Medical aesthetic devices are used for various cosmetic procedures such as body contouring, anti-aging treatments, as well as improving the appearance of the skin. Common medical aesthetic procedures include botox injections, chemical peels, dermal fillers, laser hair removal, and scar treatment. Rising prevalence of lifestyle disorders such as obesity has increased the demand for body contouring procedures among individuals. According to the World Health Organization, around 13% of the world’s adult population, 650 million people, were obese in 2016. Moreover, busy lifestyle and increased stress levels have accelerated the demand for anti-aging treatments. Medical aesthetic devices allow performing these procedures in a minimally invasive manner with faster recovery times.
The global Medical Aesthetic Devices market is estimated to be valued at US$ 13.04 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing prevalence of lifestyle related diseases and increasing geriatric population are the key drivers fueling the growth of medical aesthetic devices market. According to the given market report, rising obesity rates globally has increased the demand for body contouring procedures. Additionally, changing consumer perception towards aesthetic treatments and rapid adoption of minimally invasive procedures are further augmenting the market growth.
However, high cost of aesthetic procedures, poor reimbursement policies, and lack of skilled professionals in some regions are some of the factors expected to hinder the market growth. Nonetheless, ongoing research and development activities to introduce new products are likely to present lucrative opportunities for market players over the forecast period. For instance, Cutera recently launched truSculpt flex, a next-generation body sculpting platform offering both high-intensity focused electromagnetic (HIFEM) and cryolipolysis technologies.
Segment Analysis
The medical aesthetic devices market is dominated by the aesthetic lasers and energy devices segment, which accounted for over 45% share in 2020. These devices allow for non-invasive procedures to treat conditions such as skin laxity, wrinkles, scars, and pigmentation conditions. Within this segment, laser based devices dominated due in large part to advantages such as minimal downtime and pain associated with laser treatments.
PEST Analysis
Political: The medical aesthetic devices market is regulated by government bodies that set guidelines and standards for new product approval and ongoing compliance. Changes in healthcare policies could impact market dynamics.
Economic: As disposable incomes rise globally, consumers are willing to spend more on aesthetic procedures. The high cost of advanced devices also presents opportunities for manufacturers.
Social: With growing social acceptance, there is increasing demand for aesthetic treatments among people of all ages to enhance appearance. Ease of non-surgical options further drives the market.
Technological: Continuous innovations are improving treatment efficacy, speed, safety and expanding clinical applications. Development of robotics, stem cell technology, and energy-based devices are areas of focus.
Key Takeaways
The Global Medical Aesthetic Devices market Share is expected to witness high growth over the forecast period till 2030.
Regional Analysis: North America currently dominates owing to regulatory approvals for advanced products and growing consumer awareness.
Key players operating in the market are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. Key players are focusing on launching new innovative products to consolidate their position.