HOME Research Insight Allergan (Ireland) and Cynosure are leading players in Medical Aesthetics Market

Allergan (Ireland) and Cynosure are leading players in Medical Aesthetics Market

The global medical aesthetics market is projected to reach USD 17.07 billion by 2023 from USD 10.30 billion in 2018, at a CAGR of 10.6% during the forecast period. The growing adoption of minimally invasive and noninvasive aesthetic procedures, rising adoption 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 are the key factors driving the growth of the medical aesthetics market during the forecast period.

Strategic analysis of the market developments between 2015 and 2018 revealed that growth strategies such as product launches, enhancements, and approvals; acquisitions; agreements, partnerships, and collaborations; and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical aesthetics market. Among these business strategies, product launches, enhancements, and approvals and agreements, partnerships, and collaborations were the two most-widely adopted growth strategies.

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Allergan (Ireland) held the leading position in the global facial aesthetics products market in 2017. The company has a broad product portfolio and focuses on continuous innovation and development of new products to sustain its market leadership. Over the past few years, the company enhanced its share in the market by introducing new products and securing approvals for various medical aesthetic products. For example, in the past three years, the company received FDA approvals for the Coolsculpting treatment, BOTOX Cosmetic (OnabotulinumtoxinA), JUVÉDERM VOLLURE XC gel filler, and NATRELLE INSPIRA. During the same period, the company also launched new products, including JUVÉDERM VOLBELLA XC and Juvéderm Volite. The company also focuses on inorganic growth strategies such as acquisitions to ensure its growth in the market. For example, in 2017, Allergan acquired ZELTIQ Aesthetics to expand its portfolio of body contouring products. This helped the company to strengthen its position in the medical aesthetics market.

Cynosure (a wholly owned subsidiary of Hologic, US) held the leading position in the global medical aesthetics market for energy & light-based devices in 2017. Cynosure is a prominent manufacturer of laser-based medical aesthetic devices. In 2017, Hologic acquired Cynosure, which helped Hologic 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. The company has its presence in over 60 countries through its subsidiaries and distribution network. Cynosure focuses on strengthening its market position and expanding its product portfolio by focusing on product development via product launches and approvals. For instance, in 2018, the company launched the TempSure Vitalia and TempSure Envi system. The company also secured approval for its SculpSure and PicoSure systems from regulatory authorities of various countries. These product approvals have helped the company to market its products across geographies and increase its revenue base in the medical aesthetics market.

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Medical Aesthetics Market Product (Botox, Dermal Filler, Liposuction, Cellulite Reduction, Fat Reduction, Skin Tightening, Breast Implant, Tattoo Removal, Thread Lift), End User (Clinic, Medical Spa, Hospital, Beauty Center) - Global Forecast to 2023

Mr. Shelly Singh
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