The Global Medical Aesthetic Devices Market to Grow at a CAGR of 10.0%: Global Industry Analysis and Opportunity and Forecast by 2023

There have been revolutionary advancements in the medical aesthetic devices, such as the development of advanced aesthetic laser devices with extraordinary precision, computer customized capabilities, and easy operation, which deliver superior results for a wide variety of aesthetic conditions.According to the report, the global medical aesthetic devices market garnered $9,235 million in 2016 and is projected to accrue a sum of $17,992 million by 2023, growing at a CAGR of 10% from 2017 to 2023.

The report presents a detailed analysis of the segments of the market. The market is classified into product, application, end user, and geography. Based on the product, the study is bifurcated into devices and aesthetic implants. The aesthetic implants segment accounted for the three-fourths share of the total market in 2016. Based on application, the market is divided into surgical and non-surgical. The end user segment is bifurcated into hospitals & clinics, and medical spas & beauty centers. Hospitals & clinics accounted for more than three-fifths of the market share in 2016.

The report elaborately analyzes the drivers, restraints, and opportunities of the market. Factors such as the growing demand for minimally invasive reconstruction surgeries, increase in road accidents and trauma cases, high prevalence of congenital face and tooth deformities, technological advancements, growth in awareness programs such as breast reconstructive awareness campaign (launched in the U.S.), high incidence of breast cancer, and rise in number of cosmetology surgeons drive the growth of the market. However, the high cost of treatment, low reimbursements, and risk of malfunctions associated mostly with implants hinder the growth of the market. Conversely, increase in preference for a better quality of life and rise in popularity of celebrities among the young generation who motivate them to look aesthetically appealing offer significant growth opportunities to the market players.

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Medical Aesthetics Market

Geographically, this market is divided into North America, Europe, Asia Pacific, and the RoW. North America is expected to account for the largest share of the global medical aesthetics market in 2018, and this trend is expected to continue during the forecast period. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. Rising consumer knowledge and interest in procedures, strong local economies, aggressive marketing by leading US and European companies in Asia, rising medical tourism, and increasing awareness about aesthetics are some of the key factors driving the growth of the medical aesthetics market in the Asia Pacific.

Product launches, enhancements, and product approvals are the key growth strategies adopted by major players to strengthen their position in the global medical aesthetics market. In addition, strategies such as agreements, partnerships, and collaborations; acquisitions; and expansions were also adopted by several market players to remain competitive in the market.

Allergan, plc (Ireland), Alma Lasers, Ltd. (Israel), Anika Therapeutics (US), Cutera, Inc. (US), Cynosure (US), El.En. S.p.A. (Italy), Fotona d.o.o. (Slovenia), Nestl S.A. (Switzerland), Johnson & Johnson (US), Merz Pharma GmbH & Co. KGaA (Germany), Medytox, Inc. (South Korea), Sientra, Inc. (US), Sinclair Pharma PLC (UK), Syneron Medical, Ltd. (US), and Valeant Pharmaceuticals International, Inc. (US) are some of the key players operating in the global medical aesthetics market.

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