Medical Aesthetic Devices Market is Estimated to Witness High Growth Owing to Opportunity in Cosmetic Industry
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Medical Aesthetic Devices Market |
Medical aesthetic devices are
widely used for cosmetic procedures such as body contouring treatments like
cellulite reduction, skin tightening and circumferential reduction; as well as
face treatments like skin rejuvenation, freckle removal, pigmentation and
tattoo removal. These devices use innovative technologies including intense
pulsed light (IPL), laser treatments, ultrasonic technologies,
microdermabrasion and radiofrequency for non-invasive and minimally invasive
treatments. 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.
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:
Rising awareness regarding
aesthetic treatments is a key driver fueling growth of the medical aesthetic
devices market. There has been significant rise in social media influencing
that beauty standards which is increasing consciousness about physical
appearance among people. Various social media platforms are majorly impacting
society especially younger generation in accepting and considering aesthetic
procedures to enhance looks. This has consequently increased adoption of
medical aesthetic devices for non-invasive body contouring and facial aesthetic
treatments. Additionally, growing prevalence of skin diseases mainly due to
pollution, changing lifestyle and climate changes has boosted demand for
advanced skin treatment devices. However, high cost of certain aesthetic
procedures and devices may hamper market growth over the forecast period.
SWOT Analysis
Strength: Medical aesthetic
devices market has strong demand as the number of people opting for minimally
invasive aesthetic procedures is increasing. Technological advancements are
allowing development of more safer and effective aesthetic devices. Growing
medical tourism in countries is also boosting the market growth.
Weakness: High costs associated
with aesthetic procedures can limit the market growth. Lack of reimbursement
policies add to the treatment costs for customers. Safety concerns regarding
some new procedures and side effects associated can negatively impact the
market acceptance.
Opportunity: Rising geriatric
population prone to age-related issues is presenting a major growth
opportunity. Growing preference for non-surgical aesthetic treatments among
millennial population will drive future sales. Emerging economies offer immense
growth scope with increasing disposable incomes and willingness to spend more
on appearance improvement.
Threats: Stringent regulatory
approvals and regulatory framework delays market entry of new products.
Changing social perceptions and stigma regarding aesthetic treatments continue
to challenge the industry. Economic slowdowns can reduce discretionary spends
on aesthetic procedures.
Key Takeaways
The Global
Medical Aesthetic Devices market Share is expected to witness high
growth.
Regional analysis: North America dominates currently supported by
growing obesity issues driving demand for body contouring treatments. Asia
Pacific is poised to grow fastest in the forecast period with China, India,
South Korea, and Thailand emerging as leading aesthetic markets.
Key players operating in the Medical Aesthetic Devices market are
AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics,
Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg
Group. Major players are investing in new product development to launch
advanced skin tightening, resurfacing and body contouring devices. Partnerships
with medical associations and celebrity endorsements are helping create brand
awareness and recall.
Get More Insights Here
https://www.newswirestats.com/medical-aesthetic-devices-market-size-share-growth-outlook-2023/
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