Medical Aesthetic Devices Market - Latest Innovations, Drivers, Restraints, Challenges and Forecast 2016 – 2024

Medical Aesthetic Devices Market: Snapshot

Expanding at a healthy 9.9% CAGR from 2016 to 2024, the medical aesthetic devices market is poised to amount to a value of US$15.1 bn by 2024. The opportunity in the market was pegged at US$6.5 bn in 2015. This signifies that despite the small share aesthetics holds in the overall medical devices industry, the market holds immense scope for growth. A rapidly expanding pool of geriatrics is perhaps the most significant factor driving the demand for aesthetic procedures, thereby boosting the sales of medical aesthetic devices around the world. An increasing number of medical discoveries and innovations have transformed the healthcare and medical devices industries and the rising demand for youthful radiance will continue to offer a world of opportunities for players to capitalize on.

This 208 page report gives readers a comprehensive overview of the medical aesthetic devices market. Browse through 48 data tables and 81 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/medical-aesthetics.html

Aesthetic Laser and Energy Devices Emerge as Most Preferred Product Category

The medical aesthetic devices market can be segmented on the basis of product into facial aesthetic devices, aesthetic implants, skin tightening and body contouring devices, and aesthetic laser and energy devices. Comprising of ablative and non-ablative resurfacing devices, the segment of aesthetic laser and energy devices held the dominant share of over 30.0% in 2015 and is anticipated to exhibit rapid expansion over the coming years. This segment has been identified as having the most potential for growth owing to the fact that dermatologists prefer these devices over any other.

The most common use of aesthetic laser and energy devices is in hair and skin treatments, which comprise skin rejuvenation, tattoo removal, and removal of pigmented lesions. Considering that these devices are non-invasive in nature, they have gained preference over other devices among patients. Moreover, since these devices can be quite capital intensive, several manufacturers are offering to lease these laser and energy devices and ensure greater adoption.

Youth-oriented Culture of Americans to Ensure Dominance of the Region through 2024
Among the key regional segments, North America dominates the worldwide market for medical aesthetic devices, powered by the U.S. This flourishing market accounted for a massive 43.0% share in 2015, thanks to the strong presence of leading medical device manufacturers. North America is predicted to retain its lead throughout the forecast period on account of greater purchasing power of the consumers, an increased focus on innovation, and a rising number of aesthetic companies operating out of the U.S. Another factor driving the medical aesthetic devices market in North America is a large geriatric population and a high number of consumers looking for ways to delay or reverse signs of aging. This youth-oriented nature of the people has translated into increased demand for medical aesthetic devices such as injectables.

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Asia Pacific and Latin America have been identified as immensely lucrative markets and both the regions are anticipated to exhibit strong growth in the coming years. This potential growth can be attributed to a large population, rising disposable incomes of the people, growing awareness among the consumers regarding the benefits offered by aesthetic treatments, and an increasing presence of several local device manufacturers offering competitively-priced products.

Allergan plc, Lumenis Ltd., Syneron Medical Ltd., Merz, Inc., Cynosure, Inc., Alma Lasers (Fosun Pharmaceutical Co., Ltd.), Galderma S.A. (Nestle), Cutera, Inc., ZELTIQ Aesthetics, Inc., Solta Medical, Inc., and Mentor Worldwide LLC (Johnson & Johnson) are some of the most prominent players in the global medical aesthetic devices market. The market is highly consolidated by nature and several companies are resorting to strategic collaborations to gain a greater share in the medical aesthetic devices market.

