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.
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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.
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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.
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.