According to a new report published by Allied Market Research, titled, Medical Aesthetic Devices Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global medical aesthetic devices market was valued at $9,235 million in 2016, and is expected to reach at $17,992 million by 2023, growing at a CAGR of 10.0% from 2017 to 2023. The dental implants segment accounted for more than one-third share of the total market in 2016.
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Medical aesthetic devices are used to treat impairments associated with a persons aesthetic appearance or enhance the same. In addition, these devices (particularly implants) rectify the malformations caused due to accidents, trauma, and other congenital disorders.
The medical aesthetics devices market is driven by increase in technological advancements, high demand for minimally invasive and non-invasive reconstruction surgeries, rise in incidence of congenital face and tooth deformities, and growth in awareness for aesthetic appearance. However, this growth is limited due to high cost of treatment, low reimbursements, and risk of malfunctions associated with implants. Growth of medical tourism industry, emergence of tourism medical spas, and adoption of aesthetic procedures to enhance physical appearance are expected to provide several opportunities for key market players.
The dental implants segment is expected to maintain its dominant position throughout the analysis period, due to increase in demand for cosmetic dentistry and high incidence rate of tooth loss. In addition, the aesthetic laser segment is expected to grow at the highest CAGR of 14.9% from 2017 to 2023.
Key Findings of the Medical Aesthetic Devices Market:
- The aesthetic implants segment accounted for three-fourths share of the total market in 2016.
- The non-surgical segment accounted for a high CAGR of 10.9% from 2017 to 2023.
- Hospitals & clinics accounted for more than three-fifths of the total market in 2016.
- Asia-Pacific is expected grow at the highest CAGR of 11.5% from 2017 to 2022.
North America accounted for majority of the market share (two-fifths) in 2016, and is expected to maintain its dominance throughout the forecast period, owing to increased adoption of medial aesthetics, enhanced technological advancements, and development of novel products by key players. In addition, rise in geriatric population, favorable reimbursement rates, prevalence of congenital tooth and face deformities, and advanced healthcare infrastructure fuel the market growth.
The major companies profiled in the report include Allergan PLC, Solta Medical Inc. (a division of Valeant Pharmaceuticals International Inc.), Syneron Medical Ltd., Cynosure Inc. (a division of Hologic, Inc.), Lumenis Ltd., Johnson & Johnson, Merz Pharma GmbH & Co. KGaA, Alma Lasers Ltd. (acquired By Shanghai Fosun Pharmaceutical (Group) Co. Ltd.), GC Aesthetics plc, Sientra Inc., Zimmer Biomet Holdings, Inc., and Dentsply Sirona Inc. (formerly DENTSPLY International Inc.).