The Growing Canadian Market for Aesthetic Devices
The Canadian market for aesthetic devices, including laser, light-based, and energy-based devices, is on a steady growth trajectory. Market research indicates that the industry is driven by rising demand for non-surgical and minimally invasive cosmetic procedures, increasing consumer awareness, and technological advancements.
Market Size and Growth
According to a report by Grand View Research, the Canadian aesthetic devices market was valued at approximately $917.2 million in 2021. The market is projected to expand at a compound annual growth rate (CAGR) of 6.7% from 2022 to 2030, reaching an estimated value of $1,663.5 million by the end of the forecast period.
Factors Driving Growth
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Rising Demand for Non-Surgical Cosmetic Procedures:
Non-surgical procedures, such as laser hair removal, wrinkle reduction, and body contouring, are gaining popularity due to their lower risk, faster recovery time, and more natural-looking results. *
Increased Consumer Awareness:
Consumers are becoming more knowledgeable about aesthetic devices and their potential benefits, thanks to social media, online reviews, and advertising campaigns. *
Technological Advancements:
Manufacturers are continuously introducing innovative devices that offer better efficacy, safety, and comfort. These include devices with shorter treatment times, higher power levels, and advanced cooling systems. *
Aging Population:
The Canadian population is aging, and this demographic is increasingly seeking aesthetic treatments to maintain a youthful appearance. *
Growing Disposable Income:
The rising disposable income of Canadians is enabling more people to invest in their appearance.
Key Market Participants
Major players in the Canadian aesthetic devices market include: * Candela Corporation * Cynosure * Cutera * Lumenis * Syneron-Candela
Market Trends
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Telemedicine and Remote Monitoring:
The COVID-19 pandemic has accelerated the adoption of telemedicine and remote monitoring in the aesthetic industry. This trend is expected to continue, allowing patients to consult with doctors virtually and track their treatment progress from home. *
Personalized Treatments:
Aesthetic devices are becoming more customizable, allowing practitioners to tailor treatments to individual patient needs and preferences. *
Skincare Integration:
Many aesthetic devices are being integrated with skincare products to enhance treatment outcomes and provide a more comprehensive approach to skin health.
Conclusion
The Canadian market for aesthetic devices is poised for significant growth in the coming years. Driven by factors such as rising demand for non-surgical procedures, increased consumer awareness, technological advancements, and an aging population, the industry is expected to continue its upward trajectory. Manufacturers and practitioners are well-positioned to capitalize on this growing market by providing innovative devices and personalized treatments that meet the needs of the Canadian consumer.
Canadian Aesthetic Medical Devices Market Growth Soars Due to Rising Demand for Non-Invasive Procedures
Toronto, Canada – March 8, 2023
– The Canadian aesthetic devices market is experiencing significant growth, driven by increasing demand for non-invasive and minimally invasive cosmetic procedures. According to a recent report by Grand View Research, the market is projected to reach $3.15 billion by 2030, expanding at a CAGR of 10.5% over the forecast period. The growing demand for aesthetic devices can be attributed to several factors, including rising disposable incomes, increased awareness of cosmetic treatments, and advancements in technology. Non-invasive and minimally invasive procedures are becoming increasingly popular as they offer effective results with minimal downtime, making them appealing to a wider range of consumers. Energy-based devices, such as lasers, radiofrequency, and ultrasound systems, are among the most popular aesthetic devices in the Canadian market. These devices are used for a variety of skin rejuvenation procedures, including hair removal, skin tightening, and wrinkle reduction. Injectables, including dermal fillers and neurotoxins, are also seeing strong demand, as they provide effective solutions for improving facial contours and reducing wrinkles. Key players in the Canadian aesthetic devices market include: * Lumenis * Allergan (AbbVie) * Galderma * Candela (Syneron Candela) * Cutera * Solta Medical The growing Canadian aesthetic devices market presents significant opportunities for companies operating in the industry. However, competition is expected to remain intense, as new players enter the market and existing companies expand their product offerings.