Medical Aesthetic Devices Market Trends 2023: Strong Growth at a CAGR of 10.7% and Revenue to Hit USD 38.91 billion by 2030

According to the report published by Allied Market Research, the global medical aesthetic devices market was estimated at $13.52 billion in 2020 and is expected to hit $38.91 billion by 2030, registering a CAGR of 10.7% from 2021 to 2030. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

Market Growth: The medical aesthetic devices market has been experiencing significant growth in recent years and is expected to continue expanding. Factors driving this growth include technological advancements, increasing awareness and demand for aesthetic procedures, and the aging population seeking non-surgical treatments.

Diverse Range of Devices: The market offers a diverse range of medical aesthetic devices designed for various procedures and treatments. These devices can be categorized into several types, including laser-based devices, energy-based devices, body contouring devices, facial aesthetic devices, and others.

Non-Invasive and Minimally Invasive Procedures: Medical aesthetic devices cater to the growing demand for non-invasive and minimally invasive procedures. Patients are increasingly seeking treatments that provide noticeable results with minimal downtime and fewer risks compared to traditional surgical options. Devices such as laser systems, radiofrequency devices, and ultrasound devices are commonly used for non-invasive and minimally invasive treatments.

Rising Popularity of Combination Treatments: Combination treatments that utilize multiple medical aesthetic devices or procedures are gaining popularity. These treatments offer enhanced results by targeting multiple concerns simultaneously or addressing different layers of tissue. For example, a combination of laser resurfacing, radiofrequency, and injectables may be used to achieve optimal skin rejuvenation.

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Market Drivers:

Technological Advancements: Continuous advancements in technology have led to the development of innovative medical aesthetic devices. New technologies such as laser systems, radiofrequency devices, ultrasound devices, and intense pulsed light (IPL) systems have improved treatment outcomes and patient experience. Advancements like improved safety profiles, shorter treatment times, and enhanced efficacy attract both patients and practitioners to adopt these devices.

Growing Aging Population: The global population is aging, leading to an increased demand for anti-aging and aesthetic treatments. As individuals age, they may experience changes in their skin, such as wrinkles, sagging, and pigmentation issues. Medical aesthetic devices offer non-surgical solutions to address these concerns, making them popular among the aging population seeking rejuvenation treatments.

Market Segmentation:

By Product Type:

• Energy-Based Devices: This segment includes devices that use energy-based technologies such as lasers, radiofrequency, ultrasound, and intense pulsed light (IPL) for various aesthetic procedures.
• Body Contouring Devices: These devices are designed for non-invasive or minimally invasive procedures to reshape and contour the body, targeting areas such as abdomen, thighs, and buttocks.
• Facial Aesthetic Devices: This segment includes devices used for facial rejuvenation, wrinkle reduction, skin tightening, and other facial aesthetic procedures.

By Procedure Type:

• Facial and Skin Resurfacing Procedures: This category includes procedures such as laser skin resurfacing, chemical peels, microdermabrasion, and dermabrasion.
• Body Contouring and Cellulite Reduction Procedures: This segment comprises procedures like liposuction, non-invasive fat reduction, and cellulite reduction treatments.
• Hair Removal Procedures: This category includes devices used for laser or IPL-based hair removal treatments.
• Tattoo Removal Procedures: Devices used for the removal of unwanted tattoos fall into this segment.
• Breast Enhancement Procedures: This segment includes devices used for breast augmentation, breast lift, and breast reduction procedures.

By End-User:

• Hospitals and Clinics: Medical aesthetic devices are widely used in hospitals and aesthetic clinics where trained healthcare professionals perform aesthetic procedures.
• Medical Spas and Beauty Centers: These facilities focus on providing aesthetic procedures and often use medical aesthetic devices for their treatments.
• Home-Use: The market for home-use medical aesthetic devices is growing, with consumers using devices for self-treatment at home.

By Geography:

• The medical aesthetic devices market can be segmented into major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Each region may have specific market dynamics, regulatory frameworks, and consumer preferences.

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Regional Growth Dynamics:

North America dominated in 2020, garnering nearly two-fifths of the global medical aesthetic devices market, owing to increased adoption of medial aesthetics, enhanced technological advancements, and development of novel products by the key players in the province. The market across Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 11.7% throughout the forecast period. Improvement in R&D facilities, increase in medical tourism, and rise in awareness about medical aesthetics drive the market growth in the region.

Competitive Landscape:

• Johnson & Johnson
• LUMENIS LTD
• MERZ PHARMA GMBH & CO. KGAA
• Hologic, Inc.
• Zimmer Biomet Holdings, Inc.
• Allergan plc
• Sientra Inc
• Dentsply Sirona Inc.
• SYNERON MEDICAL LTD

Recent developments:

• Merger and Acquisition Activities: The market has witnessed significant merger and acquisition activities as companies aim to expand their product portfolios and strengthen their market presence. For example, in 2020, AbbVie Inc. completed the acquisition of Allergan, a major player in the medical aesthetic devices market. This acquisition expanded AbbVie’s aesthetic product offerings.
• Technological Advancements: Companies continue to focus on technological advancements to improve the safety, efficacy, and patient experience of medical aesthetic devices. For instance, advancements in laser technology, such as the development of picosecond lasers, have led to improved tattoo removal outcomes with fewer treatment sessions and reduced side effects.

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