Energy-Based Aesthetic Devices Market Overview
The global energy-based aesthetic devices market generated $4.6 billion revenue in 2018, and is projected to advance at a CAGR of 10.4% during the forecast period. The continuous technical evolution and growing adoption of these devices, is allowing the manufacturers to focus on the development of new devices, that are low in cost and are easy to operate. Moreover, with the advent of minimally invasive procedures, the adoption of energy-based aesthetic devices has been on a rise; which acts as key driving force for the global market.
On the basis of technology, the energy-based aesthetic devices market has been categorized into laser-based, light-based, electromagnetic energy-based, ultrasound-based, cryolipolysis, suction-based, and plasma energy-based devices. Of these, the laser-based aesthetic devices category is expected to flourish at the fastest CAGR of 10.1% during the forecast period. Innovative and advanced applications of laser-based devices is a pivotal factor driving the growth of this category.
On the basis of application, the energy-based aesthetic devices market has been categorized into hair removal, fat reduction and body contouring, facial and skin resurfacing/photo rejuvenation, skin tightening, cellulite reduction, and other applications. Among these, hair removal is the most common application area of aesthetic energy-based devices, which makes it the largest revenue generating category in the market.
The energy-based aesthetic devices market is categorized into indirect and direct channels, on the basis of distribution channel. In 2018, the indirect distribution channel held the larger share, of 65.2%, in the global market. This could be attributed to the trend of easy online shopping, with easy return and payment policies.
On the basis of end user, the energy-based aesthetic devices market has been categorized into dermatology and cosmetic clinics, hospitals, and home-use. Among these, dermatology and cosmetic clinics is the dominant end-user category, in terms of revenue. This can be attributed to the increasing demand of energy-based skin treatments as dermatology and cosmetic clinics are focused on providing aesthetic treatments unlike hospitals, which are more inclined toward treating a range medical condition.
Globally, North America held the largest share, of 42.2%, in 2018 in the energy-based aesthetic devices market, primarily on account of presence of key players in the region. However, APAC is expected to be the fastest growing market for energy-based aesthetic devices, thriving at a CAGR of 12.6% during the forecast period. Rising disposable income, growing healthcare infrastructure, and reasonable cost of the energy-based devices and treatment are the driving factors for the regional market.
Energy-Based Aesthetic Devices Market Dynamics
In recent times not only women, but men have also become conscious about their appearance, and have a desire to looking young and healthy, which is key trend observed in the energy-based aesthetic devices market. This trend has been driving the consumers to opt for energy-based aesthetic treatments like hair removal, fat reduction, and cryolipolysis.
Moreover, in spite of having a balanced life style, there is gradual loss of collagen that happens in the skin due to hormonal changes, causing change in the body fat composition; unattractive rolls of localized fat; cellulite, skin laxity; and other skin complications, such as fine lines, discoloration, acne scars, large pores, broken blood vessels, and age spots among others. These issues can be treated or improved with the help of various energy-based aesthetic devices, with minimal skin invasion and side-effects.
Further, many dermatologists and cosmetologists across the globe are now combining skincare treatments with aesthetic treatments, as the use of skincare treatment can enhance the effect of laser and IPL treatments. These factors are leading to tremendous popularity of energy-based aesthetic devices.
Due to innovative and advanced applications, the energy-based aesthetic devices market is expected to undergo immense growth across the globe in the coming years. Major advantages of these devices are minimal skin invasion, quick recovery, fewer side-effects, and lesser discomfort. Laser-based treatments also tend to provide immediate results.
Moreover, in recent years many celebrities have openly revealed the use of facial aesthetics treatments undergone by them, leading to an increase in awareness about these treatments and at the same time making these treatments acceptable by the society. According to an article by Harley Academy, Kylie Jenner’s lip filler treatment led to a 70.0% increase in procedure enquiries in the U.K, in 2015. Hence, with the beginning of social acceptance of these treatments, the nonsurgical aesthetics market is likely to see immense growth in the coming years.
Besides aging population plays a pivotal role in the growth of the energy-based aesthetic devices market. Old age is associated with loss of fibrous tissue and reduced vascular and glandular network in the skin layers. This leads to the occurrence of wrinkles, dryness, pigmentary alteration, and skin sagging. To overcome such skin problems in elderly population, energy-based aesthetic devices help in reducing skin aging which gives younger look, by revitalizing and tightening the skin.
Energy-Based Aesthetic Devices Market Competitive Landscape
In recent years, the major players in the global energy-based aesthetic devices market have taken several strategic measures such as new product launches, and mergers and acquisitions to sustain and improve their position in the industry.
For instance, in April 2019, Lumenis Ltd., a provider of energy-based medical devices for aesthetic, surgical and ophthalmic applications, launched its Legend Pro+ platform, a unique multi-application platform powered with complimentary technologies. The Legend Pro+ is a face and body aesthetic technology platform, offering a comfortable solution with immediate results, long-term efficacy, minimal pain and downtime.
Similarly, in March 2019, Sciton Inc., a manufacturer of medical and aesthetic lasers and light source technologies, unveiled the latest version of its flagship platform, JOULE X, at the annual American Society for Laser Medicine and Surgery Meeting (ASLMS) in Colorado, Canada. JOULE X is a multi-device platform with customizable laser and light performance.
In September 2018, Candela Corporation, an energy-based aesthetic device manufacturing company, acquired Ellipse, a privately held Danish medical device company that manufactures and markets intense pulsed light (IPL) and laser-based platforms for a wide variety of medical and aesthetic skin treatments.
Some of the major players operating in the global energy-based aesthetic devices industry are Alma Lasers Inc., Syneron Medical Ltd., Merz Pharma GmbH & Co.KGaA, Lumenis Ltd., Cutera Inc., Hologic Inc., Sciton Inc., Bausch Health Companies Inc., Venus Concept Ltd., Genesis Biosystems Inc., IRIDEX Corporation, and TRIA Beauty Inc.