Transparency Market Research (TMR) has published a new report titled, “Medical Aesthetic Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global medical aesthetic devices market was valued at US$ 8,590.02 Mn in 2018 and is projected to expand at a CAGR of 10.7% during forecast period from 2018 to 2026. The global market is anticipated to be driven by technological advancements and increase in incidence of skin diseases during the forecast period. The medical aesthetic devices market in Asia Pacific is expected to expand at a high CAGR due to high population base, increase in disposable income of consumers, easier entry for new local manufacturers offering products at competitive prices, and rise in awareness about aesthetic treatments.
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- Increase in Incidence of Skin Diseases
Medical aesthetic devices assist in efficient diagnosis and treatment of various skin conditions. Dermatological indications such as pigmented lesions, acne, wrinkles, and vascular lesions. During the 2008–2009 recession, the market was hit hard due to its reliance on disposable consumer income. However, in subsequent years, the market recovered rapidly. Increase in the incidence rate of skin cancer and other skin disorders across the globe is expected to drive the number of patients requiring diagnosis and treatment.
Minimally invasive lasers, dermal fillers, and topical product classes were preferred by patients in the last decade. This in turn is expected to increase the uptake of aesthetic devices, thereby driving the market. Moreover, increase in customer preference for aesthetic procedures and their willingness to spend more on these fueled the growth of the global medical aesthetic devices market.
Key players operating in the global medical aesthetic devices market are Fosun Pharmaceutical Co., Ltd. (Alma Lasers), Mentor Worldwide LLC, Cutera, Inc., Cynosure, Inc., Lumenis Ltd., Syneron Medical Ltd., and Solta Medical, Inc. These players exhibit the widest geographical footprint, with presence in multiple medical aesthetic devices product segments.