Medical Aesthetic Devices Market

Market Overview

The global medical aesthetic devices market size was valued at USD 21.03 billion in 2022. It is estimated to reach USD 56.01 billion by 2031, growing at a CAGR of 11.5% during the forecast period (2023–2031). The cases of obesity have surged globally in the past few years owing to the adoption of stagnant and lazy lifestyles by a huge number of people. This has led to increased aesthetic surgeries, which drives the market growth. Moreover, the market growth is anticipated to be further enhanced by the increasing popularity of minimally invasive operations, which offer advantages such as shorter recovery durations.

Medical aesthetics is used to treat and improve a person's aesthetic appearance by treating conditions like skin laxity, cellulite, scars, moles, wrinkles, unwanted hair, excessive fat, liver spots, spider veins, and skin discoloration. It consists of dermatology, oral and maxillofacial, reconstructive, and plastic surgery. A combination of non-surgical and surgical procedures can enhance an individual's physical appearance through aesthetic medicine.

Medical aesthetics is widely used in hospitals, clinics, medical spas, and beauty centers worldwide because it is quick, safe, effective, minimally invasive, requires little downtime, reduces the signs of aging, enhances the natural appearance, and has a lasting effect. Likewise, aesthetic devices correct deformities caused by accidents, trauma, and congenital disorders (particularly implants). In addition, aesthetic procedures can partially reverse the aging process.

Market Dynamics

Global Medical Aesthetic Devices Market Drivers

Increasing Obese Population

Obesity increased significantly worldwide, especially over the past few decades. Lifestyle disorders are found to be having a great influence on increasing obesity prevalence. The increased consumption of alcohol, lack of physical activity, and food habits are the primary factors for the increasingly obese population. Data provided by the World Health Organization (WHO), updated in June 2021, shows that approximately 39 million children under five were overweight or obese in 2020, which increased from 38.2 million in 2019. This steep rise in obesity among the population is expected to create demand for aesthetic devices for body restructuring, body contouring, and cellulite reduction, among other procedures. Therefore, it is predicted to propel the growth of the medical aesthetic devices market in the forecast period.

Rising Adoption of Minimally Invasive Devices

Minimally invasive cosmetic procedures alter a person's appearance without surgery. These procedures include smaller incisions and processes with microneedles or fillers that break the skin. However, conventional methods do not necessitate incisions or harm to the skin. Therefore, there is a growing need for these operations daily.

Moreover, minimally invasive aesthetic procedures, such as filler injections and thread lifts, have recently gained popularity. According to the American Society of Plastic Surgeons' Plastic Surgery Statistics Report 2020, 15.6 million people underwent cosmetic procedures in the United States alone in 2020, with 2.3 million undergoing cosmetic surgical procedures and 13.2 million undergoing minimally invasive procedures. This adoption of minimally invasive methods is expected to rise over the forecast period and drive market growth.

Global Medical Aesthetic Devices Market Restraint

Poor Reimbursement Scenario

In certain countries, such as Indonesia, individuals may lack access to medical insurance due to a variety of factors, including dynamic therapy advancements, fluctuations in insurance coverage, reimbursement rates, and evolving regulatory frameworks. This negligence towards medical care is one of the major factors leading to a small number of medical insurance coverage. Likewise, the pace of the growth in healthcare expenditures is not sustainable, and reimbursement of medical treatment and devices is under increasing cost pressure. Such pressures may restrain the growth of the medical aesthetics devices market in the countries globally.

Global Medical Aesthetic Devices Market Opportunities

Technological Advancement in Devices

Technological advancements in aesthetics and the increasing demand from the target population are projecting the global medical aesthetic devices market growth. For instance, in March 2022, Aesthetic device company Lumenis launched the Splendor X device to the UK market. The new device is CE-cleared for hair removal, pigmented lesions, vascular treatments, and the treatment of wrinkles.

