Albany, NY -- (SBWIRE) -- 08/24/2018 -- The Middle East and North Africa Medical Aesthetic Devices Market is prognosticated to witness growth in coming years. The market is characterized by stiff competition between the players. Owing to increased number of firms, they are constantly competing among each other to set their foot, sustain and improve their market position within the forecast period from 2016 and 2024.
Mentor Worldwide LLC, ZELTIQ Aesthetics Inc., Allergan Plc, Merz Inc., Fosun Pharmaceutical Co. Ltd., Alma Lasers, Aptos Medical Aesthetics Inc., Aptos Medical Aesthetics Inc., Cynosure Inc., Cutera Inc., Galderma S.A., Lumenis Ltd., Promoitalia Group SpA, Solta Medical Inc., Syneron Medical Ltd., Teoxane Laboratories, and Viveve Medical Inc. are some of the key organizations leading the medical aesthetic devices market in North America and the Middle East and Africa. Among these, the first five firms together held for 68.3% of the market share in year 2015. The key players are anticipated to emphasize on innovation and product differentiation to improve product marketability.
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According to Transparency Market Research the market for medical aesthetic devices is foreseen to grow at a decent CAGR of 12.20% within the forecast period from 2016 to 2024. In 2015, the market’s evaluated valuation was US$275.0 bn. On the basis of application, the Middle East and Africa market is led by facial and body contouring segment. This segment is anticipated to sustain its leading position in coming years as well. Geographically, the Middle East and Africa segment dominated North America region and held 58% of the overall market shares.
Increase in demand for minimally intrusive surgeries, rise in number of trauma cases and road accidents, prevalence of inborn tooth and face disfigurements, industrial growth, development in awareness programs - for example, increased awareness about breast cancers (launched in the U.S.), and increase in number of cosmetology specialists are driving the medical aesthetic devices market.
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Moreover, development in medical tourism, increased inclination for a superior personal healthcare, and increasing influence of celebrities on youngsters, which motivates them to look presentable and appealing are expected to stoke market growth. Besides these factors, speedy technological advancements, significant increase in awareness about aesthetic systems, and an ascent in geriatric population are the major market drivers.
On the downside, high cost of treatment, low repayments, and danger of breakdowns, mostly with respect to implants, are obstructing the market’s development. Social disgrace concerns and absence of appropriate reimbursement policies are the primary limitations impeding the development of the market. Apart these, a social stigma about aesthetic beauty is also one of the contributing factor in hampering the overall market growth in the Middle East and Africa.
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