Medical Aesthetic Market: Analysis of Key Strategies Adopted by Leading Players Like Allergan-AbbVie(US), Cynosure (US)

Illinois, United States, 2021-Jan-13 — /EPR Network/ — The major players operating in the medical aesthetics market are Allergan-AbbVie(US), Alma Lasers, Ltd. (Israel), Anika Therapeutics (US), Cutera, Inc. (US), Cynosure (US), El.En. S.p.A. (Italy), Fotona d.o.o. (Slovenia),  Galderma (Switzerland), Johnson & Johnson (US), Merz Pharma GmbH & Co. KGaA (Germany), Medytox, Inc. (South Korea), Sientra, Inc. (US), Sinclair Pharma plc (UK), Syneron Medical, Ltd. (US), and Baush Health, Inc. (US).

An analysis of the market developments between 2017 and 2020 has revealed that several growth strategies, such as product launches, product approvals, and acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical aesthetics market. Product launches and acquisitions were the most widely adopted growth strategies by market players in the last four years.

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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. For example, the company received FDA approval for the Coolsculpting treatment, BOTOX Cosmetic (OnabotulinumtoxinA), JUVÉDERM VOLLURE XC gel filler, and NATRELLE INSPIRA in the last three years. During the same period, the company launched new products, including JUVÉDERM VOLBELLA XC and Juvéderm Volite. A strong focus on product launches enables the company to enhance its product portfolio and cater to the growing needs of patients and surgeons.

Cynosure (US) held the leading position in the global medical aesthetics market for energy & light-based devices in 2019. It is one of the prominent manufacturers of laser-based medical aesthetic devices. In 2017, Hologic acquired Cynosure, which helped the company to enter the medical aesthetics market. Cynosure has a strong patent portfolio of 37 US patents, and it markets around 14 light/laser-based systems for medical aesthetic applications. Currently, the company has a presence in over 60 countries through its subsidiaries and distribution network. The company, in December 2019, announced the divesture of the Cynosure Medical Aesthetics business for USD 205 million. Cynosure focuses on strengthening its market position and expanding its product portfolio by focusing on product development. For instance, the company launched the TempSure Vitalia and TempSure Envi system in 2018. Also, the company has secured approvals for its SculpSure and PicoSure systems from regulatory authorities in several countries. These product approvals have helped the company to market its products across geographies and increase its revenue in the medical aesthetics market.

Expected Revenue Growth:

[241 Pages Report] 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%.

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Major Growth Boosters:

Growth in this market is mainly driven by the growing adoption of minimally invasive and noninvasive aesthetic procedures, rising adoption of aesthetics procedures among geriatric individuals, increasing public awareness about cosmetic procedures, the availability of technologically advanced and user-friendly products, and the increasing demand for aesthetic treatments among men.

Regional Growth Analysis:

Geographically, this market is divided into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America is expected to account for the largest share of the global medical aesthetics market in 2019, and this trend is expected to continue during the forecast period. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. Rising consumer knowledge and interest in procedures, strong local economies, aggressive marketing by leading US and European companies in Asia, rising medical tourism, and increasing awareness about aesthetics are some of the key factors driving the growth of the medical aesthetics market in the Asia Pacific.