Valued at $87.6 million in 2018, the MEA energy-based aesthetic devices market is projected to generate $129.4 million revenue by 2024, witnessing a CAGR of 6.9% between 2019 and 2024.
Geographically, Saudi Arabia led the MEA market in 2018. The increasing awareness about the safety profile and advantages of energy-based aesthetic devices, especially laser-based devices, is a pivotal factor driving the growth of the market. Additionally, the inclination of the geriatric population toward the use of non-surgical aesthetic devices to reduce wrinkles and fine lines and for skin tightening is fueling the market growth.
Dynamics of MEA Energy-Based Aesthetic Devices Market
The increasing appearance consciousness is a key trend being observed in the MEA energy-based aesthetic devices market. Energy-based aesthetic treatments are gradually gaining popularity among Middle Eastern and African consumers, fueled by Western influences and the desire to have a better appearance, particularly among women. Such changes in the social-economic system of the region are likely to have a positive impact on the market growth in the coming years.
The growing medical tourism sector is playing a pivotal role in the growth of the MEA energy-based aesthetic devices market. It has been observed that the rapid expansion of the medical industry due to globalization is increasing the awareness of consumers about alternatives to surgical aesthetic treatments. Over the past few years, patients from advanced and developed countries, such as the U.S., the U.K., and Australia have been traveling to India, Turkey, South Africa, Mexico, Singapore, Costa Rica, Thailand, and other emerging economies to seek medical treatment. Cosmetic surgeries are one of the top medical services for which patients are traveling from developed nations to emerging economies. This is mainly because a less-costly treatment is offered in emerging economies compared to developed countries.
Technological advancements and innovations, mainly with respect to the laser and radiofrequency technologies, provide ample growth opportunities for the energy-based aesthetics device manufacturers in the MEA market. For instance, new laser light delivery systems that use fiber optics are now being researched upon for various aesthetic treatments. Currently, laser devices have become more advanced, which led to the introduction of portable hand-held devices. These technological advancements have made the aesthetic procedures quicker and impactful, thus creating a significant growth opportunity in the MEA energy-based aesthetic devices market.
Energy-Based Aesthetic Devices Market Segmentation Analysis
When segmented on the basis of technology, the laser-based devices category is the largest shareholder in the MEA energy-based aesthetic devices market, and it is expected to witness a significant growth of 7.1% during the forecast period. This can be ascribed to the wide range of applications of different types of lasers, such as alexandrite, Nd:YAG, CO2 , Er:YAG, potassium titanyl phosphate (KTP), and ruby. Additionally, the increasing demand for laser-based hair removal, fat reduction, and skin resurfacing devices is fueling the growth of this category.
On the basis of application, the fat reduction and body contouring application is projected to be the fastest growing category in the MEA energy-based aesthetic devices market. This can be ascribed mainly to the growing obese population in the region. The increasing number of obese people is expected to provide impetus to the demand for energy-based aesthetic devices for non-surgical fat reduction procedures, thereby supporting the market growth.
Based on distribution channel, indirect is the larger category in the region, and it is also predicted to witness the fastest growth. Owing to the exponential growth of the online shopping trend, this category is expected to grow faster throughout the forecast period.
Dermatology and cosmetic clinics are the largest revenue generating end users in the MEA energy-based aesthetic devices market. The increasing prevalence of skin diseases and rising number of dermatology and cosmetic clinics are driving the growth of the category.
Scenario of MEA Energy-Based Aesthetic Devices Market
Saudi Arabia is expected to hold a 16.1% share in MEA energy-based aesthetic devices market by 2024, mainly on account of the rising appearance and health consciousness among the population. Fat reduction and body countering are some of the most performed surgeries in the country. According to the National Health Information Survey conducted in 2013, there were about 28.7% obese people in Saudi Arabia. These factors collectively drive the energy-based aesthetic devices market in the country.
The U.A.E. is projected to witness the fastest growth in the MEA energy-based aesthetic devices market during the forecast period. The expanding medical tourism sector, increasing disposable income, technological advancements, and surging geriatric population are some of the key factors driving the market growth. According to Gulf News, the revenue amassed by the medical tourism sector in the U.A.E. increased 5.5% year-on-year to reach $3.2 billion in 2018. The medical tourism industry is supported by a number of government-led initiatives, which are resulting in an increase in the number of medical tourists coming to the country for cosmetic procedures, which, in turn, is driving the demand for energy-based aesthetic devices.
Competitive Landscape of MEA Energy-Based Aesthetic Devices Market
Alma Lasers Ltd., Allergan plc, Syneron Medical Ltd., Cutera Inc., Lumenis Ltd., Hologic Inc., Merz Pharma GmbH & Co. KGaA, Venus Concept Ltd., Sciton Inc., Bausch Health Companies Inc., and EL.EN. S.p.A. are the key players in the energy-based aesthetic devices market.
Some of the other players in the market are AK International LLC, Jeisys Medical Inc., Laser Aesthetics SA, Imdad LLC, TRIA Beauty Inc., Fotona D.o.o., Novoxel Ltd., CLASSYS Inc., and Laseroptek Co. Ltd.
Recent Strategic Developments of MEA Energy-Based Aesthetic Devices Market Players
In the recent years, the major players operating in the MEA energy-based aesthetic devices market have actively engaged in a number of strategic development activities, such as product launches, mergers and acquisitions, and partnerships, to gain a competitive edge. For instance, in May 2019, Candela Corporation, an energy-based aesthetic device manufacturing company, announced plans to partner with the Vascular Birthmarks Foundation (VBF) and the European Vascular Anomalies clinic (E.V.A. clinic) to provide pro-bono Vbeam laser treatments to children and adults with birthmarks, port wine stains, and other vascular indications.
Furthermore, in February 2019, Cutera Inc. announced the launch of the excel V+ laser platform. The platform better optimizes delivery systems and parameters as compared to the existing excel V for unparalleled precision in treating vascular lesions and pigmentation issues.
Key Questions Addressed in the Report
What is the current scenario of the MEA energy-based aesthetic devices market?
What are the emerging technologies for the development of energy-based aesthetic devices in the MEA?
What are the historical size and present size of the categories within the market segments and their future potential?
What are the major catalysts for the market and their impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
Which are the key countries from the investment perspective?
Who are the major players operating in the market and how much shares do they hold?
What are the key strategies being adopted by the major players to expand their market share?
Who are the major treatment service providers in the countries covered?
What are the average treatment and product prices in the region?