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Valued at $872.0 million in 2018, the global anti-aging and skin rejuvenation energy-based aesthetic devices market is projected to generate $1,612.2 million revenue by 2024, witnessing a CAGR of 11.2% between 2019 and 2024.
Among all regions, North America is expected to lead the market during the forecast period. The presence of key market players and growing awareness among consumers about the safe use and advantages of energy-based aesthetic devices are some of the major factors driving the growth of the market in North America. It has been noted that non-invasive energy-based treatments for skin tightening, wrinkle reduction, face contouring, and skin rejuvenation have a high demand in the region. As stated by the American Society for Aesthetic Plastic Surgery (ASAPS), 135,624 photo rejuvenation procedures were performed in 2018 in the U.S., a 20% increase from 2017. All these factors are leading to the growth of the North American anti-aging and skin rejuvenation energy-based aesthetic devices market.
Dynamics of Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market
The continuous technical evolution and growing adoption of energy-based aesthetic devices have increased the focus of manufacturers on less-expensive and easy-to-operate products, which can be used at homes without any technical expertise. For instance, ultrasound-based devices that are used for skin rejuvenation are now also used for removing the impurities and dirt from the face. Another example is Skin Inc.’s Supplement Bar Optimizer Voyage Tri-Light++, which uses the LED technology to reduce acne problems as well as promotes collagen production for an anti-aging effect. These are a few advancements in the field of energy-based aesthetic devices, which are trending and attracting customers, thereby having a strong positive impact on the anti-aging and skin rejuvenation energy-based aesthetic devices market.
Globally, the aging population plays a pivotal role in raising the demand for anti-aging energy-based aesthetic devices. Old age is associated with the loss of fibrous tissue and reduced vascular and glandular network in the skin layers, which together lead to wrinkles, dryness, pigmentary alteration, and skin sagging. Anti-aging devices help in reducing the visual effects of skin aging by revitalizing and tightening the skin, which gives a younger look, which is why these are being increasingly used by the elderly. Developing countries, such as India and China, are expected to have a larger geriatric population as compared to developed countries, which include the U.S., France, Australia, and Canada. According to the United Nations Department of Economic and Social Affairs (UNDESA), the number of individuals aged 60 years or above would reach 437 million in China, 324 million in India, 107 million in the U.S., and 58 million in Brazil by 2050. This rising aging population across the globe would lead to an increased adoption of various types of energy-based anti-aging devices, which would further help in the growth of the anti-aging and skin rejuvenation energy-based aesthetic devices market.
Technological advancements, mainly with respect to the laser technology, provide ample growth opportunities to the players in the market. For instance, new laser light delivery systems that use fiber optics on the nanometer scale are being researched upon for the treatment of a variety of diseases and medical conditions. In recent times, laser devices no longer come as a set of bulky and complicated machines, and these have become more advanced with the introduction of portable hand-held diode lasers. These technological advancements have made cosmetic procedures quicker and more impactful, thereby creating a significant growth opportunity for the market players.
Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market Segmentation Analysis
Based on indication, skin rejuvenation is projected to be the faster growing category in the anti-aging and skin rejuvenation energy-based aesthetic devices market. This is owing to the fact that energy-based procedures offer safe treatments that are also low in cost; hence, men and women of all age groups are becoming inclined toward these treatments for improving their appearance.
When segmented on the basis of technology, the laser-based category dominated the market, with a 28.3% share, in 2018. Laser was one of the earliest energy-based technologies adopted in aesthetic treatments for signs of aging, skin rejuvenation, and other applications, such as fine line removal, double chin fat reduction, wrinkle reduction, acne removal, and vascular lesion removal. Due to these factors, the category is expected to continue generating the highest revenue in the anti-aging and skin rejuvenation energy-based aesthetic devices market during the forecast period.
Based on distribution channel, the direct channel is the larger as well as faster growing category in the market. This can be ascribed mainly to the growing trend of online shopping, specifically for home-use aesthetic devices.
Dermatologists/cosmetologists will be the faster growing end-user category in the anti-aging and skin rejuvenation energy-based aesthetic devices market. This can be mainly attributed to the fact that many applications of energy-based aesthetic devices require a skilled professional; hence, most of the consumers prefer visiting dermatology and cosmetic clinics for treatment.
Geographical Analysis of Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market
North America is expected to hold the largest share, of 39.0%, in the anti-aging and skin rejuvenation energy-based aesthetic devices market by 2024, mainly on account of the rising inclination of the majority of the working-class population toward energy-based aesthetic procedures. In present times, there is a constant pressure, especially on working women, to maintain their appearance.
During the forecast period, APAC is projected to witness the fastest growth, mainly attributed to the growing medical tourism sector, as the increasing inflow of medical tourists is providing immense growth opportunities to market players to maximize their revenues. Moreover, in countries such as South Korea, resort-like cosmetic treatment facilities specializing in some specific energy-based aesthetic treatments, have been in trend, which, in turn, supports the growth of the market in APAC. Further, the rising disposable income of Asians, coupled with the availability of cost-effective aesthetic treatments, will also augment the growth of the regional market. Some of the most popular treatments opted for by the Asian population are skin brightening, skin resurfacing, face fat reduction, and body shaping.
Competitive Landscape of Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market
Some of the giant players, which are extensively involved in the development of anti-aging and skin rejuvenation energy-based aesthetic devices, are Allergan plc, Alma Lasers Inc., Syneron Medical Ltd., Lumenis Ltd., Cutera Inc., Hologic Inc., Venus Concept Ltd., Merz Pharma GmbH & Co. KGaA, Sciton Inc., EL.EN. S.p.A., and Bausch Health Companies Inc. Some of the other players operating in the anti-aging and skin rejuvenation energy-based aesthetic devices market are EndyMed Medical Ltd., LightStim Quasar Biotech Inc., and TRIA Beauty Inc.
Recent Strategic Developments of Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market Players
In the recent years, the major players operating in the global anti-aging and skin rejuvenation energy-based aesthetic devices market have actively engaged in product launches to gain a competitive edge. For instance, in March 2019, Sciton Inc. launched the HALO distinguished partner program. The innovative HALO treatment delivers both ablative and non-ablative wavelengths to the same microscopic treatment zone, addressing epidermal and deeper dermal pigmentation as well as the skin tone and texture. HALO’s unparalleled combination of ablative and non-ablative wavelengths allows laser surgeons to offer customized treatments to each patient.
Furthermore, in February 2019, Cutera Inc. announced the launch of the excel V+ laser platform. The platform optimizes the delivery systems and parameters better as compared to the existing excel V for unparalleled precision in treating vascular lesions and pigmentation issues.
Key Questions Addressed in the Report