HOME Research Insight Product Launch, and Approvals is the Key Strategy Adopted by Leading Market Players to Foster Growth in the Global Medical Aesthetics Market

Product Launch, and Approvals is the Key Strategy Adopted by Leading Market Players to Foster Growth in the Global Medical Aesthetics Market

The medical aesthetics market is a diversified and competitive market with a large number of players. The product segments in the medical aesthetics market are dominated by various players, depending on their core competencies. In 2015, Allergan, Inc. dominated the global facial aesthetics and breast implants market. Moreover, in 2015, Syneron Medical Ltd. (Israel), Cynosure Inc. (U.S.), and Solta Medical Inc. (Canada), were the leading players in the energy-based devices market.

Allergan’s (U.S.) leadership position in the global facial and breast aesthetics market can be attributed to its broad product portfolio, strong geographical presence, and a wide customer base in the emerging economies, including Latin America, and Asia Pacific. In March 2015 Allergan, Inc. was acquired by Actavis plc, an Ireland based pharmaceutical company which helped Allergan, Inc. to be a division of a global pharmaceutical leader company and strengthened its distribution network.

The company’s wide geographic presence enables it to maintain its leadership position in the global medical aesthetics market. Furthermore, the company focuses on the new product launches and acquisitions as its key business growth strategies. In line with this strategy, in October 2016, Allergan launched JUVÉDERM VOLBELLA XC, the latest JUVÉDERM fillers for lip augmentation and perioral rhytids for patients aged 21 years and above in the U.S. Additionally, in February 2015, Allergan, Inc. received FDA approval to market its product NATRELLA INSPIRA, a round gel-filled smooth breast implant.

Syneron Medical Ltd. and Cynosure Inc, are the prominent players in the energy-based devices market. These companies have a well-established market image along with a broad range of energy-based devices and wide distribution network. In order to maintain their position in the market, these companies are focusing on technological advancements as key market strategy. In line with these strategies, in July 2016, Syneron Medical received FDA approval for its tattoo removal laser, ‘PicoWay’ and UltraShape Power device, fat reduction device.

Likewise, in July 2016 Cynosure received the Korean Ministry of Food and Drug Safety (MFDS) approval for its noninvasive fat reduction device, SculpSure and the China Food and Drug Administration (CFDA) approval to market PicoSure for tattoo removal in china in September 2015.

Acquisitions of small players was the second most followed strategy by both Syneron Medical Ltd. and Cynosure Inc, to enhance their product portfolio and market penetration in medical aesthetics market. Syneron Medical Ltd. acquired New Star Lasers, Inc. (U.S.) in February 2014, a company engaged in development and marketing of medical lasers for aesthetic surgeries and Cynosure, Inc. acquired Ellman International, Inc. (U.S.) in September 2014.

In the medical aesthetics market, leading players are adopting the strategies of new product launches; agreements, partnerships, and alliances; acquisitions, new product launches; and geographical expansion to augment their foot print’s in the market. Market players adopted these strategies to expand their product portfolios, enhance their geographic presence, and to increase their market shares.

Related Reports:

Medical Aesthetics Market by Product (Liposuction, Cellulite & Fat Reduction, Skin Tightening, Breast Implants, Botox, Dermal Fillers, Tattoo Removal, Thread Lift, Laser Hair Removal), End-User (Clinics & Medical Spas, Beauty Center) - Forecast to 2021

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