North America Aesthetic Devices Market
The North America Aesthetic Devices Market North America Aesthetic Devices Market has emerged as one of the fastest-growing segments within the region's medical device industry, driven by rising consumer interest in cosmetic enhancement and technological innovation. The North America aesthetic devices market size was USD 4.83 billion in 2020, and the market is projected to grow from USD 5.38 billion in 2021 to USD 10.75 billion in 2028 at a CAGR of 10.4% during the 2021-2028 period, according to Fortune Business Insight.
Impact of COVID-19 on the Market
The pandemic left a significant mark on this industry. The global impact of COVID-19 was unprecedented, with aesthetic device products witnessing a negative impact on demand across North America amid the pandemic, and the region exhibited a lower growth of -20.6% in 2020 compared to the average year-on-year growth during 2017-2019, according to Fortune Business Insight. The rise in projected CAGR reflects this market's expected demand and growth returning to pre-pandemic levels once the pandemic's effects fully subside.
The cosmetic sector was hit hard during the pandemic's peak. On March 18, 2020, the Centers for Medicare & Medicaid Services (CMS) announced that all elective and non-essential medical, surgical, and dental procedures would be delayed to preserve healthcare resources for treating COVID-19 patients, leading to a decline in aesthetic surgical procedures and lower demand for related devices, according to Fortune Business Insight. According to the American Society of Plastic Surgeons, elective or non-emergency surgical procedures were postponed for an average of 8.1 weeks in 2020 due to the pandemic, according to Fortune Business Insight. Key industry players felt this decline directly. AbbVie Inc. reported a 34.1% decline in botox revenue growth during 2020, while its botox cosmetic segment reported a decline of 33.1%, and Israel-based medical aesthetic treatment provider Sisram Medical Ltd. registered a 6.6% decline in revenue from 2019, according to Fortune Business Insight.
Market Drivers
Despite the pandemic-related setback, several structural factors continue to push the market forward. The stigma associated with aesthetic procedures has progressively shed in recent years as these procedures have become an important part of daily life, and rising population spending on cosmetic procedures has generated prospects for this market, according to Fortune Business Insight. Additional growth drivers include an increase in demand for minimally invasive cosmetic surgeries, a rise in congenital tooth and face deformity cases, ongoing advancements in cosmetic device technologies, and a growing number of surgeries overall.
Consumer preference has shifted noticeably toward non-invasive options. The demand for cosmetic surgeries and minimally invasive procedures, such as botulinum toxin and dermal fillers, has increased tremendously over the past decade, as people mainly focus on easy, pain-free methods of appearing youthful and healthy without the complications of invasive cosmetic surgery, according to Fortune Business Insight. This shift has encouraged manufacturers to accelerate R&D. According to the International Society of Aesthetic Plastic Surgery report 2019, around 2.6 million cosmetic minimally-invasive procedures were carried out in the U.S., according to Fortune Business Insight.
Innovation continues to shape the competitive landscape. In May 2021, Asclepion Laser Technologies announced the launch of its BodyLab body shaping system, indicated for the treatment of muscle toning and fat reduction using FMS technology, delivering treatment through a non-invasive and pain-free method, according to Fortune Business Insight. Similarly, according to the American Society of Plastic Surgeons, the number of minimally invasive cosmetic procedures has grown nearly 200% since 2000, with no indication of slowing down, according to Fortune Business Insight.
Investment activity has also picked up considerably. In May 2021, TPG Growth announced an investment in North America's leading aesthetics brand, Ideal Image, aimed at providing services in a more affordable, accessible, and effective way, with Ideal Image delivering U.S. FDA-cleared treatments such as body sculpting, laser hair removal, botox, and anti-aging services, according to Fortune Business Insight. Consolidation trends are visible too. In May 2021, Allergan Aesthetics, an AbbVie company, signed an acquisition agreement with Soliton and RESONIC, a Rapid Acoustic Pulse Device, helping Allergan expand its body contouring devices portfolio, according to Fortune Business Insight.
Market Restraints
The market does face headwinds. Common side effects of cosmetic procedures include hematoma, which usually occurs in 1% of patients undergoing breast augmentation or facelift, and seroma, a common complication after a tummy tuck or body fat reduction affecting 15–30% of patients, along with risks such as blood loss, infections, nerve damage, and scarring, according to Fortune Business Insight. Cost remains another barrier. The average price of botox (100 Unit Vial) in the U.S. is around USD 437, and the high cost along with various side effects of botulinum toxin are expected to hinder market growth in the coming years, according to Fortune Business Insight.
Segmentation Insights
By product, the North America aesthetic devices market is segmented into energy-based devices, non-energy based devices, and other devices, with the non-energy-based devices segment holding the dominant share of the market in 2020 due to the higher patient population undergoing botox and dermal filler procedures in the region, according to Fortune Business Insight. According to the International Society of Aesthetic Plastic Surgery (ISAPS) 2019, around 1.3 million botulinum toxin procedures were conducted in the U.S., according to Fortune Business Insight.
By application, the skin resurfacing and tightening segment held the largest market share in 2020, attributed to a large population undergoing cosmetic treatments for skin applications, and this segment is anticipated to grow at a remarkable CAGR during the forecast period, according to Fortune Business Insight.
By end-user, the specialty clinics segment dominated the market in 2020 owing to the presence and expansion of several specialty clinics, while the hospitals segment is anticipated to register a higher CAGR during 2021-2028, according to Fortune Business Insight.
Regional Insights
The market value in the U.S. stood at USD 4.39 billion in 2020, driven by a rapid rise in cosmetic procedures among all age groups coupled with the launch of technologically advanced products in the country, according to Fortune Business Insight. According to the International Society of Aesthetic Plastic Surgery 2019, around 1.4 million surgical and 2.6 million non-surgical procedures were conducted in the U.S., according to Fortune Business Insight. The rise in funding for several startups is also supporting the country's growth, with Cartessa Aesthetics raising USD 35 million in April 2021 to support the rapid expansion of the company, including distribution, marketing, and launch of new technology, according to Fortune Business Insight.
Competitive Landscape
The competitive landscape of the North America aesthetic devices market is consolidated, with players such as AbbVie Inc., Cynosure, Candela Medical, Cutera, Sisram Medical Ltd, and Lumenis Ltd. accounting for a significant share in 2020, according to Fortune Business Insight. Other key players in the market include Alma Lasers, Implantech, BTL, and Solta Medical, according to Fortune Business Insight.
Conclusion
The North America aesthetic devices market stands at an inflection point, recovering strongly from pandemic-driven disruptions while benefiting from long-term structural tailwinds such as growing acceptance of cosmetic procedures, technological innovation, and rising investment activity. With a projected value of USD 10.75 billion by 2028, the market presents substantial opportunity for device manufacturers, clinics, and investors alike, even as cost and safety concerns continue to warrant attention.
Source:https://www.fortunebusinessinsights.com/north-america-aesthetic-devices-market-106462