Medical Aesthetic Devices Market - Latest Innovations, Drivers, Restraints, Challenges and Forecast 2016 – 2024

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.
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.
This 208 page report gives readers a comprehensive overview of the medical aesthetic devices market. Browse through 48 data tables and 81 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/medical-aesthetics.html
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.
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.
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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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.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Medical Aesthetic Devices Market (Product - Aesthetic Laser and Energy Devices, Skin Tightening and Body Contouring Devices, Aesthetic Implants, and Facial Aesthetic Devices; Application - Facial and Body Contouring, Facial and Skin Rejuvenation, Breast Enhancement, Scar Treatment, Reconstructive Surgery, Tattoo Removal, and Hair Removal) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

Medical Aesthetic Devices Market Size and Key Trends in Terms of Volume and Value 2016-2024

Medical Aesthetic Devices Market: Snapshot

Although aesthetics presently accounts for a relatively small share in the global medical devices market, the rising global demand for a variety of aesthetic procedures is projected to stimulate the market for medical aesthetic devices significantly in the next few years. The demand for aesthetic procedures and thus that of medical aesthetic devices is chiefly driven by the mounting aging population globally, expendable incomes across emerging economies, product innovation, and cultural acceptance of aesthetic procedures.

Looking at the excellent growth prospects offered by the market for aesthetic medical devices market, an increased number of companies in the skincare devices market have also ventured in this field in the past few years. Transparency Market Research projects that the global medical aesthetic devices market will exhibit a 9.9% CAGR over the period between 2016 and 2024. If the number holds true, the market will rise to US$15.1 bn in 2024 from US$6.5 bn in 2015.

Aesthetic Laser and Energy Devices to Continue to be Leading Product Variety

Based on the variety of medical aesthetic devices available globally, the market is segmented into aesthetic laser and energy devices, skin tightening and body contouring devices, aesthetic implants, and facial aesthetic devices. Of these, the segment of aesthetic laser and energy devices presently leads, accounting for a share of 30.6% 2015, chiefly owing to the exhaustive usage of these devices as compared to other devices by dermatologists. These devices often use a combination of energy types in order to provide the most effective therapy.

Laser and energy devices are most commonly used for skin and hair treatments such as removal of pigmented lesions, tattoo removal, and skin rejuvenation. As patients increasingly demand noninvasive treatment options, aesthetic device providers are seeing these products as an essential addition to their suite of offerings. Further enabling their adoption, a number of manufacturers offer leasing and vendor financing that help limit the upfront capital costs associated with the adoption of these equipment. The segment of lasers and energy devices is also expected to witness expansion at a healthy pace in the next few years, emerging as one with highly promising growth over the period between 2016 and 2024.

North America to Remain Center of Development in Near Future

North America, driven by the flourishing medical aesthetics market in the U.S., was the leading regional market for medical aesthetic devices globally, accounting for 43% share in 2015. The region is expected to contribute significantly during the forecast period from 2016 to 2024 as well. The presence of a large base of key device manufacturers in North America coupled with the high purchasing power of both the buyers as well as consumers is expected to help the region sustain its leadership in the global market during the forecast period. North America is also at the forefront of aesthetic innovation, with the majority of both established and emerging aesthetic companies either headquartered in or having a significant aesthetic corporate presence in the region.

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Also driving this corporate presence is the fact that many other countries often look to the U.S. FDA’s marketing approvals as a guidepost for their own decision-making processes. In addition, consumers in North America tend to favor more expensive product types and applications. This preference stems from North America’s youth-oriented culture, leading consumers to focus on anti-aging and wrinkle removing products, such as topicals as well as injectables. Within the injectables segment, studies show that consumers favor neurotoxins over dermal fillers to correct facial lines and folds.

The global medical aesthetic devices market is also expected to witness strong growth across emerging economies over the forecast period. Across emerging economies in Asia Pacific and Latin America, especially, the market is expected to record strong growth during the forecast period. Increasing disposable incomes of consumers, large population, easier entry for new local manufacturers offering products at competitive prices, and rising awareness levels regarding aesthetic treatments are likely to drive the market in these regions.

