Global Aesthetic Devices Market - Segmented by Product, End Users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global aesthetic devices market is expected to register a CAGR of 6% during the forecast period of 2018–2023. North America is anticipated to dominate the market during the forecast period owing to technological advancement in the development of innovative devices.
Increasing Awareness about Aesthetic Procedures
With the advent of the internet and growing trend of social media, information is becoming more accessible to everyone, and people are becoming more aware of aesthetic procedures. Growing number of social media users and raising awareness among the masses about the medical aesthetic procedures is likely to pose a positive impact on the sales of medical aesthetic devices, resulting in a huge growth in the market size. For instance, in 2005, 5.4 million medical aesthetic procedures were performed worldwide. This number had increased to 12 million by 2014 and is expected to reach 21.9 million by 2020. Additionally, technological advancement, growing geriatric population, and the rising disposable income are likely to drive the market for aesthetic devices globally.
Capital Equipment-based Market
A majority of the medical aesthetic devices, like the laser ablation systems or the liposuction devices, require significant capital investment, and in turn, they last for several years. Hence, these devices are rarely replaced, resulting in low sales. In most cases, new sales are more or less equal to the replacement rate of these devices. This happens to be a major restraint for the medical aesthetic devices market as it is challenging to get new sales for a product beyond the replacement rate. Additionally, poor reimbursement scenario is further restricting the growth of the market.
North America is the Largest Market
North America is the biggest market for global aesthetic devices owing to the growing investment from key players in the development of innovative devices, and rising demand for aesthetic procedures in the region. Asia-Pacific is the fastest growing region. Factors, such as huge population base and rising disposable income, are anticipated to drive the market for aesthetic devices in the region.
Key Developments in the Market