Medical Aesthetic Devices Market Research Report - Segmentation By Product Type (Botox, Dermal Filler, Liposuction, Cellulite Reduction, Fat Reduction, Skin Tightening, Breast Implant, Tattoo Removal, Thread Lift); By End User (Clinic, Medical Spa, Hospital, Beauty Centre); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Medical Aesthetic Devices Market Size (2024 – 2030)

The medical aesthetics market is projected to experience a compound annual growth rate (CAGR) of 10.9%, advancing from USD 10.42 billion in 2023 to USD 21.50 billion in 2030. Factors such as the availability of technologically advanced and user-friendly products, coupled with increased public awareness of cosmetic treatments, serve as significant drivers propelling market expansion.

MARKET OVERVIEW

The cosmetic and aesthetic device manufacturing sector faced disruptions in production and supply chain operations due to the global lockdown initiated at the onset of the COVID-19 pandemic. A survey conducted in March 2020, involving 1,360 cosmetic practitioners in the United Kingdom to assess the pandemic's impact on cosmetic operations, revealed that 99.78% of practitioners reported a substantial impact on their profession. Consumers increasingly turned to online platforms for cosmetic home treatments. This shift provides an opportunity for cosmetic firms to enhance their online offerings, provide e-consultation services, and invest in pertinent technologies such as chatbots and augmented/virtual reality as more individuals seek aesthetic guidance from the comfort of their homes.

Market growth is fueled by factors such as the escalating prevalence of obesity, heightened awareness of cosmetic procedures, growing acceptance of minimally invasive devices, and technological advancements in medical aesthetic devices.

Concerns regarding personal appearance continue to rise globally, prompting an increase in the annual number of cosmetic procedures performed. While the growth rate in developing countries may not be substantial, the fact remains that individuals, particularly with an improved standard of living, are becoming increasingly conscious of their appearance.

Asia, notably South Korea, China, and India, has emerged as a significant market for cosmetic surgery, with the industry witnessing a surge in popularity of minimally invasive and non-invasive aesthetic procedures. The widespread availability of information through the internet has contributed to heightened awareness of aesthetic operations, resulting in increased sales of medical aesthetic devices and a substantial expansion of the market size.

COVID-19 Impact on Medical Aesthetic Devices Market

The COVID-19 pandemic has significantly affected the medical aesthetics industry, introducing challenges in manufacturing and the supply chain. Short-term negative growth is observed due to lockdown measures, leading to decreased product demand from major end-users, limited operations across industries, temporary closures of key end-user facilities (such as beauty centers and spas), supply chain disruptions, and difficulties in providing essential/post-sales services. A study published in the Journal of Cutaneous and Aesthetic Surgery (September 2020) highlighted potential risks associated with certain lasers and devices, such as airborne pollutant transmission. Despite the impact, the global market for medical aesthetic products is gradually recovering.

MARKET DRIVERS

Increasing popularity of minimally invasive and non-invasive aesthetic procedures propels market growth

The preference for minimally invasive and non-invasive aesthetic procedures over traditional surgical methods has witnessed a significant rise in the past decade. These techniques offer advantages such as reduced pain, scars, and recovery time, along with lower costs compared to conventional surgeries. According to the International Society of Aesthetic Plastic Surgery (ISAPS), the number of plastic and cosmetic treatments increased by 5.4% between 2020 and 2021.

Growing demand for medical aesthetic devices drives market expansion

Emerging markets like China, Brazil, Mexico, and India present substantial opportunities for participants in the medical aesthetics industry. The demand for medical aesthetic devices is increasing in these regions due to rising medical tourism, a growing adult population (aged 20 and above), increased disposable incomes, and greater awareness of aesthetic specialties. The presence of a significant number of surgeons in these developing countries further contributes to the flourishing medical aesthetics market.

MARKET RESTRAINTS

Clinical risks and consequences associated with medical aesthetic therapies impede market growth

Despite the significant expansion of the market for aesthetic treatments, medical cosmetic procedures come with potential risks and consequences. While there has been an increase in the number of doctors and surgeons delivering safe and effective treatments, concerns about adverse effects during or after surgery persist.

