Body Contouring Device Market About To Explode
Date: May 6th, 2011
Details: According to a new market research report by GlobalData, the global market for body contouring devices was valued at $857.5 million in 2010, and is forecast to reach $2 billion by 2017, at a CAGR of 13%.
The market is mainly driven by increasing patient awareness of procedures available to them, the report says. This is supplemented by a number of factors relating to the supply side of the market. The number of players in the body contouring market has increased and consequently led to intense competition between companies. This is expected to lead to a reduction in prices in the near future, in turn increasing affordability for patients.
Noninvasive devices will be the fastest-growing category in the body contouring device market-driven by their associated benefits, such as zero downtime, cost-effectiveness, and better efficacy in fat reduction. Emerging economies will be the focal point for the new entrants and existing companies in this market. Emerging markets have huge potential for body contouring procedures due to rising income levels, which will in turn facilitate better affordability. The recovery of developed economies is a key factor for the growth of the body contouring device market. In 2010, revenue from body contouring devices in the United States and Europe grew by approximately 30% to 40% in 2009. Lack of reimbursement for aesthetic procedures along with the need for multiple treatments is the major restraint for this market.
The US contribution to the global body contouring device market was $330 million in 2010, and is forecast to reach $700 million by 2017, at a CAGR of 11%. The United States is the biggest market for body contouring devices and will remain so in the future. The US market for body-contouring devices is currently dominated by minimally invasive devices, unlike Europe and Asia Pacific. This is due to the fact that many noninvasive devices that are approved and available for use in Europe and Asia Pacific are still awaiting FDA approval in the United States. As a result, FDA approval for more noninvasive devices in the near future is expected to drive the market for body contouring devices in the United States. According to the American Society for Aesthetic Plastic Surgery (ASAPS), 80% of US residents are unhappy with their physical appearance and make use of aesthetic procedures; 90% of these patients opt for noninvasive devices due to cost-effectiveness and minimal patient discomfort.
The fusion of minimally invasive and noninvasive devices will drive the market for body contouring devices in the United States.
GlobalData's new report, "Body Contouring Devices - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017," provides market landscape, competitive landscape, and market trends information on the body contouring devices market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.
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