Medical Aesthetic Devices Market – Growth, Trends, COVID-19 Impact and Forecasts (2022

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The global market for medical aesthetic devices was valued at $13,708. 42 million in 2021 and is expected to achieve market growth at a CAGR of 11.83% over the forecast period. The manufacturers of cosmetic and aesthetic devices had to close production and supply units due to the global lockdown imposed at the start of the COVID-19 outbreak.

New York, July 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Aesthetic Devices Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06290932/?utm_source=GNW
According to a survey by Hamilton Fraser Cosmetic Insurance, conducted in March 2020 of 1,360 cosmetic practitioners in the UK to assess the impact of the pandemic on cosmetic procedures, 99.78% of practitioners stated their practice had been affected during the current pandemic . In addition, consumers are also looking for online cosmetic home treatments. For example, the cosmetic brands can take advantage of this opportunity to renew their online offerings, offer e-consultation services and invest in the right technology, such as chatbots and augmented/virtual reality, as more consumers seek cosmetic advice from the comfort of their home during the pandemic, which reduces the risk of contamination. According to the research paper published in the Journal of Cutaneous and Aesthetic Surgery (September 2020), airborne contaminants are associated with certain lasers, such as ablative fractional lasers and ultrashort pulsed, high peak power lasers, such as nano- and picosecond lasers. Also, devices such as excimer lamps and skin tightening devices have probes that come in close contact with the skin, and the risk of transmitting the SARS-CoV2 virus is high. For example, COVID-19 has had a major impact on the market for medical aesthetic devices worldwide. However, the situation is gradually improving.

Certain factors driving the market growth include the increase in the obese population, increasing awareness regarding aesthetic procedures, increasing adoption of minimally invasive devices, and technological advancements in devices.

People’s concern about their appearance is gradually increasing in both developed and developing countries. For example, there is an annual increase in the number of cosmetic procedures. Although the rate of increase in developing countries is not much high, the fact remains that people are more concerned about their appearance, especially with the rising standard of living.

In Asia, cosmetic surgery has become an accepted practice and countries like South Korea, China and India have become the largest market for cosmetic surgery in Asia. Also, the growing acceptance of minimally invasive and non-invasive aesthetic procedures is driving the studied market. With the advent of the Internet, information became accessible to everyone and people began to become more aware of the aesthetic procedures. All these factors together increased the mass awareness about the medical aesthetic procedures, which in turn increased the sales of medical aesthetic devices, resulting in a huge growth in the market size of medical aesthetic devices.

In addition, the increasing research and development activities for the launch of new products in the market will stimulate the market for medical aesthetic devices. For example, in June 2020, Cynosure launched the Elite iQ platform, the next generation of the Elite+ Aesthetic Workstation in the United States, Europe and Australia markets for laser hair removal and skin revitalization applications. Considering the above factors and increasing product launches, the studied market is expected to get a boost during the forecast period.

Key Market Trends

Botulinum toxin sub-segment dominates the market and is expected to see growth over the forecast period

Botulinum toxin is a neurotoxic protein produced by the bacterium Clostridium botulinum. The injections of botulinum toxin tend to block the nerve signals to the muscle into which it is injected. Since the muscle cannot contract without a signal, this results in the reduction or reduction of unwanted wrinkles or facial appearance. As a result, highly diluted concentrations of botulinum toxin are used for cosmetic and non-cosmetic purposes, such as for the treatment of frown lines between the eyebrows, dystonia, chronic migraine and other purposes.

The botulinum toxin sub-segment by the non-energy-based aesthetic device is growing and is expected to grow over the forecast period due to the rising demand for minimally invasive cosmetic methods and a larger number of beauty-conscious populations.

The Plastic Surgery Statistics Report 2020, by the American Society of Plastic Surgeons, shows that in the year 2020, 15.6 million people had cosmetic procedures in the United States alone, including 13.2 million cosmetic minimally invasive procedures. The same report suggests that of all minimally invasive procedures, people have chosen and undergone procedures with botulinum toxin, and that a total of 4.4 million cosmetic minimally invasive procedures have been performed using botulinum toxin in the United States.

