The medical aesthetic devices market size is expected to reach USD 34.54 Billion in 2030 and register a revenue CAGR of 11.08% during the forecast period. Factors driving market revenue growth include growing obese population, more awareness about cosmetic procedures, increased acceptance of minimally invasive devices, and technological advancement in devices.
With advent of the Internet and growing popularity of social media, information is becoming more widely available to all, and people are becoming more aware about aesthetic operations. An increasing number of social media users and increased public knowledge of medical aesthetic procedures are projected to have a beneficial impact on medical aesthetic device sales, resulting in significant market growth. People are motivated to adopt minimum or non-invasive procedures in aesthetic treatments as their understanding of possible benefits of aesthetic procedures grows. It is estimated that majority of 23 million aesthetic operations performed around the world were minimally invasive. Initially, aesthetic devices were used to remove fat grafts in orthopedics, cure wrinkles on aging faces, remove dead skin cells, and so forth. However, as market players increase their expenditure in Research and Development (R&D), the market is experiencing growth due to developments in procedures and increased launch of new and innovative aesthetic procedures.
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Medical aesthetic devices now employ modern technologies such as lasers and injectable natural or bio-ingredients. The potential of devices to fulfil patients’ aesthetic demands and preferences with rapid, non-invasive treatments with minimal downtime and very little risk is projected to drive growth in medical aesthetic device industry. Medical aesthetic devices come with numerous advantages in terms of skin health, appearance, and self-esteem, and they are non-invasive, unlike cosmetic surgical procedures. Most aesthetic treatments also have long-lasting effects, allowing customers to enjoy appearance of beautiful skin free of hair, wrinkles, and blemishes for extended period of time in between treatments. Several treatments, in fact, have permanent effects.
Growth of medical aesthetic devices market is being hampered due to issues such as high treatment costs, poor medical reimbursement plans, and risk of fatal side effects. Nonetheless, a significant increase in medical tourism, surge in demand for a better quality of life, and rise in celebrity appeal among younger generation are likely to provide ample growth opportunities to market players.
Driver: Growing demand for minimally invasive and non-invasive aesthetic procedures
Minimally invasive procedures use contemporary technologies, such as lasers and injectables, to accomplish treatments that used to need significant procedures and recuperation times. Cosmetic surgeons today have access to a wide range of tools and techniques that make minimally invasive procedures such as eye lifts and facelifts cheaper and more accessible to a broader clientele. Skilled cosmetic surgeons employ laser technology to perform minimally invasive operations to heal damaged skin, address pigmentation disorders, and shrink pores. Other non-invasive techniques such as non-ablative or fractional skin resurfacing that stimulate collagen formation in deeper parts of skin are growing, which is driving market growth. Fractional lasers use technology to mix treated and untreated skin patches, keeping skin more intact and resulting in shorter recovery times.
Restraint: Lack of accountability and reimbursement
It may be tough to identify whether technology is safe for a particular patient depending on technology utilized and how therapy is provided. Some devices are more likely to cause discoloration among patients with darker or tanned skin tones, while others may have contraindications that are currently being researched. When looking for new medical aesthetics treatments, it’s critical that patient discloses their medical history with appointed treatment provider to ensure therapy is genuinely safe. Off-label uses of proven technology can be riskier than conventional usage in some situations and no one is held accountable later, this uncertainty in terms of accountability and reimbursement is limiting growth of medical aesthetic devices market.
Based on type, global medical aesthetic devices market is segmented into energy-based and non-energy-based.
Non-energy based segment revenue is expected to register a steady growth rate during the forecast period. Botulinum toxin (commonly known as Botox) contributed a significant revenue share in non-energy based segment in 2021. Rising prevalence of various skin-related problems, growing need for skin revitalizing products – particularly among aging population, rising emphasis on improving aesthetic appearance, and increasing volume of cosmetics surgeries are all factors driving revenue growth of the segment. Rising skin condition cases, higher expenditure on skincare products, improved cosmetic treatments, and rising disposable incomes, primarily in emerging countries throughout the world, are key factors driving revenue growth for this segment.
Based on application medical aesthetic devices market is segmented into skin resurfacing and tightening, body contouring, cellulite reduction, hair removal, facial aesthetic procedures, breast augmentation, and others.
Breast augmentation segment accounted for a significant revenue share in 2021. Breast augmentation, also known as augmentation mammoplasty, is a procedure that increases size of the breasts. It entails implanting breast implants or transferring fat under breast tissue or chest muscles. Over the time, number of breast augmentation procedures has increased. According to a report published by the American Society of Plastic Surgeons (ASPS), the number of breast implant procedures performed in the U.S. has increased by 41% approximately over two decades. Additionally, the segment growth was aided by an increase in product launches and technological advancements.
