Medical Aesthetic Devices Market Size is Expected to Reach US$15.1 Billion and Growing at 9.9% CAGR by 2024
January 14, 2022
Medical Aesthetic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
ALBANY, NEW YORK, UNITED STATES, January 14, 2022 /EINPresswire.com/ -- Transparency Market Research says that competition in the medical aesthetics market is expected to intensify in the coming years with increasing number of medical discoveries and innovations. Key players operating in the global aesthetic devices market are focusing on product launches and several other strategies like mergers and acquisitions, and business expansions to concretize their foothold in the market.
Some of the prominent players operating in the global medical aesthetic devices market are Allergan plc, Syneron Medical Ltd., Lumenis Ltd., Merz, Inc., Alma Lasers, Cynosure, Inc. Galderma S.A, Solta Medical, Inc., and Mentor Worldwide LLC. The competitive landscape of the medical aesthetic devices market is highly consolidated with few players dominating the global medical aesthetic devices market.
According to TMR, the global medical aesthetic device market is anticipated to rise at whopping 9.9% CAGR from 2016 to 2024. The market is poised to amount to a valuation of US$15.1 bn by 2024. The analysts, noted the medical aesthetic devices market at US$6.5 bn in 2015.
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Based on product, the aesthetic laser and energy devices segment is expected to lead the medical aesthetic device market in the coming years. The segment held more than 30% of share in 2015. Geographically, North America is likely to dominate the global medical aesthetic devices market. This is mainly because of the increasing demand for aesthetic devices in the region. Apart from this, factors such as continuous technological advancements, rising awareness and presence of key players in the region are expected to augment growth of the medical aesthetic devices market.
Medical Aesthetic Devices Market Rising On the Back of Increasing Consumers Demand
The global medical aesthetic devices market is expected to rise at a significant pace in the coming years. This is mainly because of the growing desire to look good among the people.
Medical aesthetic devices comprise of several equipment used by the medical procedure to improve physical appearance of the people. The ability of medical aesthetic devices to improve patient satisfaction and non-invasive to minimally invasive cosmetic procedures are expected to drive the growth of the global aesthetic devices market.
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Initially, use of aesthetic device was confined to remove fat grafts in orthopedics, treat wrinkles in aging faces, removal of dead skin cells and likewise. However, with increasing investment in research and development activities by the key players the market has grown to leap and bounds.
At present, aesthetic devices are use advanced technologies such as laser and injectable of natural or bio-ingredients. This is further expected to swell demands of medical aesthetic devices in the coming years. The market of medical aesthetic devices is expected to grow with the ability of devices to address patient’s aesthetic needs and desires with quick, non-invasive procedures with minor downtime and very little risk.
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Increasing Cases of Device malfunctioning to Impede Market Growth
Despite several drivers, the growth in the medical aesthetic devices market is likely to hamper with the factors like high costs of treatment, poor medical reimbursements plan, and risk of malfunctioning associated. Nevertheless, a substantial rise in medical tourism, increase in preference for a better quality of life, and rise in popularity of celebrities in young generation is expected to offer several opportunities to market players operating in the medical aesthetic devices market.