Similarly, in April 2022, BTL launched industry-leading aesthetic devices, including Emsculpt, Emtone, and Exilis Ultra360, to the UK beauty sector. Emsculpt uses trademarked HIFEM technology to create an electromagnetic field to target muscle groups, such as the abdomen, buttocks, arms, or legs, and induce supramaximal contractions that the body cannot perform naturally; 20,000 contractions in a 30-minute treatment to build muscle and reduce fat. Such developments are creating opportunities for market growth.

Regional Analysis

Based on region, the global medical aesthetic devices market is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global medical aesthetic devices market shareholder and is anticipated to exhibit a CAGR of 10.91% during the forecast period. The primary factors driving market expansion were the presence of key market participants, the escalating number of aesthetic/cosmetic procedures, and the widespread adoption of minimally invasive techniques. As per the International Society for Aesthetic Plastic Surgery, the total number of aesthetic or cosmetic procedures increased by 7.4% between 2018 and 2019. In 2019, surgical and non-surgical procedures increased by 7.1% and 7.6%, respectively, whereas only non-surgical procedures increased in 2018. The region's aging population is another factor augmenting the expansion market's growth. Statistics Canada's September 2021 population estimates indicate that the number of Canadians over 60 in 2021 will be 96,88,677. This increase in the elderly population in the United States is anticipated to contribute to market expansion during the forecast period.

Europe is estimated to exhibit a CAGR of 11.36% over the forecast period. The medical aesthetic device market in Germany is majorly driven by the region's high number of aesthetic procedures due to obesity and rising awareness about appearance across the general population. For example, as per the Global Obesity Observatory, in 2021, 24.5% of men were obese in Germany, and 43.8% were overweight. Similarly, around 26.7% of women were obese, and 29% were overweight. Looking at these percentages, the National Obesity Risk predicted is 7/10, which is much higher and an issue of concern for the country. However, there has been an increasing awareness about obesity, leading to a growing number of people undergoing aesthetic surgeries for weight loss. This aspect is fueling the demand for aesthetic devices across the region.

Furthermore, new product launches in the country may fuel the growth. For instance, Brazilian laser company Vydence Medical plans to launch ETHEREA MX in the United Kingdom under Harley Technologies, which can effectively provide a comprehensive suite of the most famous aesthetic treatments.

Asia-Pacific is the quickest-growing region in the market due to the surging number of aesthetic procedures and the flourishing adoption of minimally invasive procedures. For instance, because of the surging awareness among people about the advantages of aesthetic procedures, people are more inclined towards minimally invasive procedures. As per the International Society for Aesthetic Plastic Surgery, 524,064 aesthetic procedures (surgical and non-surgical) were performed in India in 2020. This will likely surge the demand for medical aesthetic devices. The development of innovative medical aesthetic devices by the key players is significantly adding to the growth of the market over the forecast period. For instance, in May 2021, Aldi Australia announced the launch of a new DIY laser hair removal solution gadget to help consumers use aesthetic devices in the sophistication of their homes. The product launch will likely add to market growth over the forecast period.

In the Middle East and Africa, disposable income has increased due to economic development. This has boosted their purchasing power. Moreover, factors such as improving healthcare infrastructure and rising healthcare expenditure are driving the medical aesthetic devices market in the region. Gradually, more men are becoming conscious of their appearance. According to the American Society of Plastic Surgeons, the proportion of male patients undergoing cosmetic surgery is approximately 30% males and 70% females. The most common procedure for men in the GCC is breast reduction, followed by hair transplants. This positively impacts the Middle East and Africa medical aesthetic device market.

Segmental Analysis

The global medical aesthetic devices market is segmented by type of device, application, and end-user.

Based on the type of device, the global market is bifurcated into energy-based aesthetic devices and non-energy-based aesthetic devices. 

