Medical aesthetic devices are medical devices used to improve appearance. These devices are used to address a range of aesthetic applications. Medical aesthetic devices are used for various cosmetic procedures, such as anti-aging, plastic surgery, excess fat removal, unwanted hair removal, skin tightening, skin resurfacing, aesthetic implants, and other procedures for correction, beautification, and improvement of the body. These devices are regulated based on their intended use and whether they affect body structure or function.
Market Statistics:
The global medical aesthetic devices market is estimated to account for US$ 14,922.6 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for medical aesthetic devices around the world is expected to boost the growth of the global medical aesthetic devices market. For instance, owing to the rise in awareness among people about the benefits of aesthetic procedures, people across the globe are inclined towards the use of minimally invasive devices. As a result, market players are shifting their focus to best serve growing consumer need. In September 2022, APX Platform and Revelle Aesthetics, Inc. teamed up to provide concierge-level practice development and economic support to aesthetic practices as they increase their focus on the rapidly growing demand for body contouring solutions, including effective treatments of cellulite.
Opportunities:
Increase in number of aesthetic procedures is expected to provide significant growth opportunities for players in the global medical aesthetic devices market. For instance, with the rise in number of aesthetic procedures worldwide, demand for or use of medical aesthetic devices is also increasing with a rapid pace. In May 2022, Revelle Aesthetics, Inc. launched Avéli, a disruptive new cellulite device. Revelle’s mission is to develop smart aesthetic solutions that deliver meaningful results for women and reliable outcomes for practitioners. Avéli is a FDA-cleared device that reduces the appearance of cellulite on the buttocks and thighs temporarily in a one-time procedure.
Restraints:
Social stigma concerns and poor reimbursement scenario are major factors expected to hamper the growth of the global medical aesthetic devices market. For instance, there is a stigma that aesthetic procedures are only for women, although the number of the male population undergoing aesthetic procedures has been increasing over the years. Social stigma acts as a barrier to cosmetic/aesthetic procedures. Moreover, such procedures are not covered by most insurance companies. This factors are restraining the growth of the market.
To know the latest trends and insights prevalent in the Global Medical Aesthetic Devices Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-aesthetic-devices-market-5336
Global Medical Aesthetic Devices Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 has had a severe impact on the growth of the medical aesthetic devices market. Aesthetic devices manufacturers shut production and supply units due to safety measures, such as nationwide lockdown and travel restrictions, to curb the spread of the virus. Thus, aesthetic and cosmetic surgery practices have been significantly reduced in their working capacity or closed during the pandemic. However, as restrictions on elective medical care were gradually lifted, there has been a global surge in cosmetic surgeries. This in turn has increased the demand for medical aesthetic devices, driving the growth of the market.
Key Takeaways:
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.
Among type of device Non-energy- based Aesthetic Device segment held dominant position in the global medical aesthetic devices market in 2021, accounting for 68.4% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increase in obese population and rising geriatric population across the world has increased the use of medical aesthetic devices over the years. Obesity is often associated with many chronic diseases (geriatric population is also prone to chronic diseases) leading to a significant increase in mortality and comorbidity. Thus, medical aesthetic devices are in high demand. This trend is also expected to continue over the forecast period, driving the growth of the market.
Competitive Landscape:
Major players operating in the global medical aesthetic devices market include 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.
Recent Developments:
In June 2020, Allergan Aesthetics, an AbbVie company, announced that the U.S. Food and Drug Administration (FDA) has approved JUVÉDERM VOLUMA XC for the augmentation of the chin to improve the chin profile in adults over the age of 21.
In February 2020, Sisram Medical Ltd. announced the launch of ClearSkin PRO, an applicator featuring twice the power of previous solutions, resulting in visibly younger looking skin.
