At 11.1% CAGR Aesthetic Medical Devices Market Size to Reach $44.60 Billion By 2031 | The Insight Partners
The North America aesthetic medical devices market was valued at US$ 6,982.44 million in 2023 and is expected to reach US$ 16,367.52 million by 2031; it is estimated to register a CAGR of 11.2% from 2023 to 2031.
NEW YORK, Nov. 5, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the Global Aesthetic Medical Devices Market Forecast to 2031 – Global Analysis – Technology, Application, End User, and Geography," the market was valued at US$ 19.21 billion in 2023 and is expected to reach US$ 44.60 billion by 2031. It is estimated to register a CAGR of 11.1% from 2023 to 2031. The rise in medical tourism worldwide, surge in adoption of minimally invasive and noninvasive aesthetic procedures, increase in prevalence of skin disorders, and consumer awareness about skincare treatments are the key factors driving the market. However, risks and complications associated with procedures and stringent safety regulations hamper the market growth.
Read full market research report, "Aesthetic Medical Devices Market Analysis and Forecast by Size, Share, Growth, Trends 2031", published by The Insight Partners.
Regional analysis -
The Asia Pacific - Aesthetic medical devices market was valued at US$ 4,158.02 million in 2023 and is expected to reach US$ 9,938.72 million by 2031; it is estimated to register a CAGR of 11.5% from 2023 to 2031.
The Europe - Aesthetic medical devices market was valued at US$ 6,010.73 million in 2023 and is expected to reach US$ 13,739.86 million by 2031; it is estimated to register a CAGR of 10.9% from 2023 to 2031.
Increase in Prevalence of Skin Disorders and Consumer Awareness About Skincare Treatments Drives Aesthetic Medical Devices Market
The prevalence of disorders such as dermatitis, acne, psoriasis, and other skin anomalies, including warts, moles, and lesions, is increasing worldwide. According to the American Academy of Dermatology Association, acne is the most common skin condition in the US and affects ~50 million Americans annually. The rising geriatric population prone to wrinkles and aging is boosting the demand for antiaging, toning, and skin rejuvenation treatments to hide the signs of aging. There is a global demand for laser treatments, body contouring, and skin tightening. As per The Aesthetic Society, 41,301 skin rejuvenation procedures were performed in the US, generating a revenue of US$ 31,567,167 in 2021. Also, consumer awareness about skincare treatments is increasing the number of medspas and skin clinics that provide affordable skin treatments for various skin conditions. With the rising prevalence of skin disorders, there is an increase in demand and inclination toward portable home-based skincare devices. These devices are based on microcurrent and ultrasonic technic technology. For instance, in July 2021, NuFACE's innovative at-home microcurrent technology launched its latest skincare innovation with IonPlex Ionized Skincare Activators—a unique blend of electrically charged ions and glacial water that deliver a surge of active ingredients for optimal microcurrent results and healthy, younger-looking skin. Thus, the increase in the prevalence of skin disorders and consumer awareness about skincare treatments drives the aesthetic medical devices market.
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Aesthetic Medical Devices Market: Regional Overview
Based on geography, the aesthetic medical devices market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2023, North America held the largest market share. The market growth in North America can be mainly associated with the increasing number of aesthetic procedures. In the US, technological developments have increased the number of minimally invasive and noninvasive procedures. According to the American Society of Plastic Surgeons, in 2022, 26.2 million surgical and minimally invasive operations were carried out in the US. Additionally, as per ASAPS 2020, 15.6 million cosmetic procedures were recorded in 2020, which included ~2.3 million cosmetic surgical and 13.2 million cosmetic minimally invasive procedures. Intense pulsed light (IPL) treatment is among the top 5 cosmetic minimally invasive procedures, with over 827,000 IPL procedures performed in the country in 2020.
The aesthetic medical devices market in Asia Pacific is expected to register the highest CAGR during the forecast period. The market growth is attributed to factors such as increasing product developments and launches, increasing satisfactory numbers of aesthetic procedures, and rising number of aesthetic surgeries, resulting in a large pool of doctors entering this field. Moreover, a surge in the number of skin rejuvenation procedures, awareness of the importance of cosmetic procedures in improving aesthetic appeal, an increase in healthcare expenditure, and technological advancements in medical aesthetics products help boost the growth of the aesthetic medical devices market in the region.
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Aesthetic Medical Devices Market: Competitive Landscape and Key Developments
Apart from factors driving the market, the aesthetic medical devices market report emphasizes prominent players operating in the market; these include Alma Lasers, Merz Pharma GmbH & Co KGaA, Bausch Health Companies Inc, Lumenis Be Ltd, Venus Concept Inc, Cutera Inc, Fotona, InMode, Asclepion Laser Technologies GmbH, and Cynosure LLC. Market players focus on expanding and diversifying their businesses and acquiring novel customer bases, which allows them to explore attractive business opportunities prevailing in the aesthetic medical devices market. As per company press releases, a few recent developments are as follows:
- In February 2024 - CUTERA, INC., a leading provider of aesthetic and dermatology solutions, announced the international limited commercial release of AviClear—the first energy-based FDA-cleared device for the long-term treatment of mild, moderate, and severe acne.
- In January 2024 - Cynosure and Hahn & Company, which has recently acquired Lutronic, entered into a definitive merger agreement for a strategic combination of Cynosure and Lutronic. Both Cynosure and Lutronic are global providers of energy-based medical aesthetic treatment systems and related technologies.
- In November 2023 - Venus Concept Inc., a global medical aesthetic technology leader, announced the commercial launch of its new multi-application platform Venus Versa Pro in the US. Venus Versa Pro supports 10 different applicators that can be used individually or in combination to target a wide range of aesthetic conditions, including skin texture, acne vulgaris, vascular and pigmented lesions, and facial wrinkles, among others.
- In January 2021 - Merz Aesthetics and Candela Corporation entered a unique commercial collaboration to provide one of the broadest medical aesthetics portfolios in the world. The collaboration was started in North America with the intention to expand the portfolios of devices, injectables, and skincare worldwide, providing customers easy access to comprehensive offerings for products and support services.
- In May 2020 - Lumenis Australia and its SPLENDOR X technology were chosen as the preferred supplier by Australian Skin Clinics to improve their laser hair removal offerings across their new clinics. Australian Skin Clinics, widely recognized as a leading authority in cosmetic and aesthetic services with over 22 years of experience in the industry, offers a wide range of results-driven treatments, including advanced skin care, acne management, laser hair removal, cosmetic injectables, and fat reduction across 50 clinics nationwide.
- In January 2020 - DEKA M.E.L.A. and Cartessa Aesthetics entered into an exclusive distribution agreement to market their award-winning aesthetic platform device, Luxea. Luxea is the most advanced multi-modality intense pulsed light and laser platform system. With multiple IPL and laser options equipped with plug-and-play connectivity, providers are able to perform cornerstone aesthetic treatments with an elite system.
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