Non-Surgical Fat Reduction Market to Grow at CAGR of 5.1% through 2022; COVID-19 Causes Fluctuations in Growth Trajectory, Opines future Market Insights’ New Study
The non-surgical fat reduction market is forecasted to progress at a healthy CAGR of 5.1% in terms of value through the period of forecasting between 2017 and 2022. The growth of the market is primarily driven by rising awareness regarding the ill-effects of obesity coupled with growing preference among consumers for faster and effective obesity management procedures. On the other hand, the unprecedented outbreak of COVID-19 is likely to disrupt the smooth growth of the market as healthcare institutions deprioritize elective surgical procedures.
“Rising prevalence of lifestyle diseases such as diabetes and chronic diseases are leading to obesity, which in turn, is creating revenue opportunities for the non-surgical fat reduction market. With the World Health Organization (WHO) estimating that over 650 million people across the world are currently obese, the demand for non-invasive surgeries to improve the quality of life will persist high through the assessment period” says the FMI report
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Non-Surgical Fat Reduction Market – Key Takeaways
- By product type, laser-based and radiofrequency devices are projected to account for the majority of market share, backed by high preference due to their availability and efficiency.
- On the basis of end-use, dermatology clinics will account for the lion’s share in the market value, while beauty clinics will grow at a faster pace.
- North America and Europe will cumulatively hold the largest share in the global market value, with the former forefronting the regional landscape.
- Backed by the presence of a large base of the obese population in the US, coupled with high medical expenditure, North America is expected to remain the most lucrative regional market.
- Emerging economies such as Latin America and Asia Pacific (excluding Japan) are poised to register healthy growth in value owing to rising awareness among consumers and increasing disposable incomes.
Non-Surgical Fat Reduction Market – Driving Factors
- An increasing number of people who are highly conscious about physical appearance, especially in developed economies, are seeking obesity management treatments and non-surgical options have emerged as an ideal solution.
- Technological advancements in cryolipolysis, radiofrequency, and laser lipolysis processes have improved the efficiency of the process, thereby fuelling the adoption.
Non-Surgical Fat Reduction Market – Constraints
- Negative perception and reluctance among consumers due to the possibility of side-effects of these processes are likely to limit the growth of the market.
- Inclination towards physical exercise to reduce weight owing to minimal side-effects poses a challenge to the adoption.
- Lack of proper reimbursement policies for obesity management processes continues to restrain the revenue flow.
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Anticipated Market Impact by Coronavirus Outbreak
As a result of the unforeseen outbreak of COVID-19, medical institutions across the world are realigning their priorities to accommodate and treat the rising number of patients infected with the virus. On this premise, medical institutions across the world have deprioritized non-essential surgical procedures, thus limiting the number of fat reduction surgeries performed. On the back of this factor, the growth trajectory of the non-surgical fat reduction market is expected to behold fluctuations during the pandemic period.
The key players operating in the non-surgical fat reduction market include, but not limited to, Valeant Pharmaceuticals International, Inc., Allergan plc, Alma Lasers, Ltd., Cynosure, Inc., Sciton, Inc., Solta Medical Inc., Lumenis Ltd., Syneron Medical Ltd., Lutronic Corporation, Lynton Lasers Ltd., EL.En. S.p.A., & Cutera Inc. Market players are directing their efforts towards emerging economies such as Asia and are focusing on obtaining approvals of their products and procedures from concerned regulatory authorities to strengthen their foothold.
More on the Report
The FMI’s market research report provides in-depth insights into the non-surgical fat reduction market. The market is scrutinized on the basis of product type (radiofrequency devices, laser based devices, ultrasound devices, and other), end-use (dermatology clinics and beauty clinics), across seven major regions (North America, Eastern Europe, Western Europe, Latin America, Asia Pacific Excluding Japan, Japan, and Middle East and Africa).
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SOURCE: Future Market Insights