Aesthetic Medical Devices Market Key Players and Forecast by 2031

The aesthetic medical devices market size is projected to reach US$ 44.60 billion by 2031 from US$ 19.21 billion in 2023. The market is expected to register a CAGR of 11.1% in 2023–2031. An increase in the need for organic and natural acne treatments is likely to remain key aesthetic medical devices market trends.

Aesthetic Medical Devices Market Analysis

Rise in medical tourism worldwide, increase in the prevalence of skin disorders and consumer awareness about skincare treatments, surge in the adoption of minimally invasive and noninvasive aesthetic procedures, rise in spending on medical procedures in developing countries and new product launches & approvals, and technological advancements associated with medical aesthetic devices are a few factors impacting the market growth. The manufacturers are developing user-friendly devices to expand their customer base. Also, the manufacturers are partnering with beauty clinics to expand their presence in the market.

Aesthetic Medical Devices Market Overview

Aesthetic devices are controlled by the FDA based on their intended use and whether they affect the structure or function of the body. The global availability of innovative and fascinating aesthetic medical equipment has resulted in a surge in demand for medical aesthetic treatments in recent years. Aesthetic medical devices are based on technologies such as radiofrequency technology (which is the most widely used and extremely advantageous technology for face wrinkle reduction), ultrasound technology, laser technology, etc. The advancement of high-tech aesthetic medical equipment makes cosmetic treatments more effective and safer, creating a strong demand for physicians, aestheticians, cosmetologists, and other skincare specialists.

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Aesthetic Medical Devices Market: Strategic Insights

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Aesthetic Medical Devices Market Drivers and Opportunities

Surge in Adoption of Minimally Invasive and Noninvasive Aesthetic Procedures to Favor Market

Minimally invasive procedures offer patients various benefits, including reduced downtime, lesser scarring, lower risks, limited stress, better patient satisfaction, and quicker recovery times compared to traditional invasive surgeries. This shift toward minimally invasive approaches is driven by several factors, such as technological advancements in aesthetic devices, increasing patient preference for nonsurgical options, and advancements in medical research and techniques. Moreover, the rise of minimally invasive procedures aligns with a broader societal shift toward wellness, natural-looking enhancements, and personalized treatment approaches. Patients seeking aesthetic treatments are often drawn to minimally invasive options that provide subtle enhancements and visible results without the need for extensive surgical interventions. According to the American Society of Plastic Surgeons, 26.2 million surgical and minimally invasive cosmetic procedures were performed in the US in 2022. Also, cosmetic surgery surgeries have increased by 19% compared to 2019. Thus, the surge in the adoption of minimally invasive and noninvasive aesthetic procedures drives the growth of the aesthetic medical market.

Rising Spending on Medical Procedures in Developing Countries

Rapid urbanization, increasing investments by healthcare providers in improving infrastructure, growing awareness among the population, and the availability of a wide range of advanced products and technologies in developing economies have contributed to making them the centers of medical tourism. In Saudi Arabia, Russia, Brazil, India, and South Africa, healthcare systems focus on introducing various advanced medical aesthetic technologies into their service portfolios. Patients from developed regions travel to emerging countries for various medical aesthetic procedures. Health facilities, medical spas, and wellness centers increasingly offer a comprehensive range of inexpensive but high-quality medical aesthetic procedures. The spending on cosmetic and rejuvenation procedures to improve aesthetics is rapidly increasing among the global population. In developing countries, there is rising awareness about minimally invasive treatments and acceptance of aesthetic procedures in the population, growing need for an ideal physical appearance, increasing incidence of skin diseases, growing geriatric population, and rising availability and acceptance of technologically advanced medical devices. Also, surging healthcare spending in developing economies in Asia Pacific enables healthcare professionals to adopt advanced technologies for performing cosmetic procedures. Thus, rising spending on medical procedures in developing countries is expected to create growth opportunities for the aesthetic medical devices market during the forecast period.

