Energy-Based Aesthetic Devices Market to Reach $6,326.2 Million by 2030
- Published: July 2022
The global energy-based aesthetic devices market revenue is projected to be $6,326.2 million in 2030, witnessing a compound annual growth rate of 10.1% during 2021–2030. This can be ascribed to the proliferating skin problem and obesity incidence, rising geriatric population, surging personal disposable income, and technological advancements.
The increasing awareness of the advantages and safety profile of energy-based aesthetic devices, primarily laser-based devices, is driving consumers to opt for them. Laser skin tightening has been approved by the FDA for reducing wrinkles, fine lines, and skin laxity. The biggest advantages of non-invasive aesthetic devices are quicker recovery, minimal skin invasion, lesser pain and discomfort than surgical treatments, fewer side-effects, and cost-effectiveness. Additionally, laser-based treatments provide immediate results, which is why the demand for the related devices is increasing across the globe.
Electromagnetic-Energy-Based Devices To Witness Fastest-Growing Sales
The electromagnetic-energy-based category is set to witness the fastest growth during the forecast period, at a CAGR of around 12%, mainly because these devices are less costly and are considered the safest among all energy-based procedures.
Further, hair removal accounted for the largest energy-based aesthetic devices market share in 2021. Body hair is one of the most-common problems among women as well as men, and consumers are now opting for laser therapies for permanently removing it. This trend is being observed in various regions, such as North America, Europe, and APAC. The reasonable cost and high safety profile of these aesthetic treatments are driving the market in the hair removal category across the globe.
Geographically, North America recorded the largest market share in 2021, and it will be the third-fastest-growing region during the forecast period. This is due to the rising investments in the healthcare system, surging awareness regarding medical aesthetics, and elevating number of advancements in aesthetic devices. In addition to this, a majority of the working-class population in the region is inclined toward energy-based cosmetic and aesthetic procedures, as there is constant pressure, especially on working women, to maintain their appearance.
LATAM will be the fourth-fastest-growing region in the forecast period. According to the International Society of Plastic Surgery, Brazil, Argentina, and Mexico were among the top 10 countries by the number of aesthetic procedures performed in 2020, which indicates extensive use of these devices. Body fat reduction and anti-aging treatments are carried out in the region in high volumes. In addition, the evolving distribution networks of key players, such as Alma Laser Ltd. and Lumenis Be Ltd., in countries such as Brazil and Mexico are the major factors behind the market growth.
Collaborations and Partnerships Are among Most-Effective Strategic Measures
The most-significant players in the energy-based aesthetic devices market are collaborating and partnering with each other for augmenting their revenue. For instance:
In January 2022, Strata Skin Sciences Inc. (STRATA), a medical technology company, partnered with JuvenIL, the dermatology and aesthetics business segment of Trimaco Inc., a distributor of medical devices in Israel, to offer STRATA’s XTRAC excimer lasers in the country.
Similarly, in January 2021, Merz North America Inc. (Merz) and Candela Corporation entered into a collaboration to diversify their medical aesthetics portfolios, including for injectables and skincare devices, globally.
Key players in the market include Alma Lasers Ltd., Bausch Health Companies Inc., Lumenis Be Ltd., Venus Concept Inc., Sisram Medical Ltd., Merz Pharma GmbH & Co. KGaA, Cutera Inc., Sciton Inc., TRIA Beauty Inc., and Candela Corporation.