Albany, NY -- (SBWIRE) -- 01/16/2018 -- The Middle East and North America medical aesthetic devices market is characterized by the intense rivalry between the leading players, states a new research report by Transprency Market Research (TMR). The market demonstrates a highly consolidated marketplace as the top five players, namely, Allergan Plc, Mentor Worldwide, Merz Inc., ZELTIQ Aesthetic Inc., and Fosun Pharmaceutical Co. Ltd., collectively accounted for 68.3% of this market in 2015.
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With a large number of participants, constantly competing with each other, the market is likely to remain highly competitive over the next few years. The leading companies are likely to move to product innovation and differentiation in the near future to enhance the marketability of their products, notes the research study. As per the report, the Middle East and North Africa market for medical aesthetic devices was worth US$275.0 bn in 2015. Expanding at a CAGR of 12.20% during the period from 2016 to 2024, the opportunity in this market is projected to reach US$755.8 mn by the end of the forecast period. The demand for these devices has been higher in facial and body contouring treatment. Researchers expect the segment to continue as the dominant application area over the forthcoming years.
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In this research report, the Middle East and North Africa market for medical aesthetic devices has been broadly classified into two geographical segments: The Middle East and North Africa. Between the two, the Middle Eastern market the bigger one. It dominated the overall market in 2015 with a share of more than 58% and is anticipated to remain doing so throughout the forecast period. Saudi Arabia, the UAE, Qatar, Oman, Kuwait, Bahrain, Iraq, Lebanon, Syria, Jordan, and the Rest of the Middle East have been recognized as the main geographical segments of the Middle East medical aesthetic devices market in this study. Among these Saudi Arabia has surfaced as the leading domestic market for these devices in this region.
The report further analyzes the Middle East and North Africa medical aesthetic devices market on the basis of the products available in this market, which are aesthetic laser and energy devices, skin tightening and body contouring devices, aesthetic implants, and facial aesthetic devices. The demand for skin tightening and body contouring devices is higher than others, thanks to the increased beauty consciousness, product innovations, and the rising awareness among consumers. The scenario is likely to remain so over the next few years, states the research report.
"The increasing consciousness among consumers regarding their looks and personality is the main factor behind the growth of the Middle East and North Africa market for medical aesthetic devices," says an analyst at TMR. With the rising disposable income in this region, the purchasing power of consumers has increased significantly, which has shifted their focus towards beauty and personal grooming, leading to a substantial surge in cosmetic surgical procedures. This, as a result, has been fueling the demand for medical aesthetic devices in the Middle East and North Africa.
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