The global body contouring devices market is expected to grow from USD 1.74 billion in 2024 to USD 3.00 billion by 2029, at a CAGR of 11.4%. This rapid growth is driven by the increasing demand for non-invasive procedures, such as fat freezing, radiofrequency, and HIFU, which offer quicker recovery times and fewer complications compared to traditional surgical options like liposuction. Emerging markets in the Asia Pacific, known for their booming medical tourism, offer affordable treatments, contributing to the market's expansion. However, high treatment costs and a lack of reimbursement, especially in North America, are key challenges. Opportunities lie in the improving healthcare infrastructure in countries like India and Brazil, while strict regulatory standards in regions like Europe and North America may limit market entry for smaller players. Non-invasive devices, particularly for fat reduction, are projected to dominate the market, with individuals aged 35 to 50 years and women being the largest demographic groups. North America currently holds the largest market share, but the Asia Pacific is expected to see significant growth due to increasing demand and lower costs.
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Driver: Growing adoption of minimally invasive and non-invasive aesthetic procedures
There is an increase in the adoption of minimally invasive procedures or non-invasive procedures for body contouring. These procedures mainly involve applications like fat reduction and skin tightening, which involve technologies such as fat freezing and radiofrequency. These devices are more actively used due to the lower risk to the body, increased accuracy, and faster results. Using non-invasive devices adds to the added benefit of cost saving as there is no hospitalization or major surgery that requires prolonged care, significantly reducing the treatment cost. Furthermore, these procedures are the first choice of treatment for patients as well as surgeons. The number of procedures with non-invasive devices has increased over the years, which has led to an overall increase in the body contouring devices market.
Restraint: High cost of treatment and lack of reimbursement
The cost of aesthetic procedures, including body contouring, is high, especially for procedures with advanced technology. The cost varies by region, and in places like North America, it is much higher compared to regions like the Asia Pacific. This explains the higher growth rate in the Asia Pacific. Since these procedures are considered non-essential or aesthetic, they are not well reimbursed, making them even costlier for patients. They are not covered by insurance, which limits the growth of the body contouring devices market.
Opportunity: Improving healthcare infrastructure in emerging markets
There is a major shift in the healthcare infrastructure in emerging markets like India, Brazil, and Mexico. This improved healthcare infrastructure provides added opportunities to the body contouring devices market. There is a significant increase in the number of specialty clinics, medical spas, and beauty centers, which has led to an increased number of procedures in these regions as the improved infrastructure attracts patients from different parts of the world, leading to improved medical tourism. The cost of procedures is also comparatively lower in these regions, which further drives market growth.
The major players in this market are Abbvie, Inc. (US), Cutera (US), Bausch Health Companies Inc. (Canada), InMode Ltd. (Israel), Venus Concept (Canada), ENDYMED Medical (US), Cynosure Lutronic (US), Lumenis BE Ltd. (Israel), Alma Lasers (Israel), Candela Corporation (US).
Abbvie, Inc. (US):
Abbvie, Inc. is the leading player in the body contouring devices market. It has its major geographic presence in US and internationally particularly in the aesthetics market. It has its sales and distribution globally for its body contouring devices. The company adopts multiple strategies like product launches and approval by US FDA and acquisitions of the small players for expanding the market even further. These strategies help in maintaining the leading position in the market. In 2022, the company received FDA approval for its derma filler.
InMode Ltd. (Israel):
InMode Ltd. Held the second largest position in the body contouring devices market. The company has a diversified variety of products that fulfils the need of the market along with wide distribution network. The company provides all range of body contouring procedures including non-invasive, invasive and minimally invasive products used for the variety of applications. Company has its highest presence in US and Europe.
Bausch Health Companies, Inc. (Canada):
The dominant market position is attributed to heightened sales of advanced non-invasive instruments provided under its dedicated subsidiary for aesthetic devices. Additionally, the widespread distribution network of the company throughout the globe is supporting the market growth. Moreover, the strategic escalation of investments aimed at broadening the array of product offerings within the surgical robot's market significantly bolsters this leading position. The company expands its presence through the product approvals in different countries.
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Content Source:
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https://www.marketsandmarkets.com/Market-Reports/body-contouring-devices-market-18231761.html
https://www.marketsandmarkets.com/PressReleases/body-contouring-devices.asp
