North America Aesthetic Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Energy-based Devices, Non-energy-based Devices, and Other Devices), By Application (Skin Resurfacing and Tightening, Body Contouring and Cellulite Reduction, Hair and Tattoo Removal, Breast Augmentation, and Others), By End-User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2021-2028

The North America aesthetic devices market size was USD 4.83 billion in 2020. 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. The global impact of COVID-19 has been unprecedented and staggering, with aesthetic device products witnessing a negative impact on demand across North America amid the pandemic. Based on our analysis, the North America market exhibited a lower growth of -20.6% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The stigma associated with aesthetic procedures has progressively shed in recent years as these have become an important part of daily life. Furthermore, the rise in population spending on cosmetic procedures has generated prospects for this market. Moreover, an increase in demand for minimally invasive cosmetic surgeries, an upsurge in the incidence of congenital tooth and face deformities, advancements in cosmetic device technologies, and an increase in the number of surgeries are key factors driving the growth of the North America aesthetic devices market.

The demand for cosmetic surgeries and minimally invasive procedures, such as botulinum toxin and dermal fillers, has increased tremendously over the past decade. People mainly focus on easy, pain-free methods of appearing youthful and healthy without the complications of invasive cosmetic surgery. This has provided the impetus to global and domestic players in the United States to focus on R&D activities and introduce products and devices with advanced technologies in the market to cater to the growing demand for devices from medical spas and hospitals in North America. For instance, 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.

COVID-19 IMPACT

Decline in Number of Aesthetic Procedures Amid COVID-19 Pandemic to Adversely Impact Market

The impact of COVID-19 is prominently visible in the cosmetic sector as it is at the epicenter of this unprecedented pandemic challenge. The COVID-19 pandemic has adversely affected cosmetic surgeries and their related products across the region due to reduced demand for several applications. Stringently imposed lockdowns, ban on elective procedures, and disruptions in the supply chain are the major identifiable factors responsible for the reduced demand for cosmetic devices.

• For instance, on March 18th 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 the healthcare resources for the treatment of COVID-19 patients. This led to a decline in aesthetic surgical procedures resulting in lower demand for these devices. Moreover, according to the American Society of Plastic Surgeons, in 2020, elective or non-emergency surgical procedures were postponed for an average of 8.1 weeks due to COVID-19 pandemic.

Furthermore, key players have reported declining revenues from the sales of aesthetic laser devices and other devices during the COVID-19 pandemic.

• For instance, AbbVie Inc. reported 34.1% decline in botox revenue growth during 2020, while its botox cosmetic segment reported a decline of 33.1% during 2020. Similarly, in 2020, Israel-based medical aesthetic treatment provider Sisram Medical Ltd. registered 6.6% decline in revenue from 2019.

LATEST TRENDS

Growing Investments and Collaborations Among Key Players to Augment Market Growth

Aesthetic device manufacturers are currently shifting their strategies to incremental innovation toward achieving breakthrough innovations with a strong emphasis on R&D investments, which is likely to drive the market growth in North America.

• For instance, in May 2021, TPG Growth announced an investment in North America’s leading aesthetics brand, Ideal Image. The investment aimed to provide services in a more affordable, accessible, and effective way. Ideal Image delivers the U.S. FDA-cleared treatments such as body sculpting, laser hair removal, botox, and anti-aging services.

Furthermore, there have been rising investments in research and development activities to develop technologically advanced cosmetic devices for skin tightening, and body contouring by key players. These devices are offering benefits to the consumers by providing highly efficient medical devices, improving accessibility, and enhancing the speed of new product launches, subsequently filling the gap for the growing unmet needs for efficient devices.

Moreover, the surge in collaborations and acquisitions among the key market players is helping the businesses to proliferate rapidly, thereby increasing their product portfolio and marking the leading position in the market. For instance, in May 2021, Allergan Aesthetics, an AbbVie company, signed an acquisition agreement with Soliton and RESONIC, a Rapid Acoustic Pulse Device. The acquisition helped Allergan expand its body contouring devices portfolio.

DRIVING FACTORS

Introduction of Innovative Devices and Surge in Demand for Minimally-invasive Procedures to Boost Market Growth

Growing demand for innovative aesthetic devices has led to new product launches and advanced products. Thus, medical device companies are spending heavily in R&D to launch innovative technologies in the market to provide high-quality products and services.

• For instance, in May 2021, Asclepion Laser Technologies announced the launch of its innovative BodyLab body shaping system indicated for the treatment of muscle toning and fat reduction with FMS technology. The system delivers treatment through a non-invasive and pain-free method.

Additionally, the growing preference for minimally-invasive procedures in North America is anticipated to boost the overall market.

• For instance, 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. Furthermore, 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.

RESTRAINING FACTORS

High Cost of Products Coupled with Risk of Potential Side Effects to Restrict Market Growth

Along with the technological innovations in various cosmetic procedures, the risk for potential side effects remains. Though Americans spend heavily on cosmetic procedures, the surgeries do not eliminate the risk of side effects. Hence, a few common side effects include hematoma, which usually occurs in 1% of the patients undergoing breast augmentation or facelift. Another side effect includes seroma, which is a common complication after a tummy tuck or body fat reduction in 15 – 30% of the patients. Others include blood loss, infections, nerve damage, and scarring.

Additionally, despite several therapeutic and aesthetic applications of botulinum toxin, the high cost and various side effects of botulinum toxin are expected to hinder the North America aesthetic devices market growth in the coming years. For instance, the average price of botox (100 Unit Vial) in the U.S. (North America) is around USD 437. Growing cases of adverse effects of aesthetic surgery and high cost of the products and devices are anticipated to restrain the market growth during the forecast period.

