Medical aesthetic devices are widely used for cosmetic applications. These devices are used for various cosmetic applications such as skin resurfacing, hair removal, skin tightening, and liposuction which has increased in demand among the younger generation. The demand for non-surgical cosmetic procedures has increased significantly owing to their non-invasive nature and immediate results. The global Medical Aesthetic Devices Market is estimated to be valued at US$ 13.04 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing cosmetic industry offers a key opportunity for growth of medical aesthetic devices market. The preference for aesthetic treatments in minimally invasive fashion has boosted the cosmetic industry significantly. As per International Society of Aesthetic Plastic Surgery (ISAPS) global survey data for 2021, more than 3.6 million non-surgical procedures such as beauty treatments and injections were performed globally in 2021. This rise in demand for aesthetic procedures indicates the immense potential for medical aesthetic devices market over the forecast period. The growing acceptance of cosmetic treatments owing to increasing disposable income levels is projected to augment the demand for medical aesthetic devices, thereby fueling the market growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants entering the medical aesthetic devices market is moderate due to high capital requirements to establish manufacturing facilities and invest in R&D. However, new innovative startups pose a threat through unique value propositions.
Bargaining power of buyers: The bargaining power of buyers in the medical aesthetic devices market is moderate. Buyers have bargaining power due to the availability of substitutable products, however vendor switching costs restrain complete bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of component manufacturing expertise globally. However, switching costs and regulations restrict suppliers' bargaining power.
Threat of new substitutes: Threat from new substitutes is low as there are limited alternatives that can provide similar solutions. However, nonsurgical aesthetic procedures threaten some segment growth.
Competitive rivalry: Intense due to the presence of global established players and entry of new regional players with innovative solutions.
SWOT Analysis
Strengths: Large customer base, brand recognition, strong R&D, and robust product portfolios.
Weaknesses: High capital investment needs, pricing pressures from low-cost providers, complex regulatory approvals.
Opportunities: Growing medical tourism, emerging markets demand, and new application areas.
Threats: Economic slowdowns, stringent regulations, and technological disruptions.
Key Takeaways
The Global Medical Aesthetic Devices market Share is expected to witness high growth during the forecast period due to the growing aging population, increasing discretionary incomes, and escalating obsession with physical appearances.
Regional analysis indicates that North America will continue dominating the global medical aesthetic devices market through 2030 on account of advanced medical facilities, favorable reimbursement landscape, and growing awareness. Asia Pacific is expected to grow at the fastest pace due to increasing medical tourism, rising living standards, and presence of leading players tapping into opportunities.
Key players operating in the medical aesthetic devices market are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. The market players are focusing on new product launches, partnerships, and targeting emerging countries to strengthen their market position.
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