The global Medical Aesthetic Devices Market is estimated to be valued at USD 18.34 Bn in 2024 and is expected to exhibit a CAGR of 12.2% over the forecast period (2024-2031). The global medical aesthetic devices market is driven by the rising adoption of minimally invasive aesthetic procedures due to their demonstrated safety profiles and shorter recovery times. Furthermore, the increasing number of Medispa such as skin tightening, laser hair removal, etc., offerings have propelled the demand for various medical aesthetic treatment devices.
Market Dynamics:
The global medical aesthetic devices market is driven by the rising adoption of minimally invasive procedures. Minimally invasive aesthetic procedures using laser, ultrasound, and other technologies have witnessed higher acceptance levels among consumers globally as they offer minimal downtime and lower risks of complications. This has significantly driven the sales of medical aesthetic equipment such as lasers and ultrasound devices. The number of medical spas or Medispa offering various aesthetic treatments under the supervision of licensed healthcare specialists has increased manifold in recent years. This has boosted the demand for aesthetic devices such as injectables, lasers, and skin tightening devices from such end-use facilities.
Increasing Focus on Aesthetic Appeal is Driving the Demand for Medical Aesthetic Devices
With the rise of social media and growing importance placed on physical appearance, more people are seeking cosmetic treatments to look younger and enhance their aesthetic appeal. The constant exposure to filtered and touched-up photos on platforms like Instagram and Snapchat has made people more conscious of signs of aging like wrinkles and loose skin. They want to address these issues and maintain a youthful appearance for longer. Medical aesthetic devices offer non-invasive and minimally invasive solutions like anti-aging treatments, body contouring procedures, and skin rejuvenation that help people achieve their desired aesthetic goals.
Advancements in Technology are Enhancing Treatment Efficacy and Expanding Aesthetic Device Applications
Continuous innovations and technological advancements are helping medical aesthetic device manufacturers develop more effective, safer, and advanced products. Devices are getting smaller, treatment times are reducing, and post-procedure downtimes are minimizing due to improvements in laser, ultrasound, radio frequency, and other technologies. New technologies like FemiLift for non-surgical vaginal rejuvenation and Titan neck for tightening and lifting the neck and jowls have expanded treatment areas. Dual wavelength lasers provide superior treatment efficacy for removing pigmentation, skin laxity, and fine lines. Integration of artificial intelligence, robotics, and virtual/augmented reality is further enhancing the precision and customization of cosmetic procedures. Such technological advancements are improving clinical outcomes, making treatments more convenient and expanding applications of devices, thereby propelling the market growth.
High Cost of Procedures Acts as a Significant Restraint
While there is growing demand for aesthetic treatments, the high cost associated with medical aesthetic procedures remains a major barrier restricting the widespread adoption of devices. Non-invasive and minimally invasive cosmetic treatments typically have price tags ranging from hundreds to thousands of dollars depending on the specific procedure, area of treatment, and device used. For example, a single treatment with top-end laser devices or intensive energy-based devices for skin tightening or resurfacing can cost anywhere between US$ 500 and US$ 3000. Dermal fillers, botulinum toxins, and other injectables also involve recurring expenditures. The high overall costs discourage people with average incomes and make procedures unaffordable for lower-income groups, restricting the expansion of the customer base. Device manufacturers focusing on developing affordable technologies can help address this challenge.
Unfavorable Reimbursement Scenario Hampers the Market Growth
Most aesthetic procedures are considered cosmetic in nature and are not medically necessary. Hence, they are usually not covered by medical insurance and patients have to bear the entire costs out-of-pocket. This unfavorable reimbursement scenario has emerged as another major restraining factor inhibiting the growth potential of the market. With no insurance support, many people hesitate from going ahead with treatments due to the high financial burden. Only a small section with higher disposable incomes can consistently spend on aesthetic maintenance. Efforts to get some treatments recognized as medically necessary and push for partial insurance coverage can help reduce this restraint.
Increasing Medical Tourism is Creating Lucrative Opportunities
Rising medical tourism in emerging economies has opened up big opportunities for medical aesthetic device companies. Many Asian countries like Thailand, South Korea, and India have become popular global medical tourism hubs offering cosmetic procedures at significantly lower costs compared to developed nations. Their modern infrastructure, high-quality healthcare facilities, affordable treatments, and flexible policies attract foreigners in huge numbers. This has led to abundant deferred procedures as people from expensive markets travel abroad to undergo surgeries. Leading global players are capitalizing on this trend by setting up international clinics and tie-ups with local providers. The exponential growth prospects of medical tourism presents a massive scope for penetrating new overseas markets and gaining revenues outside home territories.
Growing Medical Spa Market is Presenting Lucrative Avenues
Increasing consumer demand for anti-aging and wellness treatments is creating a thriving medical spa industry. Medical spas have seamlessly blended cosmetic procedures, beauty therapies, and wellness regimens into luxurious and resort-like settings. They target mainstream customers beyond the affluent class by combining medical grade therapies with recreational elements like massage, body scrubs, and facials. People now view aesthetic treatments not just as stand-alone corrective options but customized preventive plans for total well-being. This is spurring billions of dollars of investments into medical spas globally.
Link - https://www.coherentmarketinsights.com/market-insight/medical-aesthetic-devices-market-5336
Key Development
- On March 25, 2024, Allergan Aesthetics, a subsidiary company of AbbVie Inc., a healthcare company, announced that it had launched the Aesthetics-Ethics program named as Moving the Needle on Ethics, with medical aesthetics experts from around the globe aiming to elevate discussions on ethics in aesthetics. The collection of interviews highlights the need for industry-wide transparency and integrity to meet the expected increase in the global demand for aesthetic treatments.
- On February 20, 2024, Lumenis Inc., a medical technology company, announced a distribution agreement with AESTHETICS SOLUTIONS, a licensed pharmacy specializing in supplying cosmetic and orthopedic injectables to independent practitioners in the U.K. to distribute the Lumenis portfolio across the U.K. Under the terms of the agreement, the Lumenis Beauty devices including Geneo X, Divine Pro, Maximus X, LightSheer Quattro, and NuEra Tight, as well as all consumables can now be purchased directly from Aesthetics Solutions, which distributes advanced skincare and aesthetic products.
- In July 2023, Alma Lasers, Inc., a global leader in the energy-based medical and aesthetic solutions industry, announced the launch of Alma Veil. Alma Veil is the core instrument equipped with three gold-standard technologies conveniently integrated into a single handpiece
- In June 2022, Cynosure, Inc., a manufacturer of lasers for medical and aesthetic treatment applications, announced the launch of the PicoSure Pro device, a next-generation aesthetic laser device that delivers energy in one trillionth of a second, utilizing pressure instead of heat to provide safe and effective treatments for unwanted pigmentation and skin revitalization for all skin types.
- In March 2021, Bausch Health Companies Inc., a medical technology company, and its Solta Medical business, a global leader in the medical aesthetic devices market, announced the launch of the Clear + Brilliant Touch laser in U.S. The Clear + Brilliant Touch laser delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths.
Key Players: Venus Concept Inc., Sciton Inc., Lumenis Inc., Cynosure, Inc., Cutera Inc., Syneron Candela, Galderma, Alma Lasers, Solta Medical Inc., AbbVie Inc., Zimmer Biomet, Hologic, Inc., Sientra, Inc., Johnson & Johnson Services, Inc., and Bausch Health Companies Inc.
