The global medical aesthetic devices market is expected to rise from USD 7.08 billion in 2016 to USD 15.10 billion in 2024, reflecting a CAGR of 9 percent, estimates Transparency Market Research.
In terms of product types, the segment of laser and energy devices is expected to remain one of the most promising product segments from 2016 to 2024. Increased usage of lasers for medical aesthetic procedures is estimated to stimulate the market's growth. Cost-effectiveness and versatility of laser devices are also increasing the adoption and usage of laser procedure.
The global consumer has become more open to aesthetic procedures owing to vast reduction in cultural prohibitions and social taboos. The resultant rise in surgical procedures for enhancing personal appearance is the key driver of the market. Increased adoption of laser-based devices, heightened demand for minimally invasive and non-invasive equipment, and the high demand for augmentation and reconstructive surgeries are also expected to boost the growth.
The 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 with respect to product design and efficiency require manufacturers to provide up-to-date solutions to the customers. These upgrades are highly cost-intensive and are expected to have a negative impact on the overall development of the market in the long run.