SEGMENTATION

By Product Analysis

Growing Demand for Non-Surgical Procedures to Aid Growth of Market

Based on product, the North America aesthetic devices market is segmented into energy-based devices, non-energy based devices, and other devices.

The non-energy-based devices segment held the dominant share of the market in 2020. The segment's dominance is attributable to the higher patient population undergoing botox and dermal filler procedures in the region, resulting in the increased revenue for non-energy based devices. For example, according to the International Society of Aesthetic Plastic Surgery (ISAPS) 2019, around 1.3 million botulinum toxin procedures were conducted in the U.S.

Additionally, the launch of innovative products to provide better efficacy for several procedures, such as dermal fillers and botox, is also a major factor driving the segment's growth. For instance, in June 2021, the U.S. FDA approved Restylane Contour, a hyaluronic acid dermal filler developed by Galderma, indicated for cheek augmentation.

By Application Analysis

Growing Emphasis on Appearance to Dominate the Skin Resurfacing and Tightening Segment During Forecast Period

On the basis of application, the market is segmented into skin resurfacing and tightening, body contouring and cellulite reduction, hair and tattoo removal, breast augmentation, and others.

The skin resurfacing and tightening segment held the largest market share in 2020. The high share is attributed to a large population undergoing cosmetic treatments for skin applications, including skin resurfacing, diminishing of fine lines, wrinkles, and dark spots resulting in product demand. Additionally, technological innovations and new product approval are projected to boost the demand for skin resurfacing and tightening devices during the forecast period. For instance, in July 2021, Alma Lasers announced the U.S. FDA clearance of Alma Hybrid for skin resurfacing.

The skin resurfacing and tightening segment is anticipated to grow at a remarkable CAGR during the forecast period. The growing penetration of advanced devices among end-users is likely to surge the demand for these products. Furthermore, the growing adoption of technological advancements in devices and shifting preference from traditional methods to modern methods are expected to boost the segment growth during the forecast period.

By End-User Analysis

Diversified Service Offering in Specialty Clinics Dominated Segment for Market in 2020

By end-user, the market is divided into hospitals, specialty clinics, and others. The specialty clinics segment dominated the market in 2020 owing to the presence and expansion of several specialty clinics. Prominent players are involved in providing various aesthetic services. Moreover, a surge in the number of licensed specialty clinics in the U.S. and Canada has led to easy access to patients desiring surgeries is further supporting the segment growth during the forecast period.

The hospitals segment is anticipated to register a higher CAGR during 2021-2028. Advanced innovative technologies and services that offer complicated cosmetic surgeries are expected to boost the hospitals segment growth during the forecast period.

REGIONAL INSIGHTS

On the basis of region, the North America market is segmented into the U.S. and Canada.

The market value in U.S. stood at USD 4.39 billion in 2020. The primary reason responsible for the growth of the market in the U.S. is rapid rise in cosmetic procedures among all age group coupled with the launch of a technologically advanced product in the country. For instance, 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.

Additionally, the rise in funding in several startups is also supporting the country's growth for these markets. For instance, in April 2021, Cartessa Aesthetics, a company founded in 2017, raised USD 35 million to support the rapid expansion of the company, including distribution, marketing, and launch of new technology.

The expansion of product offerings by many key players involved in cosmetic surgeries and focusing on geographic expansion through subsidiaries or distributor in Canada is anticipated to favor the growth of the market in the region during the forecast period.

KEY INDUSTRY PLAYERS

AbbVie Inc., Cynosure, and Candela Medical Comprising Noticeable Market Share

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. The company is reinforcing its strategic position in the market by emphasizing the development of innovative syringes.

The company offers a wide range of products and devices to a large number of specialty clinics and hospitals and strong emphasizes on strengthening its distribution network through strategic collaboration with many end-users to enlarge its customer base. For instance, in June 2019, CANDELA CORPORATION partnered with the Vascular Birthmarks Foundation (VBF) and the European Vascular Anomalies clinic (E.V.A. clinic) to provide pro-bono Vbeam laser treatments to children and adults with birthmarks, port wine stains, and other vascular-related indications. Other key players in the market include Alma Lasers, Implantech, BTL, and Solta Medical.

LIST OF KEY COMPANIES PROFILED:

• AbbVie Inc. (Illinois, U.S.)


• Alma Lasers (Caesarea, Israel)


• Cutera (California, U.S.)


• Merz Pharma (Frankfurt, Germany)


• Asclepion Laser Technologies GmbH (Thuringia, Germany)


• Implantech (California, U.S.)


• Zimmer Biomet (Warsaw, U.S.)


• Apyx Medical (Florida, U.S.)


• Cynosure (Westford, U.S.)


• CANDELA CORPORATION (Wayland, Massachusetts, U.S.)


• BTL (Boston, U.S.)


• Solta Medical (Bothell, U.S.)


• Viora (New York, U.S.)


• Sientra, Inc. (California, U.S.)


• Aesthetic Management Partners (Tennessee, U.S.)


• Cartessa Aesthetics (New York, U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2020 - AbbVie Inc. Inc. completed the acquisition of Allergan to strengthen its position as a strong leader in many therapeutic and aesthetic categories.


• January 2020– Alma Lasers announced the launch of ‘Opus Plasma’ in North America. Opus Plasma is the new modern aesthetic high-frequency unipolar radio-frequency technology to treat textural and skin quality concerns.

REPORT COVERAGE

The market research report provides detailed market analysis and focuses on key aspects such as an overview of the advanced product, the preference for cosmetic surgeries, key countries, and pricing analysis. Additionally, it includes an overview of product reimbursement scenarios, key industry developments such as mergers, partnerships, & acquisitions, the impact of COVID-19 on the market, and brand analysis. Besides these, the report offers insights into market growth trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years. The report also covers regional analysis of different segments.

Report Scope & Segmentation