The Middle East and North Africa medical aesthetic devices market is highly competitive in nature with a large number of players operating in it, states a new market research report by Transparency Market Research. The competition among the key players is expected to rise significantly in the coming few years. The rising focus of the players on the research and development activities and the expansion of the product portfolio, which is projected to support the growth of the medical aesthetic devices market in the Middle East and North Africa in the next few years. In addition to this, the increasing number of mergers and acquisitions is further projected to generate potential growth opportunities for the market players in the next few years. Some of the key players operating in the medical aesthetic devices market across the Middle East and North Africa are ZELTIQ Aesthetics Inc., Mentor Worldwide LLC, Allergan Plc, Fosun Pharmaceutical Co. Ltd., Merz Inc., Alma Lasers, Aptos Medical Aesthetics Inc., Aptos Medical Aesthetics Inc., Cynosure Inc., Galderma S.A., Cutera Inc., Lumenis Ltd., Solta Medical Inc., Promoitalia Group SpA, Syneron Medical Ltd., Viveve Medical Inc., and Teoxane Laboratories.
According to the market research study by Transparency Market Research, in 2015, the Middle East and North Africa market for medical aesthetic devices was worth US$275.0 bn and is projected to reach a value of US$755.8 mn by the end of 2024. The market is estimated to register a promising 12.20% CAGR between 2016 and 2024.
Middle East to Register High Growth in Coming Few Years
The medical aesthetic devices market has been majorly classified on the basis of geography into the Middle East and North Africa. Among these, the Middle East segment is expected to account for a large share of the overall market with a large share in the next few years. The strong growth of this segment can be attributed to the rising disposable income of consumers and the rising government initiatives in order to promote the devices. In addition to this, the significant growth of the medical tourism industry is another major factor that is estimated to accelerate the growth of this region throughout the forecast period. In the Middle East region, the UAE segment is likely to witness a strong growth in the next few years, thanks to the development of the medical tourism and the rising geriatric population.
The medical aesthetic devices market in the Middle East and North Africa has been categorized on the basis of application into breast enhancement, facial and body contouring, facial and skin rejuvenation, congenital defect repair, scar treatment, reconstructive surgery, hair removal, tattoo removal, and vaginal rejuvenation and tightening. Among these, the facial and body contouring segment is predicted to witness a strong growth in the coming few years. This segment is expected to remain in the leading position in the coming few years, thanks to the rising consumer awareness, rising obese population, and the rising disposable income of the consumers.
Technological Advancements to Drive Medical Aesthetic Devices Market
A significant rise in the demand for minimally intrusive surgeries and the rise in the number of trauma cases are some of the key factors that are projected to encourage the growth of the Middle East and North Africa medical aesthetic devices market in the next few years. In addition to this, the increasing road accidents and the rising awareness among the consumers regarding the aesthetic systems are predicted to enhance the growth of the overall market in the next few years. On the flip side, the high cost of treatment and the low repayments are expected to restrict the growth of the market in the near future. Nonetheless, the rising research and development activities and the rising focus on technological advancements are projected to offer potential growth opportunities for the market players in the next few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Medical Aesthetic Devices Market (Product – Aesthetic Laser and Energy Devices, Skin Tightening and Body Contouring Devices, Aesthetic Implants, and Facial Aesthetic Devices; Application – Facial and Body Contouring, Facial and Skin Rejuvenation, Breast Enhancement, Scar Treatment, Congenital Defect Repair, Reconstructive Surgery, Tattoo Removal, Hair Removal, and Vaginal Rejuvenation and Tightening; End User – Hospitals, Dermatology Clinics, and Cosmetic Centers) – Middle East and North Africa Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”