Latin America medical aesthetic devices Market Expected to Reach $7.32 Billion by 2035

According to a new report published by Allied Market Research, titled, “Latin America medical aesthetic devices market: Opportunity Analysis and Industry Forecast, 2024–2033," The Latin America medical aesthetic devices market size was valued at $2.11 billion in 2023 and is estimated to reach $7.32 billion by 2035, exhibiting a CAGR of 10.9% from 2024 to 2035. The devices segment is expected to register the highest CAGR of 11.3% during the forecast period.

An aesthetic procedure refers to a range of treatments designed to enhance or improve a person's appearance, majorly focusing on cosmetic outcomes rather than medical necessity. These procedures can be surgical or non-surgical, targeting various concerns such as skin texture, body contouring, and facial rejuvenation. Medical aesthetic devices are specialized tools used in these procedures, incorporating advanced technologies like lasers, radiofrequency, and ultrasound to achieve desired results. These devices enable practitioners to perform treatments that are minimally invasive, offering benefits like quicker recovery times and reduced side effects. Together, aesthetic procedures and medical aesthetic devices cater to the growing demand for cosmetic enhancements in modern society.

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.

In addition to the rise in cosmetic procedures, the growing elderly population in Latin America is also contributing to market expansion. As people age, they often seek treatments that can help them maintain a youthful appearance and enhance their quality of life. This demographic shift is creating a larger consumer base for medical aesthetic devices and services, as older adults increasingly prioritize personal grooming and aesthetic improvements.

Moreover, growing initiatives by key players in the industry to enhance awareness of aesthetic procedures play a crucial role in market expansion. Companies are actively engaging in initiatives to educate potential consumers about the benefits and safety of aesthetic treatments, helping to reduce stigma and increase acceptance. Furthermore, collaborative efforts among leading organizations also contribute to this growth. For instance, in January 2021, Merz Aesthetics, a leading player in the medical aesthetics field, and Candela Corporation, a top global medical aesthetic device company, announced a commercial collaboration. This partnership aims to provide one of the broadest portfolios of medical aesthetics products worldwide, enhancing access to innovative treatments and technologies. Such collaborations not only improve product availability but also help in educating consumers about the benefits and safety of various aesthetic procedures, which in turn fosters demand.

Thus, the combined effect of these factors—rising cosmetic procedure numbers, an aging population seeking aesthetic solutions, and strategic partnerships aimed at increasing awareness—positions the Latin America medical aesthetic devices market for robust growth. The market is poised to evolve, presenting numerous opportunities for manufacturers and service providers alike as consumers become more informed and willing to invest in aesthetic enhancements.

The Latin America medical aesthetic devices market is segmented into product, application, end user, and country. On the basis of product, the market is classified into devices and aesthetic implants and products. The aesthetic implants and products segment dominated the market in 2023, owing to the rise in popularity of breast augmentation procedures among all age groups. Furthermore, surge in awareness of the safety and effectiveness of aesthetic procedures has prompted more individuals in Latin America to explore the option of implants, contributing to increased market demand and growth. However, the devices segment is expected to register the highest CAGR during the forecast period owing to the increasing demand for innovative and minimally invasive aesthetic treatments. Advances in technology, such as enhanced laser systems and multi-functional devices, are driving the market growth by improving treatment effectiveness and safety. In addition, the rise in awareness of aesthetic procedures among consumers further fuels the adoption of these advanced medical aesthetic devices.

On the basis of application, it is bifurcated into surgical and non-surgical. The surgical segment dominated the market in 2023, owing to the enduring popularity of procedures like breast augmentation, liposuction, and facelifts. Increased consumer awareness of the long-lasting results of surgical interventions, combined with advancements in surgical techniques, contributed to its significant market share and demand.

However, the non-surgical segment is expected to register the highest CAGR during the forecast period owing to the growing preference for minimally invasive procedures. Advances in technologies such as injectables, laser treatments, and skin rejuvenation therapies offer effective solutions with shorter recovery times and fewer risks. Increased consumer awareness and acceptance of these treatments, along with a desire for natural-looking results, are further fueling the demand for non-surgical options in the aesthetic market.

On the basis of end user, it is classified into hospitals & clinics, and medical spas & beauty centers. The hospital & clinics segment dominated the market in 2023, owing to their ability to provide comprehensive aesthetic services and access to advanced medical technology. These facilities often have skilled practitioners and established protocols, ensuring high standards of safety and care. In addition, the convenience of receiving multiple treatments in one location attracts consumers, contributing to the strong market presence of the segment. However, the medical spas & beauty segment is expected to register the highest CAGR during the forecast period owing to the increase in consumer preference for relaxing, non-invasive treatments combined with a spa experience. The rise in awareness of aesthetic options and the growth in popularity of wellness-focused services, and the availability of advanced technologies in these settings enhance their appeal, and thereby drive the segment growth.

Country wise, the market is studied across Chile, Colombia, Venezuela, Argentina, and rest of LA. 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.

Key Findings of the Study

• 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.