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(September 15, 2017)
The United States medical aesthetic devices industry is projected to expand at a significant CAGR from 2016 to 2022 (forecast period), according to a report on Radiant Insights, Inc. Introduction of advanced medical devices that can assist in minimally invasive surgeries is expected to drive market demand. Signs of aging, growing geriatric populace, rising expendable income of consumers, and increasing expenditure on cosmetic surgeries are supplementary factors encouraging market growth.
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Medical aesthetic devices are used in altering a person’s aesthetic appearance. These include spider veins, skin discoloration, skin laxity, excessive fat, cellulite, moles, scars, wrinkles, liver spots, and unwanted hair. Aesthetic implants are used to replace body parts lost due to accidents or congenital disorders. According to the International Society of Aesthetic Plastic Surgery (ISPAS), the U.S. market accounted for nearly 18% of cosmetic procedures performed worldwide. It is the largest market for medical aesthetic devices due to a large consumer base. Due to rapid advances in technology, manufacturers have been able to launch new innovative products into the market.
Manufactures of medical aesthetic devices are constantly upgrading their technology with growing customer needs. Microfocused ultrasound (MFU) is a technology gaining prominence in the skincare industry for facelifts and body contouring purposes, with major companies investing in it. Ulthera, recently acquired by Merz, Inc., offers skin lifting treatments using the same technology and is expected to widen the consumer base of Merz. Other trends to watch out for are Botox injections, dermal fillers, microdermabrasion, and chemical peels.
The United States medical devices market is segmented by type, end user, and region. By type, the market is divided into facial aesthetic devices, aesthetic laser and energy devices, skin tightening and body contouring devices, and aesthetic implants. The skin tightening and body contouring devices segment is anticipated to perform well in the forthcoming years as they can treat sagging skin. New brands such as ReFirme, Exilis, and Titan employ radiofrequency to reduce wrinkles. The aesthetic laser and energy devices segment is projected to expand due to increased demand for these procedures by geriatrics.
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Major end users in the market comprise cosmetic centers, dermatology clinics, and hospitals. The cosmetic centers application segment is projected for immense growth during the forecast period due to rising consumer interest in these procedures, combined with greater availability of skilled personnel in the personal care market. The dermatology clinics application segment is expected to grow significantly due to high demand for surgical procedures.
Region-wise, the market is fragmented into The Midwest, The West, Southwest, The South, The Middle Atlantic, and New England.
Key market participants include Merz, Inc.; Alma Lasers; Solta Medical, Inc.; Galderma S.A.; and Allergan, Plc. Mergers and acquisitions are key strategies adopted by these players to increase their market share. For instance, Allergan, a company invested in research and development of chronic diseases, acquired Topokine Therapeutics in 2016 to extend its non-invasive care portfolio. Stringent regulatory policies are expected to deter the entry of new products into the market.
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About Radiant Insight
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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