Medical Aesthetic Devices Market Expected to Reach $38.9 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Aesthetic Devices Market," The medical aesthetic devices market was valued at $13.5 billion in 2020, and is estimated to reach $38.9 billion by 2030, growing at a CAGR of 10.7% from 2021 to 2030.

Medical aesthetics are used to treat and improve a person's aesthetic look by addressing issues such skin laxity, excess fat, cellulite, scars, moles, wrinkles, undesired hair, liver spots, spider veins, and skin discoloration, among others. Dermatology, dental & maxillofacial surgery, reconstructive surgery, and plastic surgery are all traditionally included. Aesthetic medicine includes both surgical and non-surgical techniques, and a combination of both can be utilized to improve a person's physical appearance. Aesthetic devices are utilized to correct deformities caused by accidents, trauma, and other congenital illnesses (particularly implants).

 Increase in demand for minimally invasive & noninvasive reconstruction surgeries, technological advancements, surge in incidence of congenital face & tooth deformities, and increase in awareness about aesthetic appearance are expected to drive the medical aesthetic industry. However, high costs of treatment, low reimbursements, and risk of malfunctions are expected to impede the medical aesthetic market growth.

On the basis of product type, the medical aesthetic market size is categorized as into devices and aesthetic implants. The aesthetic implants segment is expected to dominate the market during the forecast period, due to increase in awareness about cosmetic procedures. This upsurge the demand for medical aesthetic industry, and surge the growth of the market. The device segment is expected to register a CAGR of 11.1% during the forecast period, owing to factors such as rise in aging population, availability of consumer-friendly devices, and increase in trend to look aesthetically appealing.

Depending on application, the non-surgical segment accounted for a major share of the market in the medical aesthetic devices market in 2020, as non-surgical medical aesthetic procedures are more accessible and affordable when compared with surgical procedures.

On the basis of end user, the hospitals segment presently dominates the market, and is expected to remain dominant during the forecast period. This is attributed to the fact that hospitals & clinics have installed latest technologically advanced devices and products to provide effective yet minimally invasive cosmetic reconstruction methods. In addition, hospitals provide almost all types of cosmetic procedures for patients, which drives the growth of market.

North America accounted for more than 10.5% of the medical aesthetic market share in 2020, and is expected to remain dominant during the forecast period. This was attributed to well-established healthcare system, increase in number of geriatric patients, and supportive reimbursement policies in healthcare system. Asia-Pacific is projected to register the highest CAGR of 11.7% during the medical aesthetic market forecast period.  Strong local economies, active marketing by prominent U.S. and European businesses in Asia, increase in medical tourism, and rise in awareness about medical aesthetics are expected to offer lucrative opportunities for the market growth during the forecast period.

The major companies profiled in the report include Allergan PLC, Solta Medical Inc. Syneron Medical Ltd., Cynosure Inc., Lumenis Ltd. Johnson & Johnson, Merz Pharma GmbH & Co. KGaA, Alma Lasers Ltd. (acquired by Shanghai Fosun Pharmaceutical (Group) Co., GC Aesthetics Plc., Sientra Inc., Zimmer Biomet Holdings, Inc., Dentsply Sirona Inc.

KEY FINDINGS OF STUDY

• The aesthetic implants segment accounted for a share of three-fourths of the total market in 2020.
• The non-surgical segment is estimated to register CAGR of 11.1% from 2020 to 2030.
• The hospitals & clinics accounted for more than three-fifths of the total market in 2020.