Medical Aesthetic Devices Market Size to Accelerate at a Rapid CAGR of 9.9%

Rising Demand for Minimally Invasive Surgeries to Encourage Growth

The rising preference of consumers towards aesthetic procedures due to its significant reductions in social taboos and cultural prohibitions is expected to encourage the growth of the global medical aesthetic devices market in the coming years. Moreover, a substantial rise in surgical procedures in order to enhance personal appearance is predicted to generate promising opportunities for key players in the market. Furthermore, the rising demand for minimally invasive surgeries and the rising focus on technological developments are anticipated to supplement the market’s growth in the near future.

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As per the research study by Transparency Market Research, in 2015, the global market for medical aesthetic devices was worth US$6.5 bn. The market is likely to reach a value of US$15.1 bn by the end of 2024, exhibiting a progressive 9.0% CAGR between 2016 and 2024.

On the flip side, the global market for medical aesthetic devices is projected to face several growth barriers, owing to the high cost of these devices, especially in emerging nations. However, the rising need to reduce the cost of products in order to stay in the competition the local manufacturers are projected to offer cost-effective and innovative products. This is estimated to encourage the growth of the market in the next few years. In addition, the rising focus on developments is estimated to contribute extensively towards the market’s growth in the coming years.

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North America to Witness Healthy Growth with Rising Geriatric Population

From a geographical perspective, the North America market for medical aesthetic devices is expected witness a substantial growth and count for a key share of the global market. The presence of prominent players in this region is expected to encourage the growth of the market in the next few years. The rising emphasis on research and development activities and the rising geriatric population are anticipated to bolster North America medical aesthetic devices market in the coming years. Furthermore, Latin America and Asia Pacific are projected to offer lucrative opportunities for key players operating in the market. The increasing number of players focusing on emerging nations worldwide is likely to accelerate the growth of the market in the near future.

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Among the key product types, the aesthetic laser and energy devices segment is expected to lead the global medical aesthetic devices market in the next few years. The rising preference of dermatologists for these devices is considered as one of the major factors that is estimated to fuel the growth of this segment in the forecast period. In addition, the increasing use of aesthetic laser and energy devices in several applications, especially in skin and hair treatments is expected to accelerate its growth in the next few years.

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The global medical aesthetic devices market is extremely competitive and consolidated in nature, wherein a few players account for a key share of the overall market, states a research study by Transparency Market Research. In 2015, the leading players in the market, namely Allergan Plc. and Mentor Worldwide LLC accounted for a share of 60% of the global market. These two players are estimated to remain in the leading position throughout the forecast period. The emergence of new and effective products is one of the key factors estimated to benefit the players in attracting a large number of consumers across the globe. In addition, the increasing number of collaborations in order to enhance the market presence is likely to accelerate the growth of the overall market in the next few years.

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