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At 11.1% CAGR Aesthetic Medical Devices Market Size to Reach $44.60 Billion By 2031 | The Insight Partners
Aesthetic medical devices market was valued at US$ 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.
- 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.
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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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:
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: Ankit Mathur
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