ALBANY, New York, October 5, 2016 /PRNewswire/ --
The global market for medical aesthetic devices is characterized by a highly consolidated competitive landscape, wherein the top two vendors, Mentor Worldwide LLC and Allergan Plc., collectively held a nearly 60% of the market in 2015, observes a recent report by Transparency Market Research. Mentor Worldwide LLC, the market leader with a 32% share in the global market, stayed ahead of the competition with the help of strategic collaborations and a strong emphasis on aesthetic products such as breast implants and body contouring.
In September 2016, the company announced its plans for a new collaboration with Galderma, a medical solutions firm with strong operations in skin health. Under the collaboration, the companies plan to partner with Canadian surgeons to improve patient experience across innovative aesthetic procedures and solutions, broadening consumers' access to and awareness of aesthetic treatment options.
Transparency Market Research estimates that the global medical aesthetic devices market will rise from a valuation of US$6.5 bn in 2015 to US$15.1 bn in 2024. This reflects a 9.0% CAGR from 2016 through 2024. In terms of product types, the segment of laser and energy devices presently leads. The segment held a nearly 30% share in the global market in 2015 and is expected to remain one of the most promising product segments over the forecast period as well. From a geographic perspective, the market earns a significant share of its revenues from sales across developed regions such as North America and Europe. North America dominated in 2015, accounting for a 43% of the global market.
Browse Research Report with Full TOC: http://www.transparencymarketresearch.com/medical-aesthetics.html
Increased Usage of Lasers for Medical Aesthetic Procedures to Stimulate Market Growth
In the past few years, the global consumer has become more open to aesthetic procedures owing to a vast reduction in cultural prohibitions and social taboos. The resultant rise in surgical procedures for enhancing personal appearance is the key driver of the global medical aesthetic devices market.
Other key trends positively influencing the overall development of the market include the increased adoption of laser-based devices, heightened demand for minimally invasive and non-invasive equipment, and the high demand for augmentation and reconstructive surgeries. The global adoption of laser-based devices has increased owing to the widening utility of laser devices.
Cost-effectiveness and versatility of laser devices are also the key factors increasing adoption and usage of laser procedures in the aesthetics market.
Increased adoption of minimally invasive surgeries, owing to the fewer post-surgery complications and side effects, and shorter recovery spans, have driven innovations and technological developments, bringing about a huge change in the quality and effectiveness of surgeries. As a result, the number of minimally invasive procedures in dermatological applications has significantly increased lately. The American Society of Plastic Surgeons estimated that the number of minimally invasive aesthetic procedures performed in the U.S. increased to 15.9 mn 2015, a rise of 2% over 2014.
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Competitively Priced Equipment and Services from Domestic Vendors to Limit Market Growth
The global medical aesthetic devices market is characterized by intense competition wherein local manufacturers and service providers offer devices/services at affordable costs. The resultant need to reduce costs of equipment to stay ahead of competition can severely hamper the overall profitability of international vendors, especially across cost-sensitive emerging economies.
Continuous technological developments in the aesthetic devices market with respect to product design and efficiency require manufacturers to provide up-to-date solutions to the customers. Such upgrades could be highly cost-intensive and lead to erosion of investment and not many service providers may be open to adopting them on a regular basis. The scenario is expected to have a negative impact on the overall development of the market in the long run.
This review of the market is based on a recent market research report by Transparency Market Research, titled "Medical Aesthetic Devices Market (Product - Aesthetic Laser and Energy Devices, Skin Tightening and Body Contouring Devices, Aesthetic Implants, and Facial Aesthetic Devices; Application - Facial and Body Contouring, Facial and Skin Rejuvenation, Breast Enhancement, Scar Treatment, Reconstructive Surgery, Tattoo Removal, and Hair Removal) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Browse Press Release on Medical Aesthetic Devices Market: http://www.transparencymarketresearch.com/pressrelease/medical-aesthetics.htm
For the study, the global medical aesthetic devices market is segmented as follows:
Global Medical Aesthetic Devices Market Revenue, by Product
- Aesthetic Laser and Energy Devices
- Ablative Skin Resurfacing Devices
- Non-ablative Skin Resurfacing Devices
- Skin Tightening and Body Contouring Devices
- Liposuction Devices
- Skin Tightening Devices
- Cellulite Reduction devices
- Aesthetic Implants
- Breast Implants
- Soft Tissue Implants
- Aesthetic Dental Implants
- Facial Aesthetic Devices
- Microdermabrasion Devices
- Botulinum Toxin
- Dermal Fillers
Global Medical Aesthetic Devices Market Revenue, by Application
- Facial and Body Contouring
- Facial & Skin Rejuvenation
- Breast Enhancement
- Scar Treatment
- Congenital Defect Repair
- Reconstructive Surgery
- Tattoo Removal
- Hair Removal
Global Medical Aesthetic Devices Market Revenue, by End-user
- Dermatology Clinics
- Cosmetic Centers
Global Medical Aesthetic Devices Market Revenue, by Geography
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Browse Other Research Reports:
- Skincare Devices Market: http://www.transparencymarketresearch.com/skincare-devices-market.html
- Implantable Medical Devices Market: http://www.transparencymarketresearch.com/implantable-medical-devices-market.html
- Skin and Soft Tissue Infection Treatment Market: http://www.transparencymarketresearch.com/skin-soft-tissue-infection-treatment-market.html
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research