The non-energy-based aesthetic device segment dominates the global market and is expected to exhibit a CAGR of 11.57% over the forecast period. The non-energy-based aesthetic devices segment is further bifurcated into botulinum toxin, dermal fillers and aesthetic threads, chemical peels, microdermabrasion, implants (facial implants, breast implants, and other implants), and non-energy-based other aesthetic devices. The dermal fillers and aesthetic threads category dominated the market, which is predicted to grow at a CAGR of 12.49%. Dermal fillers address anti-aging factors and can also cure acne scars, enhance the hand's dorsal area, and increase facial area volume. Aesthetic threads, on the other hand, are medical sutures inserted into the skin with a needle to lift and renew it. The increased usage of minimally invasive treatments for anti-aging, face lifting, and face rejuvenation is linked to the growth of the dermal fillers and aesthetic threads segment.

The energy-based aesthetic devices segment is further divided into laser-based, light-based, radiofrequency (RF)-based, and ultrasound aesthetic devices. The laser-based aesthetic device was the largest contributor to the market and is expected to grow at a CAGR of 10.82%. Lasers are gaining popularity in the aesthetic devices industry as they are utilized in various procedures. Laser hair removal, laser resurfacing, and vascular and pigmented lesions are well-known and frequently performed laser procedures. Procedures like hair removal and skin resurfacing are standard procedures with aesthetic lasers. Moreover, the number of procedures seems to have increased over the past few years in developing Asian countries.

Based on application, the global market is divided into skin resurfacing and tightening, hair removal, body contouring and cellulite reduction, facial aesthetic procedures, breast augmentation, and other applications.

The facial aesthetic procedures segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 11.02% throughout the forecast period. The aging process is characterized by alterations in the facial structure's skin, muscles, bones, and fat components, resulting in a decline in elasticity, volume, and softness. Non-surgical facelifts, using filler injections, are a minimally invasive procedure to regain facial volume. In recent years, there has been a surge in the popularity of various minimally invasive facial aesthetic procedures. These procedures encompass a range of techniques, such as laser and intense pulsed light treatments for hair reduction, injections of botulinum toxin and dermal fillers to address lines and wrinkles, skin resurfacing and photo rejuvenation, as well as chemical peels and microdermabrasion for exfoliation. These treatments have gained significant traction among individuals seeking aesthetic enhancements.

Skin resurfacing and tightening play a vital role in skin rejuvenation. The skin irregularities on the face and other body parts are majorly due to exposure to the sun, skin disorders, and sometimes hereditary. It also includes textural irregularities like wrinkles, acne scars, and pigmentation changes like freckles, sunspots, or visible blood vessels. The skin may also lose tone, lose the healthy glow, and feel less firm, which is evident in younger skin.

Based on the end-user, the global market is segmented into hospitals, clinics, home settings, and others. 

The hospitals segment owns the highest market share and is estimated to exhibit a CAGR of 10.51% during the forecast period. Hospitals and freestanding surgical centers are primarily visited for aesthetic and reconstructive surgeries. In developed countries, better reimbursement facilities are provided for cosmetic procedures, augmenting the growth of the hospitals and surgery centers segment. Moreover, surgeries at hospitals also give doctors and patients time to address any complications due to surgery. Therefore, the overall segment is believed to witness high growth.

Aesthetic clinics and aesthetic doctors, sometimes referred to by the public as aesthetic physicians, are general practitioners with a special interest in aesthetic medicine. These physicians attend certificate, diploma, or even master's courses to study and train in this branch. Aesthetic doctors provide non-invasive and minimally invasive procedures, like botulinum toxin injection, dermal fillers, chemical peels, and various lasers. However, these physicians cannot practice aesthetic surgeries as they require high precision and experience. As a result, most plastic surgeons perform these minimally invasive aesthetic procedures in their private practices.

Recent Developments

• March 2023- LPG Group, a French medical and aesthetic device manufacturer, announced that LPHYSIO, a Korean wellness company specializing in high-end fitness and therapy, became the exclusive distributor of LPG Group's medical devices for professional use in Korea.
• March 2023- CG Bio stated it had opened NULOOK, a medical aesthetics clinic on Bali Island, Indonesia, with intentions to make it a medical tourism hub in Southeast Asia.