Strategic analysis of the market developments between 2015 and 2018 revealed that growth strategies such as product launches, enhancements, and approvals; acquisitions; agreements, partnerships, and collaborations; and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical aesthetics market.
Among these business strategies, product launches, enhancements, and approvals and agreements, partnerships, and collaborations were the two most-widely adopted growth strategies.
The global medical aesthetics market is projected to reach USD 17.07 billion by 2023 from USD 10.30 billion in 2018, at a CAGR of 10.6% during the forecast period.
Allergan and Cynosure are leading players in Medical Aesthetics Market
Allergan (Ireland) held the leading position in the global facial aesthetics products market in 2017. The company has a broad product portfolio and focuses on continuous innovation and development of new products to sustain its market leadership. Over the past few years, the company enhanced its share in the market by introducing new products and securing approvals for various medical aesthetic products.
Cynosure (a wholly owned subsidiary of Hologic, US) held the leading position in the global medical aesthetics market for energy & light-based devices in 2017. Cynosure is a prominent manufacturer of laser-based medical aesthetic devices. In 2017, Hologic acquired Cynosure, which helped Hologic to enter the medical aesthetics market. Cynosure has a strong patent portfolio of 37 US patents, and it markets around 14 light/laser-based systems for medical aesthetic applications.
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