(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 25, 2021, 08:51 /Comserve / -- Medical Aesthetic Devices Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The global medical aesthetic devices market was valued at USD 11,945.23 million in 2020, and it is estimated to reach a revenue of USD 23,168.32 million in 2026, with a CAGR of 11.08% over the forecast period.
The cosmetic and aesthetic devices manufacturers had to shut down the production and supply units due to the lockdown, that was imposed in the beginning of COVID-19 outbreak, globally. According to a survey by Hamilton Fraser Cosmetic Insurance, conducted in March 2020, with 1,360 cosmetic practitioners in the United Kingdom to assess the impact of the pandemic on cosmetic procedures, stated that 99.78% of practitioners revealed that their practice had been affected during the current pandemic. Additionally, consumers are also looking for online cosmetic home treatments. Thus, the cosmetic brands can exploit this opportunity to renovate their online offerings, to offer e-consultation services, and invest in the right technology, such as chatbots and augmented/virtual reality, as more consumers seek cosmetic advice from the comfort of their home during the pandemic, which reduces the risk of being infected. As per the research article published in Journal of Cutaneous and Aesthetic Surgery (September 2020), airborne contaminants are associated with certain lasers, such as ablative fractional lasers and high-peak-power ultrashort-pulsed lasers, such as nano- and picosecond lasers. Also, devices, such as excimer lamp and skin-tightening devices, have probes that come in close contact with the skin, and the risk of transmission of SARS-CoV2 virus is high. Thus, COVID-19 has highly impacted the medical aesthetic devices market worldwide. However, the situation is gradually improving.
Click Here to Download Sample Report >>
Certain factors that are driving the market growth include increasing obese population, increasing awareness regarding aesthetic procedures, rising adoption of minimally invasive devices, and technological advancement in devices.
The concern of people about their appearance is gradually on a rise, both in the developed and the developing countries. Thus, there is an increase in the number of cosmetic surgeries performed, annually. Although the rate of increase is not much high in developing countries, the fact remains that people are getting more concerned with their appearance, especially with the increasing standard of living.
In Asia, cosmetic surgery has become an accepted practice, and countries, such as China and India, have become Asia's biggest cosmetic surgery market. Also, the growing adoption of minimally invasive and non-invasive aesthetic procedures drives the studied market. With the advent of the internet, information became accessible to everyone and people started becoming more aware of the aesthetic procedures. All these factors together increased the awareness among the masses about the medical aesthetic procedures, which, in turn, increased the sales of medical aesthetic devices, resulting in a huge growth in the market size of medical aesthetic devices.
Additionally, the increasing research and development activities, for the launch of novel products in the market will propel the medical aesthetic devices market. For instance, in June 2020, Cynosure launched the Elite iQ platform, the next generation of the Elite+ Aesthetic Workstation in the United States, European, and Australian markets for laser hair removal and skin revitalization applications. Hence, given the above-mentioned factors and increasing product launches, the market studied is expected to boost over the forecast period.
Key Market Trends
Breast Augmentation is Expected to Hold a Significant Market Share in the Application Segment
Breast augmentation, also known as augmentation mammoplasty, is a surgery to increase breast size. It involves placing breast implants under the breast tissue or chest muscles or transferring fat. Breast augmentation procedures have increased over the years. As per a 2019 report by the American Society of Plastic Surgeons (ASPS), the number of breast implant procedures increased considerably in the United States, from 212,500 in 2000 to 299,715 in 2019. Additionally, the increasing product launches and advancements in technologies boosted the growth of the market. For instance, in 2019, Evonik and BellaSeno GmbH entered a long-term agreement for the use of a RESOMER bioresorbable polymer for an innovative breast implant technology. The RESOMER polymer features mechanical properties and a degradation profile that allow the scaffold to safely absorb at a rate that matches the formation of the patient's tissue and is designed to be implanted after breast reconstruction, augmentation, or revision surgery. Thus, owing to the aforementioned factors, the breast augmentation segment is expected to grow significantly over the forecast period.
Request For The Sample Report Here:
North America Dominates the Market and Expected to do Same in the Forecast Period
Medical aesthetic technology has advanced rapidly over the past two decades in North America, especially in the United States. The factors that are expected to impact the studied market growth positively include technological advancement in devices, increasing awareness regarding aesthetic procedures, rising adoption of minimally invasive devices, and increasing obese population in the region. According to the American Society of Plastic Surgeons, 18.1 million cosmetic procedures were recorded in 2019, an increase of 2%, from 2018, which included around 1.8 million cosmetic surgical and 16.3 million cosmetic minimally invasive procedures. Also, the high concentration of major players in the region and subsequent product launches play a vital role in the growth of the studied market in the region. For instance, in June 2020, E.S.I. The novel., a part of Essence Group, launched JOLI360, a new skin rejuvenation solution that can measure three skin parameters: hydration, elasticity, and sebum. Thus, the aforementioned factors are expected to boost the market over the forecast period in North America.
Competitive Landscape
The medical aesthetic devices market is moderately competitive and consists many players. Companies, like Abbvie Inc.(Allergan PLC), Alma Lasers Ltd (Sisram Med), Bausch Health Companies Inc. (Solta Medical Inc.), Cutera Inc., El. En. (Asclepion Laser Technologies), Lumenis Inc., Sciton Inc., and Syneron Medical Ltd, hold a substantial share in the market studied. The major players are involved in strategic alliances, such as acquisitions, collaborations, and research and development activities, to secure their position in the global market. For instance, in May 2020, Abbvie Inc. completed the acquisition of Allergan PLC, thus, expanding its product portfolio in the aesthetic devices market.
Request For Full Report >> Medical Aesthetic Devices Market
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
MENAFN25112021004694010674ID1103250859
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.