MEA Energy-Based Aesthetic Devices Market Set for Prosperity in Future
Factors like the rising disposable income, increasing healthcare expenditure, growing elderly population, expanding medical tourism industry, and improving healthcare infrastructure are projected to boost the Middle East and Africa (MEA) energy-based aesthetic devices market growth at a 7.1% CAGR during the forecast period (2020–2030). At this rate, the sale of these devices will generate $189.0 million in 2030, compared to $92.8 million in 2019. Additionally, such treatments are gradually gaining popularity among consumers in the region owing to the growing Western influence and desire to have a better appearance, particularly among women.
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One of the prime factors improving the MEA energy-based aesthetic devices market growth prospects is the shifting inclination toward minimally invasive aesthetic treatments by the customers in the region. This is due to the fact that cosmetic procedures, sometimes, are medically unsafe, and they involve a high cost. Thus, the demand for energy-based aesthetic devices has increased due to the introduction of minimally invasive procedures. For instance, the risks associated with invasive surgical procedures are eliminated by body contouring and fat removal procedures performed with the help of cryolipolysis and laser devices.
The technology segment of the MEA energy-based aesthetic devices market is categorized into laser-based, electromagnetic energy-based, light-based, suction-based, ultrasound-based, cryolipolysis, and plasma. Among these, laser-based technology held the largest market share in 2019, owing to the increasing awareness of people about this technology over other energy-based treatments. Whereas, the electromagnetic energy-based category is projected to record the highest growth rate during the forecast period, due to the rising need for electromagnetic-energy-emitting devices in healthcare facilities and their easy availability in the region.
Geographically, Saudi Arabia led the market during the historical period (2014–2019). This is ascribed to the growing elderly population, rising awareness of aesthetic devices, and increasing number of aesthetic surgeries among both men and women in the country. For instance, in 2018, as per a study conducted by the International Society of Plastic Surgery (ISAPS), the country stood at the 30th position in the world in terms of the number of cosmetic procedures. Therefore, the surging number of cosmetic procedures boosts the demand for energy-based aesthetic devices in Saudi Arabia.
Thus, consumers’ rising inclination toward minimally invasive aesthetic treatments and the growing medical tourism industry in the region are expected to propel the demand for energy-based aesthetic devices during the forecast period.