Medical Aesthetic Devices Market Analysis and In-Depth Analysis on Market Dynamics, Emerging Trends, Growth Factors and Sales Forecast to 2024

The medical aesthetic devices market was valued at USD 8704.25 million in 2018 and is expected to register a CAGR of about 9.8% during the forecast period, 2019-2024. Medical aesthetic devices refer to all medical devices that are used for various cosmetic procedures, which include plastic surgery, unwanted hair removal, excess fat removal, anti-aging, aesthetic implants, skin tightening, etc., that are used for beautification, correction, and improvement of the body. Technological advancement in devices, increasing awareness regarding aesthetic procedures and rising adoption of minimally invasive devices, and rising obese population are the major factors leading to the growth of the market. However, social stigma concerns and poor reimbursement scenario are hindering the market growth.

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With the advent of the internet and the growing trend of social media, information is becoming more accessible to everyone, and people are becoming more aware of aesthetic procedures. An increasing number of social media users and raising awareness among the masses about the medical aesthetic procedures are likely to pose a positive impact on the sales of medical aesthetic devices, resulting in considerable growth in the market size. For instance, in 2005, 5.4 million medical aesthetic procedures were performed worldwide. This number increased to 12 million by 2014 and is expected to reach 21.9 million by 2020. Along with the increased awareness in the potential benefits of aesthetic procedures, people are inclined toward the use of minimal or non-invasive procedures in aesthetic treatments. It is estimated that out of the 23 million cosmetic/aesthetic procedures that have taken place globally, the majority of them turned out to be minimally invasive.

Competitive Landscape
The aesthetic devices market is fairly consolidated with the presence of several global players with established brand identity. However, several local players are registering rapid growth, especially in the Asia-Pacific region. In the aesthetic lasers and energy devices segment, the firms primarily focus on technological innovations to gain a competitive advantage. However, in the field of implant and fillers, the firms have established brand identities while leveraging exclusivity rights.

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The Aesthetic Lasers and Energy Devices Segment Contributed To Highest Revenues.
The aesthetic lasers and energy devices segment held the largest market share in 2017. The laser resurfacing is the treatment that helps to reduce facial wrinkles, blemishes, acne scars, and skin irregularities. These treatments can be performed on the face, neck, chest, arms, and hands. There are two types of laser surfacing devices, ablative skin resurfacing devices and non-ablative skin resurfacing devices. According to the estimates of the American Society of Plastic Surgeons in 2017, the average cost of laser skin resurfacing was USD 2,124 for ablative and USD 1,114 for non-ablative.
On the basis of end users, the hospitals accounted for the largest market value in 2018. A large number of aesthetics procedures are performed in hospitals, particularly for breast procedures, blepharoplasty, lipoplasty, rhinoplasty, and other minimally invasive procedures. With the global rise in obesity and the issue of being overweight as well as a large section of the high-income population in the developed market opting for better overall looks, there is a rising demand for the aesthetics industry in hospitals.

North America to Dominate the Market by Value and the Asia-Pacific is Poised to Grow at the Fastest Rate.
North America is the biggest market for aesthetic devices owing to the growing investment from key players in the development of innovative devices and the rising demand for aesthetic procedures in the region. According to the American Society of Plastic Surgeons, there were 15.6 million cosmetic procedures recorded in 2014, an increase of 3% from that previously reported in 2013, which includes around 1.7 million cosmetic surgical and 13.9 million cosmetic minimally invasive procedures. Breast augmentation continues to be the top cosmetic surgical procedure and has been since 2006. It was observed that in 2014, silicone implants were highly used when compared to saline implants, which were 77%, and 23% respectively.
Asia-Pacific is the fastest growing region. Factors, such as the huge population base and rising disposable income, are anticipated to drive the market for aesthetic devices in the region.

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