Aesthetic Medical Devices Market Report Segmentation Analysis

Key segments that contributed to the derivation of the aesthetic medical devices market analysis are technology, application, and end user.

• Based on technology, the aesthetic medical devices market is segmented into laser-based, light-based, electromagnetic energy-based, ultrasound-based, cryolipolysis, suction-based, plasma energy-based, EMS, and microwave. The laser-based segment held the largest market share in 2023.
• By application, the market is segmented into acne and acne scars, hair removal, facial skin resurfacing, photorejuvenation, skin tightening, feminine rejuvenation, fat reduction and body contouring, tattoos and pigmentation, vascular lesions, cellulite reduction, and others. The acne and acne scars segment held the largest share of the market in 2023.
• In terms of end user, the market is categorized into dermatology and cosmetic clinics, hospitals and clinics, medical spas, and home use. The dermatology and cosmetic clinics segment dominated the market in 2023.

Aesthetic Medical Devices Market Share Analysis by Geography

The geographic scope of the aesthetic medical devices market report is mainly categorized into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the aesthetic medical devices market. The US held the largest share of the market in 2023, owing to the increased number of aesthetic procedures. Also, technological developments have increased the number of minimally invasive and noninvasive procedures in the country. According to the American Society of Plastic Surgeons, in 2022, 26.2 million surgical and minimally invasive operations were carried out in the US. Additionally, as per ASAPS 2020, 15.6 million cosmetic procedures were recorded in 2020, which included ~2.3 million cosmetic surgical and 13.2 million cosmetic minimally invasive procedures. Intense pulsed light (IPL) treatment is among the top 5 cosmetic minimally invasive procedures, with over 827,000 IPL procedures performed in the country in 2020. Asia Pacific is anticipated to record the highest CAGR in the market in the coming years.

Aesthetic Medical Devices Market Regional Insights

The regional trends and factors influencing the Aesthetic Medical Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aesthetic Medical Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Aesthetic Medical Devices Market Report Scope

Aesthetic Medical Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Aesthetic Medical Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Aesthetic Medical Devices Market are:

1. Alma Lasers
2. Merz Pharma GmbH Co KGaA
3. Bausch Health Companies Inc
4. Lumenis Be Ltd
5. Venus Concept Inc
6. Cutera Inc

Disclaimer: The companies listed above are not ranked in any particular order.

Aesthetic Medical Devices Market News and Recent Developments

The aesthetic medical devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aesthetic medical devices and strategies:

• Bausch Health Companies Inc. and Solta Medical, a global leader in the medical aesthetics market, announced the approval of Thermage FLX and the TR-4 Return Pad by China’s National Medical Products Administration (NMPA). The TR-4 Return Pad was also approved for use by the US Food & Drug Administration (as part of the Thermage FLX device registration).

(Source: Bausch Health Companies Inc, Press Release, 2024)

• CUTERA, INC., a leading provider of aesthetic and dermatology solutions, announced the internationally limited commercial release of AviClear, the first energy-based device FDA-cleared for the long-term treatment of mild, moderate, and severe acne.

(Source: Cutera Inc, Press Release, 2024)

• Venus Concept Inc., a global medical aesthetic technology leader, announced the commercial launch of its new multi-application platform Venus Versa Pro in the US. Venus Versa Pro supports 10 different applicators that can be used individually or in combination to target a wide range of aesthetic conditions, including skin texture, acne vulgaris, vascular and pigmented lesions, facial wrinkles, etc.

(Source: Venus Concept Inc., Press Release, 2023)

• Lumenis Ltd.,—the world’s largest energy-based medical device company for aesthetic, surgical, and ophthalmic applications—announced a new partnership with the prestigious Harrods Wellness Clinic in London, UK. Harrods will equip its aesthetic clinic with the Stellar M22. (Source: Lumenis Be Ltd, Press Release, 2021)

Aesthetic Medical Devices Market Report Coverage and Deliverables

The “Aesthetic Medical Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles