Medical Aesthetic Devices Market Growth, Trends, and Forecast until 2016 – 2024
The market for medical aesthetic devices in the Middle East and North Africa has witnessed substantial growth since its inception. In the recent times, there has been a noticeable rise in adoption of aesthetic procedure among consumers in these regions, which has reflected greatly on this market. The introduction of new aesthetics products and the technological advancement in current offerings, improving their efficacy and reducing their downtime for busy patients seeking to avoid long recovery periods are also expected to drive the growth of this market in the years to come.
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In 2015, the Middle East and North Africa market for medical aesthetic devices was worth US$275.0 bn. The opportunity in this market is expected to rise at a CAGR of 12.20% between 2016 and 2024 and reach US$755.8 mn by the end of 2024. The future of this market looks thriving; however, unfavorable reimbursement policies may hinder the market’s progress to some extent in the near future.
Facial and Body Contouring to Emerge as Leading Application Area
Facial and body contouring, breast enhancement, facial and skin rejuvenation, scar treatment, congenital defect repair, reconstructive surgery, tattoo removal, hair removal, and vaginal rejuvenation and tightening are the main application areas for medical aesthetic devices in the Middle East and North Africa. The facial and body contouring segment has been leading the overall market and is expected to continue in this position over the forthcoming years.
Various factors, such as the increasing obese population, rising consumer awareness, and the escalating disposable income of consumers are likely to contribute to the rise of this segment as the dominant application area of medical aesthetic devices in the Middle East and North Africa in the near future.
Middle East to Continue at Top Spot
The Middle East and North Africa are the two main geographical segments of this market. The Middle East market for medical aesthetic devices is a bit bigger than the North Africa one. In 2015, the former led the overall market with a share of more than 58%. The scenario is likely to remain so over the next few years. The Middle East market for medical aesthetic devices is further classified into Saudi Arabia, the UAE, Qatar, Oman, Kuwait, Bahrain, Iraq, Lebanon, Syria, Jordan, and the Rest of the Middle East. Saudi Arabia has emerged as the leading domestic market in this regional market, thanks to the high disposable income of consumers, increasing government initiatives to promote these devices, and the considerable growth of the medical tourism industry.
The UAE is also anticipated to grow at a significantly high pace over the next few years. The increasing initiatives by the government to facilitate the health care industry, thriving medical tourism, and the augmenting geriatric population in the region are the key driving force behind the rise of the medical aesthetic devices market in the UAE. Along with this, the surge in the foreign investments will also propel this domestic market substantially in the near future. However, the late uptake of medical technology may limit the progress of the UAE medical aesthetic devices market to some extent over the years to come.
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Allergan Plc, Alma Lasers, Aptos Medical Aesthetics Inc., Aptos Medical Aesthetics Inc., Cynosure Inc., Cutera Inc., Galderma S.A., Mentor Worldwide LLC, Lumenis Ltd., Merz Inc., Promoitalia Group SpA, Solta Medical Inc., Syneron Medical Ltd., Teoxane Laboratories, Viveve Medical Inc., and ZELTIQ Aesthetics Inc. are some of the prominent vendors of medical aesthetic devices across the middle East and North Africa.
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