Medical Aesthetics Market - Competitive Strategy, Benchmarking And Demand Trend Analysis
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Summary
- In November 2020, AbbVie (US) acquired Allergan (Ireland) to form a global segment—Allergan Aesthetics in order to improve its medical aesthetics product line.
- In January 2019, HRA Pharma (France) acquired Merz (Germany) to enhance its product portfolio in surgical medical aesthetics.
The global medical aesthetics market is projected to reach USD 15.9 billion by 2025 from USD 9.4 billion in 2020, at a CAGR of 10.9%. The growing adoption of minimally invasive and noninvasive aesthetic procedures, rising adoption among geriatric individuals, increasing public awareness about cosmetic procedures, the availability of technologically advanced & user-friendly products, and the increasing demand for aesthetic treatments among men are the key factors driving the growth of this market. On the other hand, market growth is limited to a certain extent by factors such as the clinical risks and complications associated with medical aesthetic procedures and the increasing availability and adoption of alternative beauty and cosmetic products.
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Competitive Landscape :
The competitive landscape includes the analysis of the key growth strategies adopted by major players to expand their global presence and increase their shares in the market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.
Medical Aesthetics Market (MaketsandMarkets)
Emerging countries such as China, Brazil, Mexico, and India present significant opportunities for players operating in the medical aesthetics market. The demand for medical aesthetic devices in these countries is increasing owing to a rapid growth in medical tourism, the growing adult (aged 20 and above) population, increasing disposable incomes, and growing awareness about aesthetic specialties. The presence of a large number of surgeons in these emerging countries is also contributing to the growth of the medical aesthetics market.
Key Players:
- Allergan-AbbVie(US),
- Alma Lasers, Ltd. (Israel),
- Anika Therapeutics (US),
- Cutera, Inc. (US),
- Cynosure (US),
- El.En. S.p.A. (OTCPK:ITALY),
- Fotona d.o.o. (Slovenia),
- Galderma (Switzerland),
- Johnson & Johnson (US),
- Merz Pharma GmbH & Co. KGaA (Germany)
Allergan-AbbVie (US), held the leading position in the facial aesthetics market in 2019. It has a broad product portfolio and focuses on continuous innovation and the development of new products to sustain its leadership position in the market. Over the last few years, the company enhanced its share in the market by introducing new products and securing approvals for various medical aesthetic products.
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