The word aesthetic
is used in reference of beauty or pleasing appearance and is derived
from the Greek word aisthetikos which means esthetic, sense and
sentient. Growing aesthetic consciousness among people, especially
elderly population, is creating the demand for various devices being
utilized in aesthetic procedures. Hair replacement, liposuction, skin
rejuvenation, body lift, bra line back lift, tummy tuck, thigh lift,
breast augmentation, eyelid surgery, face lift surgery, brow lifts
and chin surgery are some major aesthetic procedures being carried
out globally. Aesthetic procedures are performed in order to enhance
appearance and self-esteem of individuals with positive attitude and
this garners immense confidence in people. Dermal fillers, light
emitting diodes, dermal lasers, microdermal abraders, intense pulsed
light devices and energy based devices are among the major equipment
used in aesthetic procedures.
The growth of the
Aesthetic
Equipment
Market
is expected to expand globally due to factors such as increasing
aesthetic consciousness, evolving minimally invasive procedures, rise
in number of obesity cases and technical advances leading to device
innovation. These factors lead to increase in number of aesthetic
procedures worldwide. Though aesthetic procedures are more common
among elderly population, the industry is experiencing greater demand
for aesthetic procedures among younger population too. However, there
are some factors which may restrict the market growth to some extent.
These factors include high procedure cost and exclusion of aesthetic
procedures from reimbursement policy. These factors are likely to
induce hesitance among people thinking of going under an aesthetic
procedure.
Geographical, North
America and Europe represent the first and second largest market for
aesthetic equipment. In North America, a large number of elderly
populations concerned about their appearance represent targeted
customers for aesthetic centers across the region. According to
statistics from American Society of Plastic Surgeons, an estimated
14.6 million cosmetic plastic surgeries (minimally invasive as well
as surgical procedures) were performed in the U.S. in 2012, 5% up
from 2011. Breast augmentation, nose reshaping, eyelid surgery,
liposuction and face lift were identified as the top five surgical
procedures among others.
Therefore, rise in
number of aesthetic procedures is expected to drive the demand for
aesthetic equipment in the North American region. In emerging markets
such as China, India, Brazil and Mexico, the market is expected to
grow at an impressive CAGR due to rising disposable income, adoption
of technically advanced procedures and rise in awareness level
regarding the aesthetic procedures. Emerging markets are also
characterized by increasing penetration by the U.S. and Europe based
companies that are likely to propel the market growth in these
markets. Under the influence of these factors, Asia-Pacific market is
expected to record the highest growth during coming years. In Japan,
continuous rise in elderly population is one of the major factors
which are expected to drive the aesthetic equipment market growth in
the Japanese market. Various sources including The Economist, suggest
that by 2050, 40% of Japanese population is going to be aged over 65
years.
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Allergen Inc, Carol
Cole Company, Alma Lasers, Ltd., Johnson & Johnson, Lumenis,
Inc., Quantel S.A., Solta Medical, Syneron Medical Ltd., Miramar
Labs, Inc., PhotoMedex Inc., IRIDEX Corp., Cynosure, Inc., BioForm
Medical, Inc., Candela Corp., Focus Medical, Alcon Inc., Genzyme
Corporation, Dornier MedTech, Light BioScience LLC, Medicis
Pharmaceutical, Chromogenex plc and Dynatronics Corporation are some
key players engaged in the designing, development, production and
distribution of medical devices widely used in various aesthetic
procedures.
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