Some of the key players in the market are Alma Lasers (Fosun Pharmaceutical Co., Ltd.), Allergan plc, Cutera, Inc., Galderma S.A. (Nestle), Cynosure, Inc., Lumenis Ltd., Mentor Worldwide LLC (Johnson & Johnson), Merz, Inc., Syneron Medical Ltd., Solta Medical, Inc., and ZELTIQ Aesthetics, Inc.

Medical Aesthetic Devices Market will rise up to US$15.1 bn in 2024

The global market for medical aesthetic devices is characterized by a highly consolidated competitive landscape, wherein the top two vendors, Mentor Worldwide LLC and Allergan Plc., collectively held a nearly 60% of the market in 2015, observes a recent report by Transparency Market Research. Mentor Worldwide LLC, the market leader with a 32% share in the global market, stayed ahead of the competition with the help of strategic collaborations and a strong emphasis on aesthetic products such as breast implants and body contouring.

In September 2016, the company announced its plans for a new collaboration with Galderma, a medical solutions firm with strong operations in skin health. Under the collaboration, the companies plan to partner with Canadian surgeons to improve patient experience across innovative aesthetic procedures and solutions, broadening consumers' access to and awareness of aesthetic treatment options.

Transparency Market Research estimates that the global medical aesthetic devices market will rise from a valuation of US$6.5 bn in 2015 to US$15.1 bn in 2024. This reflects a 9.0% CAGR from 2016 through 2024. In terms of product types, the segment of laser and energy devices presently leads. The segment held a nearly 30% share in the global market in 2015 and is expected to remain one of the most promising product segments over the forecast period as well. From a geographic perspective, the market earns a significant share of its revenues from sales across developed regions such as North America and Europe. North America dominated in 2015, accounting for a 43% of the global market.

Increased Usage of Lasers for Medical Aesthetic Procedures to Stimulate Market Growth

In the past few years, the global consumer has become more open to aesthetic procedures owing to a vast reduction in cultural prohibitions and social taboos. The resultant rise in surgical procedures for enhancing personal appearance is the key driver of the global medical aesthetic devices market.

Other key trends positively influencing the overall development of the market include the increased adoption of laser-based devices, heightened demand for minimally invasive and non-invasive equipment, and the high demand for augmentation and reconstructive surgeries. The global adoption of laser-based devices has increased owing to the widening utility of laser devices.

Cost-effectiveness and versatility of laser devices are also the key factors increasing adoption and usage of laser procedures in the aesthetics market.

Increased adoption of minimally invasive surgeries, owing to the fewer post-surgery complications and side effects, and shorter recovery spans, have driven innovations and technological developments, bringing about a huge change in the quality and effectiveness of surgeries. As a result, the number of minimally invasive procedures in dermatological applications has significantly increased lately. The American Society of Plastic Surgeons estimated that the number of minimally invasive aesthetic procedures performed in the U.S. increased to 15.9 mn 2015, a rise of 2% over 2014.

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Competitively Priced Equipment and Services from Domestic Vendors to Limit Market Growth

The global medical aesthetic devices market is characterized by intense competition wherein local manufacturers and service providers offer devices/services at affordable costs. The resultant need to reduce costs of equipment to stay ahead of competition can severely hamper the overall profitability of international vendors, especially across cost-sensitive emerging economies.

Continuous technological developments in the aesthetic devices market with respect to product design and efficiency require manufacturers to provide up-to-date solutions to the customers. Such upgrades could be highly cost-intensive and lead to erosion of investment and not many service providers may be open to adopting them on a regular basis. The scenario is expected to have a negative impact on the overall development of the market in the long run.

This review of the market is based on a recent market research report by Transparency Market Research, titled “Medical Aesthetic Devices Market (Product - Aesthetic Laser and Energy Devices, Skin Tightening and Body Contouring Devices, Aesthetic Implants, and Facial Aesthetic Devices; Application - Facial and Body Contouring, Facial and Skin Rejuvenation, Breast Enhancement, Scar Treatment, Reconstructive Surgery, Tattoo Removal, and Hair Removal) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”