According to the International Survey of Cosmetic Procedures conducted by the International Society of Plastic Surgery (ISAPS) in 2020, 43.2% of all non-surgical cosmetic procedures performed worldwide were Botulinum Toxin procedures. The ISAPS conducted an international survey of cosmetic procedures in 2020, and according to the data, the usual cosmetic procedures by age group were botulinum toxin procedures. According to the datasheet, a total of 1,497,540 botulinum toxin procedures were registered for the age group 19-34 years, 3,121,221 for the age group 35-50 years, 1,343,436 for the age group 51-64 years and 208,786 procedures done for the age group 65 years and older. All of these age groups opted for botulinum toxin procedures to treat facial wrinkles, frown lines, and others.

The major players in the market are also investing more in the import and export of botulinum toxin products and are investing heavily in technological progress. In March 2021, Revance Therapeutics, Inc. for example, announced the launch of a longer-term neuromodulator drug candidate DaxibotulinumtoxinA for Injection (DAXI), a botulinum toxin type A formulated with a novel peptide excipient or combined treatment of glabellar, dynamic forehead and lateral canthal lines and is currently under review for FDA approval . Again, in October 2021, Huons Biopharma signed a contract worth 97.2 billion won with German-based pharmaceutical company Haemato Pharm to distribute its botulinum toxin product exclusively in the European market.

The botulinum toxin procedures are minimally invasive and change the appearance of a person giving results without surgery. These procedures include microneedling and injections for aesthetic treatments. Because of these benefits, an increasing number of the beauty-conscious population is opting for botulinum toxin procedures, along with new product launches and strategic decisions by major players to influence the growth of the segment.

North America dominates the market and is expected to do the same over the forecast period

Medical aesthetic technology has advanced rapidly in North America over the past two decades, especially in the United States.

The factors expected to positively impact the researched market growth in the region include technological advancements in devices, increasing awareness regarding aesthetic procedures, increasing adoption of minimally invasive devices, and increasing obese population in the region. According to the American Society of Plastic Surgeons, 18.1 million cosmetic procedures were registered in 2019, a 2% increase from 2018, including approximately 1.8 million cosmetic surgery procedures and 16.3 million cosmetic minimally invasive procedures.

Plastic Surgery Statistics Report 2020, published by the American Society of Plastic Surgeons, shows that in 2020, in the United States, 2.3 million cosmetic surgical procedures, 13.2 million cosmetic minimally invasive procedures, and 6.8 million reconstructive procedures (an increase of 3% compared to 2019) have been carried out. Of which people underwent 234,374 facelift surgeries, 211,067 liposuction and 193,073 breast augmentation, 352,555 rhinoplasty and 325,112 eyelid surgery, which were in the top 5 cosmetic surgery procedures in the United States. This demand for cosmetic procedures among the population is expected to drive the growth of the studied market over the forecast period.

Also, the high concentration of major players in the region and subsequent product launches play a vital role in the growth of the studied market in the region. AbbVie Inc. for example, completed the acquisition of Allergan in May 2020, and with this acquisition, the company has expanded BOTOX therapeutics and BOTOX cosmetics into its aesthetic segment. Again, in June 2020, ESI The novel., a part of Essence Group, launched JOLI360, a new skin rejuvenation solution that can measure three skin parameters: hydration, elasticity and sebum.

Thus, these above-mentioned factors are expected to drive the market in North America during the forecast period.

Competitive landscape

The market for medical aesthetic devices is moderately competitive and consists of many players. Companies, such as Abbvie Inc. (Allergan PLC), Alma Lasers Ltd (Sisram Med), Bausch Health Companies Inc. (Solta Medical Inc.), Cutera Inc., El. nl. (Asclepion Laser Technologies), Lumenis Inc., Sciton Inc. and Syneron Medical Ltd have a significant share of the market under investigation. The major players are involved in strategic alliances, such as acquisitions, collaborations and research and development activities, to secure their position in the global market.

Additional benefits:

The Market Forecast Sheet (ME) in Excel format
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Read the full report: https://www.reportlinker.com/p06290932/?utm_source=GNW

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