MEDICAL AESTHETIC DEVICES MARKET ANALYSIS

The global medical aesthetic devices market was valued at US$ 13,350.0 Mn in 2021 and is forecast to reach a value of US$ 29,218.7 Mn by 2028 at a CAGR of 11.8% between 2022 and 2028. The medical aesthetic devices market is experiencing strong growth due to the increasing number of aesthetic procedures and increasing adoption of minimally invasive procedures and technological advancement in aesthetics devices. Moreover, rise in demand for medical aesthetic devices owing to increase in awareness among people is expected to boost growth of the market. However, factors such as poor reimbursement scenario and social stigma concerns are expected to hamper growth of the medical aesthetic devices market.

Global Medical Aesthetic Devices Market: Regional Insights

Based on geography, the global medical aesthetic devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the high prevalence/incidence of chronic diseases and increasing obese population in the region. 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 United States, 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.

Asia Pacific is also expected to witness significant growth in the global medical aesthetic devices 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. This in turn is expected to increase demand for medical aesthetic devices.

Figure 1. Global Medical Aesthetic Devices Market Share (%), by Region, 2021

Global Medical Aesthetic Devices Market Drivers:

Increasing number of aesthetic procedures and rising adoption of minimally invasive procedures across the globe is expected to augment the growth of the global medical aesthetic devices market 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 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.

Technological advancement in aesthetics devices are expected to propel the growth of the global medical aesthetic devices market during the forecast period. For instance, in July 2019, Hologic’s Cynosure Division announced the launch of two new products, TempSure Firm for tissue heating and cellulite treatments and SculpSure petite mask for submental fat reduction. SculpSure is now cleared by the U.S. Food and Drug Administration (USFDA) for patients with a body mass index (BMI) up to 49, the highest BMI clearance on the market for submental treatments.

Global Medical Aesthetic Devices Market Opportunities:

Increase in demand for medical aesthetic devices owing to increase in 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 announced the launch of Juvéderm VOLUX in under its business unit of Allergan Aesthetics. Allergan has 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 a volume of the face.

Rapid growth in medical tourism worldwide is expected to offer lucrative growth opportunities for players in the global medical aesthetic devices market. For instance, demand for medical aesthetic devices, in India, China, Mexico, and Brazil, has increased due to rapid growth in medical tourism in these countries. The government is pulling out all stops to make India the No.1 Destination for Medical Tourism in the world. The Ministry of Tourism has also extended its Market Development Assistance scheme to wellness tourism service providers including accredited wellness centres.

Global Medical Aesthetic Devices Market Trends:

The demand for medical aesthetic devices is increasing rapidly owing to the increasing awareness among people about the benefits of aesthetic procedures, especially among the male population. Thus, players is the market are focusing on developing and launching devices specifically designed for men, and their different skin types. This trend is expected to continue during the forecast period, driving the growth of the global medical aesthetic devices market.

Furthermore, obesity is a metabolic disorder and is often associated with several chronic diseases, leading to a significant increase in comorbidity and mortality. The obese population worldwide is increasing rapidly, and thus, the need for obesity treatment is in high demand. Which in turn has increased and/or is increasing demand for medical aesthetic devices. This trend is also expected to continue over the forecast period, driving the growth of the market.

Global Medical Aesthetic Devices Market Restraints:

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.

Social stigma concerns are expected to hinder growth of the medical aesthetic devices market. For instance, social stigma acts as a barrier to aesthetic procedures. For instance, there is still a stigma that aesthetic procedures are only for women, although the number of male population undergoing aesthetic procedures has been increasing over the years.

Figure 2. Global Medical Aesthetic Devices Market Share (%), by Type of Device, 2021

Global Medical Aesthetic Devices Market Segmentation:

The global medical aesthetic devices market report is segmented into Type of Device, Application, End User, and Geography.

Based on Type of Device, the market is segmented into Energy-based Aesthetic Device and Non-Energy-Based Aesthetic Device. Of which, Energy-Based Aesthetic Device Segment is expected to dominate the medical aesthetic devices market over the forecast period and this is attributed to the increase in demand for energy-based aesthetic devices across the globe. Energy-based aesthetic devices are used to address a range of aesthetic applications such as skin tightening/resurfacing and body contouring, among others.

Based on Application, the medical aesthetic devices market is segmented into Skin Resurfacing and Tightening, Body Contouring and Cellulite Reduction, Hair Removal, Facial Aesthetic Procedures, Breast Augmentation, and Other Applications. Out of which, Skin Resurfacing and Tightening Segment is expected to dominate the market during the forecast period and this is attributed to the growing geriatric population. Skin tightening is a cosmetic procedure that intends to reduce some signs of aging.

Breast Augmentation Segment is also expected to witness significant growth in the near future and this is owing to the increase in number of breast augmentation procedures worldwide. Breast augmentation is a surgical procedure that aims to increase the size, shape, or fullness of the breast.

Based on End User, the market is segmented into Hospitals, Clinics, and Home Settings. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the rise in number of aesthetic procedures worldwide.

Clinics Segment is also expected to witness significant growth in the near future and this is owing to the rising adoption of minimally invasive procedures worldwide.

Global Medical Aesthetic Devices Market: Key Developments

In August 2022, Allergan Aesthetics, an AbbVie company, announced that the U.S. Food and Drug Administration (FDA) has approved JUVÉDERM VOLUX XC for the improvement of jawline definition in adults over the age of 21 with moderate to severe loss of jawline definition.

In June 2020, Bausch Health Companies Inc. and its dermatology business, Ortho Dermatologics, announced that ARAZLO (tazarotene) Lotion, 0.045%, is available commercially in the United States. Approved by the U.S. Food and Drug Administration (FDA) in December 2019, ARAZLO is the first tazarotene acne treatment available in lotion formulation.

Global Medical Aesthetic Devices Market: Key Companies Insights

The global medical aesthetic devices market is highly competitive. This is attributed to the rise in demand for medical aesthetic devices, as a result, players in the market are focusing on developing and launching novel products in the market.

Some of the key players in the global medical aesthetic devices market are:

Venus Concept Inc., El.En. (Asclepion Laser Technologies), Sciton Inc., Lumenis Inc., Cynosure, Inc., Cutera Inc., Syneron Candela, Johnson & Johnson, Galderma, Sisram Med (Alma Lasers), Abbive (Allergan Inc.), and Bausch Health Companies Inc. (Solta Medical Inc.), among others.

*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.