Market Trends of Medical Aesthetic Devices Industry
Botulinum Toxin is Expected to Witness Significant Growth During the Forecast Period
Botulinum toxin is a neurotoxic protein produced by the bacterium Clostridium botulinum. Botulinum toxin injections tend to block the nerve signals in the muscle in which it is injected. The muscle cannot contract without a signal, so it diminishes or decreases unwanted facial wrinkles or appearance. As a result, highly diluted concentrations of botulinum toxin are used for cosmetic and non-cosmetic purposes, such as for treating frown lines between the eyebrows, dystonia, chronic migraine, and other purposes.
Factors like the popularity of botulinum toxin procedures among young adults, the rise in demand for minimally invasive cosmetic methods, a higher number of beauty-conscious populations, and the launch of products are propelling the growth of the segment.
The rising botulinum toxin procedures are contributing to market growth. For instance, in the global survey 2022 report published by the International Society of Aesthetic Plastic, there were 9,221,419 botulinum toxin procedures done worldwide in 2022, which increased by 26.1% compared to the previous year. It also reported that 47.9% of individuals globally aged 35-50 had botulinum toxin procedures done on them. Such a high adoption of botulinum toxin procedures creates more demand, thus driving the segment's growth.
The major players in the market are investing more in importing and exporting botulinum toxin products and keenly investing in technological advancements. For example, in September 2022, Revance Therapeutics Inc. received approval from the US Food and Drug Administration (US FDA) for its DAXXIFY (DaxibotulinumtoxinA-lanm) injection, which can used to improve moderate to severe frown lines (glabellar lines) in adults.
Thus, owing to the above-mentioned factors, such as increasing botulinum toxin procedures and product launches by market players, the botulinum toxin segment is expected to witness significant growth during the forecast period.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America's medical aesthetic devices market is expected to witness significant growth owing to the increasing volume of different aesthetic procedures, rising awareness about aesthetic and minimally invasive procedures, and technological advancement.
The region's large volume of aesthetic procedures creates the need for aesthetic devices, thus driving the market's growth. For instance, in February 2023, according to the American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS), among all the total procedures performed in 2022 in the United States, about 82% were minimally invasive, and the remaining 18% were surgical procedures. The most common treatments in 2022 were neurotoxins, fillers, and topicals, and surgical procedures were facelifts, blepharoplasties, and rhinoplasties. Additionally, according to the International Society of Aesthetic Plastic Surgeons (ISAPS) survey released in September 2023, around 1,693,325 aesthetic procedures were performed in Mexico in 2022, of which 938,096 were aesthetic surgical procedures, and 755,229 were non-surgical aesthetic procedures. Thus, the increasing number of cosmetic procedures among the population is anticipated to boost the market's growth during the forecast period.
Also, the high concentration of key players in the region and subsequent product launches play a vital role in the market’s growth. For instance, in July 2023, Alma introduced the commercial availability of Alma Veil in the United States. This device is incorporated with three technologies, including a 532 nm laser, a 1,064 nm laser, and MicroPulse mode, which are effective for addressing superficial vascular conditions and safe for darker skin types.
Market players use strategic initiatives to strengthen their position and boost the growth of the market. For instance, in July 2023, Health Canada authorized Clarion Medical Technologies Inc. to market the clinically demonstrated low complication rates and enhanced patient safety of the silicone gel breast implant Sientra. Additionally, in February 2022, Sinclair acquired Viora to enhance its product portfolio of energy-based devices used in skin tightening, body contouring, cellulite and circumferential reduction, scar and stretch mark revision, acne clearance, hair reduction, skin rejuvenation, wrinkle reduction, and maximizing the customer base in the United States.
Thus, the aforementioned factors, such as increasing cosmetic aesthetic procedures, product launches, and key initiatives adopted by market players, are expected to boost market growth during the forecast period in North America.
