New data released by market research firm Markets and Markets has estimated the global aesthetics market to grow at a compound annual growth rate (CAGR) of 10.8% from now until 2021.
Markets and Markets claims the key factors fuelling the growth of the medical aesthetics market are the growing adoption of minimally invasive and non-invasive aesthetic procedures, technological advancements in energy-based medical aesthetic devices, the increasing demand for aesthetic treatments among the male population and the availability of user-friendly aesthetic devices.
However, it also claims that stringent safety regulations for aesthetic procedures and social stigma associated with these treatments are some of the key restraints hampering the growth of the market. A combination of ‘top-down and bottom-up approaches’ were used in this paper.
A top-down approach starts with the big picture and breaks down from there into smaller segments. A bottom-up approach is the piecing together of systems to give rise to more complex ones, thus making the original systems sub-systems of the emergent one.
This approach was used to calculate the market sizes and growth rates of the medical aesthetics market and its sub-segments. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. Primary interviews with key opinion leaders were also used to determine the percentage shares of each product across the globe.
The report named Syneron Medical, Cynosure and Solta Medical the top three companies in the global energy-based devices market in 2015, while Allergan, Galderma and Merz Aesthetics were named the leading players in the global facial aesthetics market for the same year.