June 21, 2024
Medical Aesthetics Devices Market

Medical Aesthetic Devices Market is Estimated to Witness High Growth Owing to Rising Demand for Minimally Invasive Procedures

The medical aesthetic devices market comprises devices and equipment used for cosmetic medical procedures. These include laser/energy-based aesthetic devices, non-surgical skin tightening devices, fat reduction devices, microdermabrasion devices, and others. Laser/energy-based devices employ light-based technologies such as IPL/LED and radiofrequency to treat indications like skin rejuvenation, wrinkle reduction, body contouring, tattoo removal, and others. Non-surgical skin tightening devices use light, radiofrequency, ultrasound, microcurrents, and other technologies to lift, tone, and tighten skin on areas like face, neck, abdomen, and thighs. Fat reduction devices aid in reducing fat non-surgically by delivering controlled heat to targeted fat cells. Microdermabrasion devices exfoliate and rejuvenate the skin using crystal exfoliation. The rising preference for minimally-invasive procedures is driving the adoption of these devices.

The Global medical aesthetic devices market is estimated to be valued at US$ 15.44 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Medical Aesthetic Devices Market Growth are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. The increasing awareness regarding cosmetic procedures and rising demand for non-surgical cosmetic procedures are creating lucrative opportunities for key players in the market. Several companies are investing in R&D to launch novel products and expand their geographic footprint. Novamont SpA launched a biodegradable dermal filler in 2021 and AGRANA Beteiligungs AG acquired assets of an Austrian bioplastics company in 2020 to strengthen its market position globally.

The availability of diverse treatment options at lower costs compared to surgical procedures is driving the adoption of medical aesthetic devices. Procedures utilizing these devices offer advantages like minimal downtime, lower risks of complications, and faster recovery. Several players are launching portable and home-use devices to cater to people’s growing preference for home aesthetic treatments. However, lack of reimbursement for cosmetic procedures and high costs associated with novel devices may hamper market growth.

The growing geriatric population seeking anti-aging treatments and increasing disposable incomes in emerging economies are fueling the market’s global expansion. While North America dominates the market currently, Asia Pacific is expected to witness fastest growth during the forecast period owing to rising medical tourism and growing consumerism.

Market drivers

The demand for minimally invasive cosmetic procedures is driven by factors like increasing aesthetic consciousness among individuals, growing influence of social media on beauty standards, and rising disposable incomes. Cosmetic treatments help enhance one’s aesthetic appearance and youthfulness without opting for highly invasive surgeries. With the availability of diverse non-surgical treatment options utilizing cutting-edge technologies, the demand for medical aesthetic devices is growing substantially. Additionally, improving access to these procedures and growing insurance coverage for certain indications are supporting market growth.

PEST Analysis

Political: Regulations and procedures related to use and sales of medical aesthetic devices. Medical device regulations and approvals required before devices can be marketed.

Economic: Rising disposable incomes leading to willingness to spend on aesthetic procedures and devices. Growth in medical tourism benefiting sales of such devices

Social: Increasing social acceptance of medical aesthetic procedures and cosmetic enhancements. Focus on physical appearance and youthfulness in today’s world

Technological: Advances in materials used in devices improving their effectiveness, durability and safety. Ongoing R&D efforts to develop minimally invasive procedures and devices. Greater connectivity and use of digital platforms aiding market growth.

Geographical concentration

North America currently holds the largest share of the market in terms of value, with the US being the major contributor. High aesthetic awareness and availability of advanced treatment options driving demand. Asia Pacific market is growing at a robust pace led by China, Japan and South Korea. Rising medical tourism and availability of quality care attracting patients.

Fastest growing region

Asia Pacific is poised to register the fastest growth over the forecast period. Rapidly growing middle class with greater spending power, increasing medical tourism and focus on physical appearances are some key factors supporting growth. Large patient pool in the region along with growing healthcare infrastructure expected to fuel demand for medical aesthetic devices in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it