Hyderabad, March 11, 2023 (GLOBE NEWSWIRE) --
According to a new market research report titled, “Medical Aesthetic Devices Market-2023-2028”, the medical aesthetic market is expected to grow at a CAGR of 11.83%. The global market for aesthetic procedures is being driven by multiple factors, such as the rising awareness of aesthetic treatments and a growing number of obese populations. Additionally, technological advancements in aesthetic devices and the adoption of minimally invasive devices are enhancing growth in this space.
Reinforcing these indicators is the increasing volume of aesthetic services worldwide. The International Society of Aesthetic Plastic Surgery (ISAPS) recorded 10.12 million surgical and nonsurgical procedures performed globally in 2020; while in the United Kingdom - 15,405 cosmetic surgery operations were completed in 2021, based on findings published by the British Association of Aesthetic Plastic Surgeons (BAAPS). The increasing number of aesthetic procedures requires medical aesthetic devices. This is creating the need for medical aesthetic devices and driving the market's growth.
Additionally, the approval of products by various regulatory authorities is also boosting the market's growth. For instance, in January 2022, Lumenis launched the Splendor X device, CE cleared for hair removal, vascular treatments, pigmented lesions, and wrinkles in the United Kingdom.
Major market trends shaping the Medical Aesthetic Devices Market:
Medical aesthetic devices refer to all medical devices that are used for various cosmetic procedures, which include plastic surgery, unwanted hair removal, excess fat removal, anti-aging, aesthetic implants, skin tightening, etc., that are used for beautification, correction, and improvement of the body.
Botulinum toxin is expected to witness significant growth during the forecast period. This is produced by the bacterium Clostridium botulinum, which is a neurotoxic protein. When given as injections, these proteins act by blocking nerve signals to muscles. This relaxes the muscle and decreases the appearance of wrinkles or folds in the face - a cosmetic use much sought after among young adults today. Botulinum toxin is also used for non-cosmetic purposes, such as treating chronic migraine or dystonia. The growing popularity of minimally invasive procedures and the rising gentrification seen worldwide are key factors driving the growth of botulinum toxin market segments.
Some of the major market trends shaping the Medical Aesthetic Devices Market according to our research experts:
- The American Society of Plastic Surgeons survey was released in June 2022 in the United States. It reported that botulinum toxin Type A is one of the tops minimally invasive cosmetic procedures among patients during 2021-2022.
- It also reported that patients aged 31- 45 years most commonly seek botulinum toxin type A cosmetic procedures.
- Additionally, an ISAPS survey released in December 2021 revealed that among all the non-surgical cosmetic procedures performed globally in 2020, 43.2% were Botulinum Toxin procedures.
- It also reported that a total of 6,213,859 botulinum toxin procedures were performed.
- Such a high adoption of botulinum toxin procedures creates more demand for it and thus drives the growth of the market segment.
- The major players in the market are also investing more in the import and export of botulinum toxin products and are keenly investing in technological advancements.
- In September 2022, Revance Therapeutics Inc. received USFDA approval for DAXXIFY for injection to temporarily improve moderate to severe frown lines in adults.
Thus, owing to the abovementioned factors, the botulinum toxin segments are expected to project significant growth during the forecast period.
What is driving the growth of the medical aesthetic devices market?
The medical aesthetic devices market in North America is projected to experience strong growth over the next few years due to a variety of conditions. These include an increase in the number of aesthetic procedures performed, greater public awareness about non-surgical and minimally invasive procedures, and advances in technology. These forces taken together indicate a bright future for the field going forward.
The large volume of aesthetic procedures in the region creates the need for aesthetic devices and thus drives the growth of the market. According to the AAFPRS survey released in March 2022, an estimated 1.4 million surgical and non-surgical procedures were performed in the United States in 2021, an increase of 40% over the procedures performed in 2020.
Additionally, according to the ISAPS survey released in December 2021, 860,718 aesthetic procedures were performed in Mexico in 2021, of which 456,489 were aesthetic surgical procedures and 404,229 were non-surgical aesthetic procedures. Thus, the increasing number of cosmetic procedures among the population is anticipated to boost the growth of the market during the forecast period.
Who are the key players in the Medical Aesthetic Devices Market?
The medical aesthetic devices market is moderately competitive and consists of many players
- Abbvie Inc. (Allergan PLC)
- Alma Lasers (Sisram Med)
- Bausch Health Companies Inc. (Solta Medical Inc.)
- Johnson & Johnson Private Limited
- Sciton Inc.
- Candela Corporation
- Venus Concept
Recent Developments in the Medical Aesthetic Devices Market:
- In June 2022: Cynosure launched the PicoSure Pro device, its latest upgrade to the PicoSure platform. PicoSure Pro is one of the first 755nm picosecond lasers cleared by the USFDA.
- In May 2022: GC Esthetics Inc. launched an innovative nipple-areola complex (NAC) reconstructive implant called FixNip NRI in Europe under an exclusive partnership agreement with FixNip LTD.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/global-medical-aesthetic-device-market-industry
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