Market research analysts at Technavio predict that the global body contouring devices market will grow at a CAGR of almost 9% between 2016 and 2020. According to the company’s latest report, the industry could reach about $10 billion by 2020. The report presents a detailed segmentation of the global body contouring market by method (non-invasive, minimally-invasive and invasive) and by geography.
The key findings of the Technavio market research report are as follows:
- The rising interest in cosmetic surgery is a key driver of this market’s growth.
- The existence of many improved techniques and the increase in the number of skilled medical professionals who offer aesthetic treatments are also likely to propel the market during the forecast period.
- The non-invasive and minimally invasive body contouring segment contributed almost 68% of the overall market share of the global body contouring devices market in 2015. The minimal pain and expenditure involved in these procedures are considered as the primary reason for the growth of this market segment.
- Several factors are expected to reflect positively on the growth of the market by the forecast period. This includes the rise in focus on developing devices and solutions that are less invasive or minimally invasive by various companies. The goals are to achieve low recovery time, smaller incisions or no incision, reduced soreness, better efficacy in fat reduction, and lower costs.
- The study found an increasing use of body contouring procedures among men, which is a result of their desire to enhance physical appearance and a high disposable income.
- Rising awareness regarding body contouring procedures has amplified growth opportunities for the market vendors across the globe, particularly in the untapped APAC countries.
- The global market is extremely diversified with the existence of many global and local players. The key vendors in the global body contouring devices market include Alma Lasers, Cynosure, Meridian, Syneron Medical, and Valeant.
- The rise in R&D facilities and manufacturing plants are expected to drive the global body contouring market in the future.
- The Americas currently dominate the global body contouring devices market by accounting for over 49% of the overall market share.
Awareness about the availability of body contouring procedures and people’s desire to enhance their physical appearance is expected to reflect positively on the market growth in the Americas by 2020.