Latin America Medical Aesthetic Devices Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, Application and End User : Opportunity Analysis and Industry Forecast, 2024-2035

Latin America medical aesthetic devices Market Research - 2035

The Latin America medical aesthetic devices market size was valued at $2.11 billion in 2023, and is projected to reach $7.32 billion by 2035, registering a CAGR of 10.9% from 2024 to 2035. The Latin America medical aesthetic devices market is experiencing significant growth driven by several key factors, notably the rise in the number of cosmetic procedures performed across the region. According to the International Society of Aesthetic Plastic Surgery (ISAPS), Colombia recorded 24,932 eyelid surgeries and 39,744 liposuction procedures in 2023. Similarly, Argentina reported 50,369 eyelid surgeries and 45,528 liposuction procedures, along with many other aesthetic treatments. This increasing volume of procedures reflects a growing societal acceptance of cosmetic enhancements and the desire among individuals to improve their appearance, further propelling the market growth.

Medical aesthetic devices are specialized instruments used in cosmetic treatments to improve physical appearance and address various skin and body concerns. These devices are typically used in minimally invasive or non-invasive procedures, such as skin rejuvenation, hair removal, body contouring, and wrinkle reduction. Common types include laser systems, radiofrequency devices, and ultrasound-based equipment. Medical professionals, including dermatologists and plastic surgeons, use these devices to treat conditions like acne scars, sun damage, and signs of aging. The increasing demand for aesthetic treatments, coupled with advancements in technology, has significantly expanded the market for medical aesthetic devices, offering safer and more effective treatment options.

Key Takeaways

• By product, the aesthetic implants and products segment dominated the market share in 2023. However, the devices segment is anticipated to grow at the highest CAGR during the forecast period.
• By application, the surgical segment dominated the market in 2023. However, the non-surgical segment is anticipated to grow at the highest CAGR during the forecast period.
• By end user, the hospitals & clinics segment dominated the market in 2023. However, the medical spas & beauty segment is anticipated to grow at the highest CAGR during the forecast period.
• Country wise, the rest of Latin America was the largest revenue contributor to the market in 2023. However, the Argentina is expected to exhibit the fastest growth during the forecast period.

Market Dynamics

The Latin American medical aesthetic devices market is experiencing significant growth, driven by various factors shaping the industry. A key driver is the aging population, which has been steadily increasing due to higher life expectancy. For example, the Latin American Institute of Geography and Statistics (IBGE) reports that individuals aged 60 and above made up 15.6% of the population in 2023, with this percentage projected to rise to 37.8% by 2070. As the population ages, concerns about visible signs of aging, such as wrinkles, fine lines, and sagging skin, become more prevalent. This has led to a surge in demand for aesthetic treatments designed to address these concerns. The growing focus on maintaining youthful appearances and improving skin health is significantly contributing to the expansion of the medical aesthetic devices market in Latin America.

Furthermore, the rising demand for minimally invasive and non-invasive procedures is closely tied to the aging population, becoming a significant global trend, particularly in Latin America. Treatments such as Botox injections, dermal fillers, and laser therapies have gained widespread popularity due to their ability to deliver noticeable results with minimal discomfort, shorter recovery times, and fewer risks compared to traditional surgeries. For many, especially older adults, the appeal of quick, relatively painless procedures with immediate results is undeniable. This growing preference for minimally invasive treatments has driven the adoption of advanced aesthetic devices designed to perform these procedures safely and effectively, further fueling Latin America medical aesthetic devices market growth.

Moreover, the increasing awareness and social acceptance of aesthetic treatments have significantly contributed to the growth of the medical aesthetic devices market in Latin America. The influence of social media, beauty influencers, and online advertising has raised awareness about the availability and benefits of cosmetic treatments. This greater visibility has helped reduce the stigma once associated with undergoing aesthetic procedures, making them more socially acceptable and sought after. As more people, including peers and celebrities, openly discuss their aesthetic enhancements, demand for such treatments continues to rise. This shift in perception is particularly strong in Latin America, where beauty and physical appearance hold considerable cultural importance, driving a focus on personal grooming and aesthetic upkeep.

The trend is further supported by statistics from the International Society of Aesthetic Plastic Surgery (ISAPS), which reveals a notable increase in aesthetic procedures among younger individuals in the region. For instance, in 2023, the percentage of surgeons performing breast augmentation on women aged 17 and under was 13.3% in Colombia and 4.2% in Argentina. These figures reflect a broader societal shift, with younger people increasingly seeking aesthetic procedures as part of their pursuit of beauty and self-improvement. This growing openness toward cosmetic treatments has played a key role in expanding the market.