Hair removal segment revenue is expected to register a steady growth rate over the forecast period. The need to eliminate undesirable hair begins during youth and does not end till after mid-life. Several women and men want to get rid of hair on their faces, armpits, legs, bikini line, and other parts of their bodies. There are numerous procedures for removing unwanted hair, but only a handful of them are permanent and that’s why medical aesthetic devices such as lasers or epilators are needed for a long-term solution. Beauty standards set by modern society are driving revenue growth in this segment.
Based on end-use medical aesthetic devices market is segmented into clinics, hospitals, and others.
Clinics segment revenue is expected to register a steady growth rate over the forecast period. In today’s digital world interconnected by the Internet and social media, the entertainment industry has set up beauty standards that keep evolving which influences people to keep up with it. Specialized clinics across the globe try new and trending devices for their treatments and maintain their equipment diligently. Most clinics provide consultation services along with complimentary testing and trials for some of their treatments. Clinics are a safe option for patients to address their medical aesthetic needs as clinics are heavily regulated and employ trained medical officials to carry out procedures. Increase in number of clinics being set up in various regions globally is boosting growth of this segment.
Market in North America accounted for a significant revenue share in 2021. Primary reasons driving growth of the market in this region are advanced healthcare infrastructure, adoption of cosmetic operations, rising prevalence of skin problems, and existence of board-certified and skilled cosmetic surgeons in the region.
Market in Latin America accounted for a moderate revenue share in 2021 as a result of increased awareness and information regarding these operations. Face grafting and thread lifts are becoming more popular alternatives to standard facelifts. As a result, leading market players are focusing on making significant investments in Latin America to supply cost-effective technologies and boost their revenue. Latin America has also emerged as a popular destination for medical tourism.
Asia Pacific market is expected to grow at a steady revenue rate during the forecast period. Availability of sophisticated technological devices, growing emphasis on physical appearance, and South Korea’s status as a medical aesthetic hub are some of the primary reasons projected to boost the region’s growth. Asia Pacific is known for its cosmetics industry and with new medical aesthetic devices and technologies being used side by side with it is driving market revenue growth of this region
Competitive landscape of the medical aesthetic devices market is fragmented with several key players operating on global and regional levels. Key players are engaged in product development, technological advancements and strategic alliances to expand their respective product portfolio and gain a robust footing in the global market. Major companies in the market report include Allergan Aesthetics, Alma Lasers, Anika Therapeutics, Inc. Cutera, Cynosure, El.En. S.p.A, Mentor Worldwide LLC, Merz Pharmaceuticals, LLC, Fontona, and GALDERMA Laboratories, L.P.
Initiatives taken by market players are driving growth of the market, for instance:
In February 2022, Merz Aesthetics commercially launched Radiesse Lidocaine injectable implant for deep injection (subdermal and/or supraperiosteal) for soft tissue augmentation to improve moderate to a severe jawline contour in adults over the age of 21. Radiesse is the first and only FDA-approved injectable treatment for jawline contour improvement, and Radiesse Injectables is the first and only calcium hydroxylapatite (CaHA) portfolio in the U.S. The supplemental Premarket Approval Application (sPMA) was approved by the U.S. Food and Drug Administration (FDA) in September 2021.
In February 2022, Viora reached an agreement with Sinclair Pharma to be acquired and merged into Sinclair Pharma’s Energy-Based Devices (EBD) Portfolio. This acquisition is an affirmation of Viora’s success in aesthetic medical device market in the U.S. Customers will have complete flexibility and control over their technology growth, as well as one-of-a-kind, practice development support, owing to its unique concept. These initiatives are expected to push Viora’s popularity and make its market reach wider.
In November 2022, Evonik and BellaSeno GmbH signed a long-term agreement to use a RESOMER bioresorbable polymer in a new breast implant technology. RESOMER polymer has mechanical properties and degradation profile that allows scaffold to safely absorb at a rate that corresponds to formation of patient’s tissue. It is intended for use after breast reconstruction, augmentation, or revision surgery.
Segments Covered in the Report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For this study, Reports and Data has segmented the medical aesthetic devices market based on type, application, end-use, and region:
Medical Aesthetic Devices Market Report Scope
Segments covered By Type Outlook, Application Outlook, End-use Outlook,Regional Outlook
By Type Outlook
Dermal Fillers and Aesthetic Threads
By Application Outlook
Skin Resurfacing and Tightening
Facial Aesthetic Procedures
By End-use Outlook
Middle East & Africa
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