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The Mexico - aesthetic devices market size is estimated to grow by USD 533.06 million at a CAGR of 8.4% between 2023 and 2028.
The Mexico aesthetic device market is skyrocketing due to rising disposable income and healthcare spending tied to the country's economic growth. As a result, individuals may spend more of their disposable income on non-essential expenses such as cosmetic treatments, leading to increased demand for these devices. Healthcare professionals are utilizing aesthetic devices to carry out a variety of cosmetic procedures. The rising focus on personal grooming and aesthetics has stimulated the market for aesthetic devices, therefore contributing to the growth of the Mexico aesthetic devices market during the forecast period.
Technavio has segmented the market into Type, End-user, and Application
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 to 2022, besides analyzing the current market scenario.
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The market share growth by the energy-based aesthetic devices segment will be significant during the forecast period. Energy-based aesthetic devices are medical devices utilized for cosmetic procedures to skin treatment and body defects through minimally intrusive or invasive technologies. This includes laser, light therapy devices, ultrasound, and RF. In Mexico, the demand for energy-based aesthetic devices is increasing, with the adoption of beautification treatments to enhance people's beauty and physical appearance.
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The energy-based aesthetic devices segment was valued at USD 458.14 million in 2018. Furthermore, the focus on building techniques for skin procedures for a broad range of skin types and conditions is also rising. The treatment options have extended to hair removal for all skin types, treatment of skin pigmentation vein lesions, rejuvenation of skin for texture or scar, or tattoo removal. Hence, such factors are expected to drive the growth of the segment during the forecast period.
With the rising demand for cosmetic and non-surgical therapies, hospitals have become an integral part of the Mexico - aesthetic devices market. Hospitals, recognized for their specialized medical care and state-of-the-art facilities, have taken note of the increasing demand for aesthetic treatments among patients and have accordingly incorporated aesthetic devices into their services. In addition, by integrating aesthetic devices, hospitals are able to provide a wide variety of treatments, including non-invasive and surgical options, which, in turn, increases the number of patients seeking these services. All these factors under the hospital end-user segment will thereby expand the growth of the aesthetic devices market in Mexico during the forecast period.
The use of aesthetic devices in dermatology is gaining popularity due to the growth in the prevalence of skin disorders. Skin conditions such as pigmented and benign vascular birthmarks, tattoos, hypertrophic scars, keloids, and removal of facial and body hair are primarily performed with medical lasers. Consequently, aesthetic laser surgery is gaining popularity in this segment. The application of light therapy in the dermatology segment also drives the growth of the segment. Owing to the growing number of clinics and increasing healthcare spending, the market in the region is expected to grow during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
AbbVie Inc.: The company offers aesthetic devices for neurotoxins, soft tissue fillers, non-invasive body contouring.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The rise in awareness regarding aesthetic surgeries is the key factor driving market growth. The popularity of medical aesthetics is growing in Mexico as it has become part of routine treatments for people who want non-invasive cosmetic treatments for a natural and healthy appearance. Medical aesthetic clinical treatments are now gaining popularity due to their quick results in a short period of time.
Moreover, market players are also partnering with renowned celebrities who are sharing their experiences after a minimally invasive procedure. Such endorsements eliminate inhibitions among consumers who are considering the procedures. Therefore, with the increase in awareness about skin health, the number of aesthetic procedures is rising, which will drive the growth of the market during the forecast period.
Technological advancement in aesthetic devices is a significant trend shaping market growth. As people become more conscious of their appearance and their disposable income increases, the demand for complex cosmetic treatments also increases. Medical devices designed to improve one's physical appearance are becoming increasingly popular in Mexico due to the incorporation of advanced technologies.
Moreover, advanced aesthetic devices provide a range of advantages, including enhanced treatment effectiveness, reduced patient inconvenience, and reduced time-to-effect. Thus, technological advancement in aesthetic devices is expected to boost the growth of the Mexico aesthetic devices market during the forecast period.
Stringent regulations are a challenge that affects market growth. The Mexican government has enforced a variety of rules and regulations to ensure the safety and effectiveness of aesthetic devices utilized in cosmetic operations. These regulations are created to safeguard consumers and improve the quality of the products and services available in the Mexico - aesthetic devices market.
Furthermore, the implementation of complex regulations necessitates substantial financial investments, which can be prohibitive for small-scale producers, hindering their entry or expansion into the market. These stringent regulations imposed by the government will restrict the growth of the aesthetic devices market in Mexico during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Mexico Aesthetic Devices Market Customer Landscape
The Mexico aesthetic devices market report forecasts market growth by revenue and analyzes the latest trends and growth opportunities from 2018 to 2028.
Mexico Aesthetic Devices Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.4% |
Market growth 2024-2028 |
USD 533.06 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.29 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Bausch Health Companies Inc., BTL Group, Candela Corp., Cutera Inc., Cynosure LLC, Galderma SA, Hologic Inc., Home Skinovations Inc., Inmode Ltd., Lumenis Be Ltd., Merz Pharma GmbH and Co KGaA, Rohrer Aesthetics Inc., Salient Medical, Sanuwave Health Inc., Sisram Medical Ltd., Venus Concept Inc., and Laser Technology Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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