, which distributes advanced skincare and aesthetic products.
• On January 19, 2024, Cynosure, Inc., a manufacturer of lasers for medical and aesthetic treatment applications, and Hahn & Company, a private equity firm based in Seoul, South Korea, which has recently acquired Lutronic, announced that they had entered into a definitive merger agreement to create a leading global medical aesthetics technology company
• In July 2023, Alma Lasers, Inc., a global leader in the energy-based medical and aesthetic solutions industry, announced the launch of Alma Veil. Alma Veil is the core instrument equipped with three gold-standard technologies conveniently integrated into a single handpiece
• In June 2022, Cynosure, Inc., a manufacturer of lasers for medical and aesthetic treatment applications, announced the launch of PicoSure Pro device, a next-generation aesthetic laser device that delivers energy in one trillionth of a second, utilizing pressure instead of heat to provide safe and effective treatments for unwanted pigmentation and skin revitalization for all skin types.

*Definition: Medical aesthetic devices (energy-based and non-energy-based aesthetic device) are medical devices often used to improve appearance. These devices are based on minimally invasive and non-invasive technology. They are used to address a wide range of aesthetic applications such as skin tightening, skin resurfacing, and body contouring, among others.

Market Segmentation

• Device Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Energy-based Aesthetic Device
  • Non-energy-based Aesthetic Device
•  Application Insights (Revenue, USD Bn, 2019 - 2031)
  • Skin Resurfacing and Tightening
  • Body Contouring and Cellulite Reduction
  • Facial Aesthetic Procedures
  • Breast Augmentation
  • Others
•  End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Hospitals
  • Beauty Centers
  • Skin Clinics
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Venus Concept Inc.
  • Sciton Inc.
  • Lumenis Inc.
  • Cynosure, Inc.
  • Cutera Inc.
  • Syneron Candela
  • Galderma
  • Alma Lasers
  • Solta Medical Inc.
  • AbbVie Inc.
  • Zimmer Biomet
  • Hologic, Inc.
  • Sientra, Inc. 
  • Johnson & Johnson Services, Inc.
  • Bausch Health Companies Inc.