Social and ethical concerns regarding cosmetic procedures limit industry expansion

Negative perceptions of aesthetic procedures, coupled with religious and ethical concerns related to specific treatments, contribute to social stigmas associated with cosmetic procedures. Despite the growing emphasis on looking younger, the social stigma linked to cosmetic treatments hampers their social acceptability, restricting market expansion.

Medical Aesthetic Devices Market by Product Type

• Botox
• Dermal Filler
• Liposuction
• Cellulite Reduction
• Fat Reduction
• Skin Tightening
• Breast Implant
• Tattoo Removal
• Thread Lift

Within the Medical Aesthetic Devices market, diverse product types offer a range of choices. Currently, Hair/Tattoo removal dominates the market segment, responding to the growing demand for efficient and convenient aesthetic solutions for individuals seeking lasting hair reduction. This surge aligns with evolving beauty standards and the preference for non-invasive procedures, making Botox the fastest-growing market due to shifting beauty ideals towards a more youthful appearance.

Medical Aesthetic Devices Market by End-User

• Clinic
• Medical Spa
• Hospital
• Beauty Centre

Clinics represent the predominant segment in the end-user category, contributing the highest share in market revenue. This is attributed to the extensive array of aesthetic treatments and services, positioning clinics as central hubs for those seeking cosmetic enhancements.

Medical Spas emerge as the rapidly growing segment within the End User category. Combining medical and spa services, Medical Spas create an environment that integrates relaxation with aesthetic enhancements. The growth of Medical Spas reflects the increasing demand for holistic experiences that prioritize both beauty enhancement and well-being.

Medical Aesthetic Devices by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

North America holds the leading position in the global market's regional segment, owing to technological advancements and the robust healthcare sector, emphasizing cultural significance placed on aesthetics.

The Asia-Pacific region is anticipated to witness the swiftest growth within the Medical Aesthetic Devices market. This trajectory is fueled by factors such as rising disposable income, growing awareness of aesthetic procedures, and the surge of medical tourism in the region. The Asia-Pacific's potential for rapid expansion aligns with the global trend of seeking advanced aesthetic solutions.

Medical Aesthetic Devices by Company

The medical aesthetic devices industry boasts competitiveness with a multitude of companies.

1. Abbvie Inc. (Allergan PLC)
2. Alma Lasers Ltd (Sisram Med)
3. Bausch Health Companies Inc. (Solta Medical Inc.)
4. Cutera Inc.
5. El. En. (Asclepion Laser Technologies)
6. Lumenis Inc.
7. Sciton Inc.
8. Syneron Medical Ltd

All these companies command significant market share. To solidify their positions in the global market, key players engage in strategic partnerships, including acquisitions, collaborations, and research and development initiatives.

RECENT DEVELOPMENTS IN THE MEDICAL AESTHETIC DEVICES INDUSTRY

PRODUCT INTRODUCTION: In March 2021, Bausch Health Companies Inc. and its Solta Medical business, recognized as global leaders in the medical aesthetics sector, unveiled the Clear + Brilliant Touch laser in the United States. This advanced laser represents the next generation of the Clear + Brilliant laser, showcasing the company's commitment to innovation in the field.

EXPANDING TECHNOLOGICAL OFFERINGS:  Lynton Lasers Ltd made a significant contribution to the market in July 2021 with the introduction of the Focus Dual system. This Medical CE certified system integrates Radio-frequency (RF) Micro-needling and High-intensity focused ultrasound (HIFU), two cutting-edge clinical technologies. The system is designed to facilitate non-surgical facelifts, double chin reduction, eyebrow lifts, wrinkle reduction, and various other procedures, marking a notable advancement in medical aesthetic devices.

BUSINESS EXPANSION: In January 2022, Illume Cosmetic Surgery and MedSpa celebrated the inauguration of their new Glendale practice site. Formerly known as the Cosmetic Surgery Clinic, the expansive 10,000-square-foot facility situated at 6002 N. Port Washington Road includes two surgical rooms, clinical suites, and a comprehensive med-spa. Founded by Milwaukee plastic surgeons Mark Blake, Thomas Korkos, and Christopher Hussussian, the practice is supervised by five board-certified plastic surgeons, ensuring the provision of safe and advanced care. The facility offers a range of services, including injectables, laser treatments, and non-invasive cosmetic surgery procedures.