Medical Aesthetic Devices Market - Increase in Patient Preference for Minimally Invasive Surgeries to Drive Demand

Medical aesthetics focuses on improving cosmetic appearance through the treatment of conditions such as scars, skin laxity, wrinkles, moles, liver spots, excess fat, cellulite, unwanted hair, skin discoloration, and spider veins. Laser and energy devices are most commonly used for skin and hair treatment including applications such as skin rejuvenation, tattoo removal, and skin tightening. Health concerns and rise in demand for technologically advanced products boost the growth of the global medical aesthetic devices market. The global market is estimated at US$ 7,798.20 Mn in 2017 and is projected to expand at a CAGR of 10.7% from 2018 to 2026.

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The global medical aesthetic devices market has been segmented based on product type, application, end-user, and region. In terms of product type, the market has been classified into aesthetic laser & energy devices, skin tightening & body contouring devices, aesthetic implants, and facial aesthetic devices. The aesthetic laser & energy devices segment accounted for major market share in terms of revenue in 2017. Utilization of aesthetic laser & energy devices is rising gradually due to increase in incidence of skin and aging problems across the world. The aesthetic laser & energy devices segment is expected to grow at a rapid pace owing to rise in health consciousness, especially in the West.

Based on application, the global medical aesthetic devices market has been categorized into facial & body contouring, facial & skin rejuvenation, breast enhancement, scar treatment, congenital defect repair, reconstructive surgery, tattoo removal, and hair removal. The breast enhancement segment accounted for major share of the global segment in 2017, followed by the hair removal segment. Rise in demand for medical aesthetics is likely to contribute to the growth of the breast enhancement and hair removal segments. Demand for breast enhancement is high due to increase in awareness about beauty and physical appearance.

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In terms of end-user, the global medical aesthetic devices market has been divided into hospitals, dermatology clinics, and cosmetic centers. Hospitals was the leading segment in 2017 because these are the most favored settings for implantation and offer easy access to physicians. The hospitals segment accounted for the largest share of the global market in 2017, followed by the dermatology clinics segment. Demand for medical aesthetic devices is high in dermatology clinics due to requirement of proper assistance for interpretation of medical aesthetics for appropriate surgical process.

Geographically, the global medical aesthetic devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the global market in 2017, followed by Europe. This is attributed to well-established health care infrastructure coupled with efficient reimbursement system, and high demand for superior-quality aesthetic treatments. In terms of revenue, Germany and the U.K. dominated the medical aesthetic devices market in Europe in 2017. Asia Pacific is the most attractive market and expected to expand at the highest CAGR during the forecast period due to increase in consumer awareness about these products through social and traditional media and preference for procedures such as hair removal.

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The global medical aesthetic devices market is consolidated, with small number of companies accounting for majority share. Key players operating in the global market are Fosun Pharmaceutical Co., Ltd., Cutera, Inc., Cynosure, Inc., Lumenis Ltd., and Syneron Medical Ltd. Fosun Pharmaceutical Co., Ltd., Syneron Medical Ltd., and Cynosure, Inc. exhibit the widest geographical footprint, with presence in multiple medical aesthetic devices segments.

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