Non-Invasive Fat Reduction Market: Focus on Product Innovation to Drives Market Growth
A handful of companies, together account for a large share in the global non-invasive fat reduction market, thereby making it consolidated. A noticeable trend in the market is players increasingly upping their marketing allocations in order to build solid brand awareness and subsequently attract more customers. Yet another noteworthy trend in the market is the considerable contribution of emerging players towards market growth.
Some of the prominent participants in the global non-invasive fat reduction market are Fosun Pharmaceutical Co., Ltd., Cutera, Inc., Cynosure, Inc., ZELTIQ Aesthetics, Inc., and Syneron Medical Ltd. Of them, ZELTIQ Aesthetics, Syneron Medical Ltd., Fosun Pharmaceutical Co., Ltd, and Cynosure, Inc. have massive geographical outreach on account of multiple non-invasive fat reduction devices.
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Rising at a robust 15.9% CAGR from 2017 to 2025, the global non-invasive fat reduction market, valued at US$693.2 mn in 2016 will likely attain a value of US$2.50 bn by 2025, finds a report by Transparency Market Research.
The different types of non-invasive fat reduction technologies in the market are ultrasound, cryolipolysis, radiofrequencies, low level lasers, etc. The cryolipolysis devices, at present lead the market with maximum share owing to their wide array of uses. As a result, doctors, aesthetic surgeons, dermatologists, patients, etc. prefer them over other devices.
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Geographically, the key segments of the global non-invasive fat reduction market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, among them, with a large proportion of obese population, currently holds a dominant share in the market vis-à-vis revenue. Presence of numerous new and established manufacturers in the region, who are coming up with advanced products quite frequently, along with the high spending capacity of people, is serving to drive the market. By registering a CAGR of 15.4%, the North America market is expected to hold on to its dominant share in the upcoming years as well.
Rising Instances of Obesity Stoke Demand
Catalyzing growth in the global non-invasive fat reduction market is the alarming rise in obesity worldwide due to consumption of calorie-laden fast foods and beverages and a sedentary lifestyle. In order to get rid of the excess body fat, which besides distorting the appearance is also harmful for health, people are increasingly opting for fat reduction and body contouring both through non-invasive and surgical procedures.
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“In addition, increase in prevalence of diseases associated with obesity such as diabetes, growing preference of customers for aesthetic procedures, and their willingness to spend more on them has boosted the market growth of the global non-invasive fat reduction market,” explains the lead analyst of the TMR report.
Focus on Product Innovation Drives Growth
Constant thrust on product innovation on account of demand for technologically superior products that are hassle-free to use and yield faster results, is also having a positive impact on the non-invasive fat reduction market globally. For example, cryolipolysis treatment by coolsculpting device is completed in 30 to 60 minutes, eliminating about 25 to 30% fat circumference.
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Currently non-invasive fat reduction devices are expensive and account for a small part of the medical aesthetic market. Eventually, their demand will rise significantly due to the growth of the obese population, aging population, expendable income, product innovation, and cultural acceptance of aesthetic procedures.
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