In addition, technological advancements are significantly driving the adoption of medical aesthetic devices. Innovations in laser technology, radiofrequency, ultrasound, and cryolipolysis have made treatments more effective, precise, and less invasive. These technologies enable faster procedures with reduced downtime, improving patient satisfaction. Additionally, new devices offer enhanced safety features, minimizing risks and side effects, which increases their appeal to both practitioners and consumers. As a result, more medical professionals are incorporating advanced aesthetic devices into their practices, and consumers are increasingly opting for treatments that deliver visible results with minimal discomfort, further fueling market growth.

Adding to this dynamic is the rise of medical tourism in Latin America, which has emerged as a major growth driver for the medical aesthetic devices market. Latin America is renowned for its world-class healthcare facilities and highly skilled practitioners in the field of aesthetic medicine. Furthermore, the lower costs of medical procedures in Latin America compared to other developed nations make it an attractive destination for international patients seeking high-quality aesthetic treatments at affordable prices. As a result, Latin America has become a hub for medical tourism, with patients from around the world traveling to the country for procedures such as cosmetic surgery, skin treatments, and other non-invasive aesthetic enhancements. This influx of international patients has further boosted the demand for advanced medical aesthetic devices.

Segmental Overview

The Latin America medical aesthetic devices market is segmented on the basis of product, application, end user, and country. By product, it is divided into devices and aesthetic implants & products. By application, it is bifurcated into surgical and non-surgical. By end user, it is classified into hospitals & clinics and medical spas & beauty centers. Country wise, the market is analyzed across Chile, Colombia, Venezuela, Argentina, and rest of Latin America.

By Product

The aesthetic implants and products segment dominated the market in 2023. The growing trend of breast augmentation procedures across various age groups is significantly contributing to the demand and growth of the medical aesthetic devices market in Latin America. Increased awareness of the safety and effectiveness of aesthetic procedures has encouraged more individuals in the region to consider breast implants, further driving market expansion.

However, the devices segment is expected to register the highest CAGR during the forecast period owing to the rising preference for non-invasive aesthetic treatments, driven by technological advancements and a consumer desire for quicker recovery options, is fueling market growth. The introduction of innovative aesthetic devices is further boosting their adoption in medical spas, dermatology clinics, and beauty centers, making these treatments more accessible and appealing to a broader audience.

By Application

The surgical segment dominated the market in 2023, owing to the rise in surgical aesthetic procedures, coupled with growing public awareness of aesthetic enhancements, is driving market growth. The increasing interest in surgeries such as liposuction and breast augmentation reflects a cultural shift in Latin America, where physical appearance is becoming more highly valued.

However, the non-surgical segment is expected to register the highest CAGR during the forecast period owing to the increasing preference for minimally invasive procedures, which offer quicker recovery times and lower risks compared to surgical options. Factors such as enhanced consumer education, advancements in technology, and a surge in demand for popular treatments like laser therapy, and injectable treatments are also propelling the segment's rapid growth.

By End User

The hospital & clinics segment dominated the market in 2023, owing to the growing adoption of aesthetic procedures in healthcare facilities is driven by factors such as increased patient trust, access to advanced technologies, and the availability of skilled professionals. These elements are contributing to the rising popularity of aesthetic treatments across Latin America.

However, the medical spas & beauty segment is expected to register the highest CAGR during the forecast period owing to rising consumer interest in non-invasive aesthetic treatments within a tranquil, spa-like setting. Factors such as a growing focus on self-care, the influence of social media promoting beauty trends, and the expansion of promotional offers and packages in these facilities enhance their appeal to a broader audience.

By Country

The rest of Latin America was the largest revenue contributor to the market in 2023, owing to the increasing demand for non-invasive and minimally invasive cosmetic treatments, the rising middle-class population, growing medical tourism, and the expansion of medical spas and beauty centers across the region.

However, Argentina is expected to exhibit the fastest growth during the forecast period, owing to a growing demand for aesthetic procedures, an increasing number of skilled professionals, advancements in medical technology, and the country's strong medical tourism industry, attracting both local and international patients seeking high-quality, affordable treatments.

Competition Analysis

Competitive analysis and profiles of the major players in the Latin America medical aesthetic devices market include Dentsply Sirona, Bausch Health Companies Inc., Fosun Pharma, Fotona, Candela Corporation, Merz GmbH & Co. KGaA, Galderma Holding SA, Abbive, Lumenis Be Ltd., and VYDENCE medical. The key players have adopted various strategies such as collaboration to strengthen their service portfolio.

Recent Developments in Latin America medical aesthetic devices Industry

• In January 2023, Galderma announced the launch of FACE by Galderma, which is an advanced innovative and augmented reality application. It was reported that the FACE by Galderma, will be made available in Latin America in the first half of 2023.
• In March 2022, Allergan Aesthetic, an AbbVie Company, announced that it entered the hybrid injectables category with the launch of HArmonyCa with lidocaine, across various countries of Europe, the Middle East & Africa including Latin America.
• In June 2022, GC Aesthetic, a medical technology company offering women healthcare and reconstructive solution, announced the expansion and growth plan for aesthetic implants such as the round collection breast implants in the Latin America market.