June 14, 2024
Medical Aesthetics Devices Market

Medical Aesthetic Devices Market is in Trends by Growing Awareness regarding Aesthetic Procedures

The medical aesthetic devices market comprises non-invasive and minimally invasive medical devices used for aesthetic treatments and procedures. Medical aesthetic devices are used for skin resurfacing, body contouring, hair removal, skin tightening, and various other cosmetic procedures. Some key medical aesthetic devices include laser-based devices, energy-based devices, microdermabrasion devices, ultrasound devices, neuromodulators, etc. These devices help reduce fine lines, wrinkles, scars, stretch marks, cellulite, unwanted hair, and excess fat through non-surgical procedures. The rising demand for non-invasive and minimally invasive aesthetic treatments among individuals is a key driver of this market.

The Global Medical Aesthetic Devices Market is estimated to be valued at US$ 15.44 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Medical Aesthetic Devices Market Demand are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. These leading players are focusing on new product launches and partnerships to strengthening their market position.

The growing demand for non-surgical aesthetic treatments among the young demographics along with rising disposable incomes is fueling the growth of the medical aesthetic devices market globally. The increasing awareness about various aesthetic procedures through social media and other digital platforms is further driving the demand for minimally invasive aesthetic devices.

The medical aesthetic devices market is also expanding rapidly in emerging regions such as Asia Pacific and Latin America. Factors such as the growing medical tourism industry and improved access to aesthetic treatments are supporting the market growth across developing countries.

Market Key Trends

The increasing popularity of energy-based devices for cellulite reduction, skin tightening, and other aesthetic procedures is one of the key trends witnessed in the medical aesthetic devices market. Energy-based devices work through thermal or non-thermal modes and help reduce wrinkles, scars, and body fat through selective damage of fat cells under the skin. Advancements in ultrasonic, laser, and light-based technologies have further enhanced the efficacy and safety of energy-based aesthetic devices. This rising preference for energy-based aesthetic solutions is expected to drive the market during the forecast period.

Porter’s Analysis

Threat of new entrants: High capital requirements and strict regulatory requirements pose a barrier to new entrants.

Bargaining power of buyers: Buyers can negotiate on price and demand quality with their purchase volume.

Bargaining power of suppliers: Suppliers have moderate to high bargaining power as medical device industry depends upon external suppliers for key raw materials.

Threat of new substitutes: There exists a low threat from substitutes due to focus on constant innovation and advancement in medical aesthetic technologies.

Competitive rivalry: Intense competition exists among existing players due to their focus on branding and continuous new product launches.

Geographical Regions

North America holds the major share of the global medical aesthetic devices market in terms of value, owing to increasing demand for minimally invasive and non-invasive aesthetic procedures, high disposable income, favorable reimbursement policies, and technological advancements.

Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising medical tourism, improving healthcare infrastructure, increasing awareness about aesthetic procedures, and growing disposable income. Countries such as China, Japan, India are expected to witness high demand for medical aesthetic devices.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it