Press release
Medical Aesthetic Devices Market to Witness Exponential Growth by 2024
According to Transparency Market Research the market for medical aesthetic devices is foreseen to grow at a decent CAGR of 12.20% within the forecast period from 2016 to 2024. In 2015, the market’s evaluated valuation was US$275.0 bn. On the basis of application, the Middle East and Africa market is led by facial and body contouring segment. This segment is anticipated to sustain its leading position in coming years as well. Geographically, the Middle East and Africa segment dominated North America region and held 58% of the overall market shares.
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Rise in Cosmetic Procedures to Boost Market Demand in Coming Years
Increase in demand for minimally intrusive surgeries, rise in number of trauma cases and road accidents, prevalence of inborn tooth and face disfigurements, industrial growth, development in awareness programs - for example, increased awareness about breast cancers (launched in the U.S.), and increase in number of cosmetology specialists are driving the medical aesthetic devices market. Moreover, development in medical tourism, increased inclination for a superior personal healthcare, and increasing influence of celebrities on youngsters, which motivates them to look presentable and appealing are expected to stoke market growth. Besides these factors, speedy technological advancements, significant increase in awareness about aesthetic systems, and an ascent in geriatric population are the major market drivers.
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High Cost of Treatment to Hamper Market Growth
On the downside, high cost of treatment, low repayments, and danger of breakdowns, mostly with respect to implants, are obstructing the market’s development. Social disgrace concerns and absence of appropriate reimbursement policies are the primary limitations impeding the development of the market. Apart these, a social stigma about aesthetic beauty is also one of the contributing factor in hampering the overall market growth in the Middle East and Africa.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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