Albany, New York, May 17, 2017: Over the past few years, social taboos and cultural prohibitions pertaining to aesthetic procedures have reduced significantly. This has encouraged people around the world to undergo aesthetic procedures, which in turn has resulted in the upswing in the demand for medical aesthetic devices. Other key trends playing a positive part in the overall development of the market are growing geriatric population, rising consumer disposable income, and product innovation. However, the intense pricing competition between local and international players is adversely affecting the overall revenue generation of the global market for medical aesthetic devices.
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According to a report by Transparency Market Research (TMR), in 2015, the valuation of the market was US$6.5 bn and is poised to rise to US$15.1 bn by the end of 2024. Owing to all the aforementioned factors, the market is projected to expand at a noteworthy CAGR of 9.9% between 2016 and 2024.
Aesthetic Laser and Energy Devices to Lead Revenue Generation through 2024
On the basis of devices, the Global Medical Aesthetic Devices Market was led by aesthetic laser and energy devices in 2015, representing 30.6% of the overall market’s value. These devices have multiple applications in skin and hair treatments such as tattoo removal, pigmented lesions removal, and skin rejuvenation. The segment is anticipated to retain its dominance until 2024.
Domicile of Key Medical Aesthetic Devices Manufacturers behind North America’s Dominance
Geographically, North America was at the forefront of growth in 2015, accounting for close to 43.0% of the overall market revenue. The domicile of a large number of key manufacturers along with the high purchasing power of the populace is providing an edge to the region over other regions. The continuous innovations in medical aesthetics are also contributing to the growth of the region. These factors, collectively, are helping North America in sustaining its dominance in the market until 2024. The U.S. is expected to be the major revenue contributor to the growth of the region.
Emerging regions such as Asia Pacific and Latin America are anticipated to register tremendous growth during the review period. Rising consumer disposable income, rapidly growing population, increasing awareness regarding aesthetic treatments, and the influx of local manufacturers offering products at competitive prices are some of the factors positively impacting the market in these regions.
Leading Players Adopt Strategic Collaborations as Key Strategy to Stay Ahead
The top two players in the global medical aesthetic devices market, namely Allergan Plc. and Mentor Worldwide LLC, contributed around 60.0% in 2015, indicating the consolidated nature of this market. Mentor Worldwide LLC, the market leader with a 32% share in the global market, stood at the fore by paying strong attention to strategic collaborations and launch of aesthetic products such as body contouring and breast implants.
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In 2016, the enterprise announced its plans of collaborating with Galderma, a medical solutions firm operating in skin health domain. Through this collaboration, the companies aim to partner with Canadian surgeons to elevate the patient experience across innovative aesthetic and corrective brands and solutions. Some other prominent players in the global medical aesthetic devices market are Cynosure Inc., Merz Inc., Lumenis Ltd., Solta Medical Inc., and Syneron Medical Ltd.
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