by Medical aesthetic devices help improve the appearance and attractiveness of an individual. These devices are used in various cosmetic procedures such as anti-aging, body contouring, breast augmentation, hair removal, skin rejuvenation, and others. Medical aesthetic devices are largely used to reduce wrinkles, address skin laxity, raise or augment breasts, remove body and facial fat through non-invasive procedures. The global demand for these aesthetic procedures has been growing owing to rising aesthetic consciousness and increasing disposable income. In addition, social media influence has further enhanced the focus on physical appearance and good looks.
The global Medical Aesthetic Devices Market is estimated to be valued at US$ 13.04 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the medical aesthetic devices market is the growing popularity of non-invasive aesthetic procedures. Traditionally, surgical procedures involving incisions, scarring, long recovery times were preferred for aesthetic treatments. However, non-invasive procedures which do not require incisions or long downtime are gaining prominence. These procedures use modern technologies like laser, ultrasound, radiofrequency for skin tightening and other treatments. Their advantages like minimal pain, lower costs, and lack of visible scarring have increased their demand significantly. Furthermore, manufacturers are also continuously investing in R&D to develop innovative non-invasive devices with improved efficacy and reduced side effects. This will continue to drive growth in demand for these devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the medical aesthetic devices market is moderate due to high capital requirements to manufacture quality products and strong brand recognition of established brands.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of a wide range of medical aesthetic devices from various companies. However, buyer preferences play a major role in device selection.
Bargaining power of suppliers: Suppliers of materials and components have moderate bargaining power due to the availability of alternative supply sources. Established suppliers can leverage their expertise in materials and components.
Threat of new substitutes: The threat of new substitutes is low as medical aesthetic devices are considered premium products for aesthetic treatments.
Competitive rivalry: The competitive rivalry is high among major players due to their strong global presence and constant efforts to develop innovative devices and technologies.
Key Takeaways
The Global Medical Aesthetic Devices market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently holds the largest share in the global medical aesthetic devices market due to the growing number of aesthetic clinics and the favorable reimbursement scenario. Asia Pacific is expected to grow at the fastest pace during the forecast period with the increasing disposable incomes and growing medical tourism industry in countries such as China, India, and South Korea.
Key players: Key players operating in the medical aesthetic devices market are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. AGRANA Beteiligungs AG offers bioplastics and biopolymers such as PLA and PHA for medical devices applications. BIOTEC manufactures bioplastics from renewable resources for medical device extrusion.
