The report named Medical Aesthetics Market Research Report, published by Stratview Research offers a thorough knowledge of the development and current scenario of the market. This report contains updated information related to the market gathered through extensive primary and secondary research. The market report incorporates the key players including manufacturers, providers, etc. This can help the users to understand the scenario of the market and take a firm decision for future investments.
As per the report, the medical aesthetics market was estimated at USD 9.3 billion in 2021 and is likely to grow at a CAGR of 10.7% during 2022-2028 to reach USD 18.94 billion in 2028.
Medical aesthetics includes all medical procedures and treatments to help patients achieve their aesthetic goals by improving their cosmetic appearance of patients.
COVID-19 Impact on the Medical Aesthetics Market.
The medical aesthetic market was significantly affected by the pandemic in the year 2020. The market experienced negative growth owing to the reasons like reduced product demand, limited operations, lockdown leading to the closure of beauty centers, and supply chain disruption. However, after the pandemic, there was an increase in the demand for cosmetic surgeries and the market is expected to experience robust growth in the forecast period.
The growth of the medical aesthetics market is primarily driven by:
- Increasing demand for minimally invasive and non-invasive aesthetic procedures,
- Growing awareness of cosmetic procedures,
- Rising disposable income,
- Prevalence of skin diseases,
- Technological advancements,
- Rising expenditure on cosmetic surgeries and growing demand for medical aesthetics to improve physical appearance.
Stratview Research tracks all the major product launches, mergers, and acquisitions over the past few years. The identification of key players in the market is based on both primary interview results as well as available authentic secondary data sources. According to the research, the following are the key players in the Medical Aesthetics Market.
- Allergan plc
- Alma Lasers, Ltd.
- Anika Therapeutics Inc.
- Cutera Inc.
- EI.En. S.p.A.
- Galderma Laboratories, L.P.
- Johnson & Johnson
- Medytox, Inc.
- Sientra, Inc.
This report aims at providing critical market information and valuable insights which are of high value to the users, enabling them to identify strategic growth opportunities in the market. The report also aims at answering the following key questions:
· What is the current and future market potential of the Medical Aesthetics Market?
· How will the COVID-19 pandemic impact the market?
· What will be the short and long-term repercussions of the pandemic?
· How are other crucial market factors changing the market dynamics?
· When is the recovery expected from the pandemic?
· After the pandemic, which region will heal up at the fastest pace?
· Which segments offer high-growth opportunities in the long run?
· How fierce is the market competition?
· What are the key emerging trends and unmet needs?
· What are the strategic growth opportunities and key success factors?
Based on the product type, the market is segmented as facial aesthetic products, body contouring devices, cosmetic implants, physician-dispensed cosmeceuticals and skin lighteners, physician-dispensed eyelash products, skin aesthetic devices, hair removal devices, tattoo removal devices, thread lift products, and nail treatment laser devices. Among these product types, it is estimated that the facial aesthetic products segment is likely to be the major product type during the forecast period, largely due to the increasing demand for facial aesthetic treatments, the growing number of working female population, increasing disposable income, and the desire to look young and attractive.
Based on the end-user type, the market is segmented as clinics, hospitals, medical spas; beauty centers; and home care settings. The clinics, hospitals, and medical spas segment will be dominant during the forecast period. The segment’s growth is on account of the growing number of hospitals, clinics, and medical spas, the availability of infrastructural and financial resources, technologically advanced devices, and skilled professionals to perform aesthetic procedures.
In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. Among these regions, North America is expected to be the dominant region in the market during the forecast period. The market growth in this region is majorly attributed to the rising awareness of aesthetic procedures, increasing the number of skin diseases, the growing geriatric population, and technological advancement in the field of advanced medical devices. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Stratview Research has published a new report on the Medical Waste Management Market. The report on the market is segmented by Service Type (Collection, Transportation, and Storage Services; Treatment & Disposal Services; and Recycling Services), by Type of Waste (Non-Hazardous Waste, Hazardous Waste), by Treatment Site Type (Offsite Treatment, Onsite Treatment), by Waste Generator Type (Hospitals & Diagnostic Laboratories, Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The medical waste management market was estimated at USD 9.72 billion in 2022 and is likely to grow at a CAGR of 5.63% during 2023-2028 to reach USD 13.52 billion in 2028.
What is medical waste management?
Medical waste management is the proper management and disposition of biomedical wastes to protect the environment, the general public, and workers, especially healthcare and sanitation workers who are at risk of exposure to biomedical waste as an occupational hazard.
Medical waste management of different types, such as hazardous and non-hazardous that are used for onsite and offsite treatments.
An increase in the number of covid affected people led to an increase in medical waste tremendously. The increase in medical waste positively affected the market and it led to healthy growth in the medical waste management market.
The medical waste management market is set to rise in the coming years, due to several factors including -
- The rise in healthcare infrastructure, such as hospitals, laboratories, research centers, blood banks, etc. has spurred an increase in medical waste generation, necessitating demand for medical waste management services.
- The need for effective medical waste management amplifies during outbreaks of infectious diseases, such as Covid 19. A huge volume of medical waste is generated during such pandemics requiring effective waste management services.
- Governments of countries across the globe are implementing multiple large-scale medical waste initiatives. This, as a result, drives the demand for effective waste management.
- The increasing geriatric population, rising focus on healthcare, and increasing healthcare expenditure are also a few reasons behind the growth of medical waste management.
Based on the service type, the market is segmented as collection, transportation, and storage services; treatment & disposal services; and recycling services. The collection, transportation, and storage services segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The growth of the segment is triggered by the presence of stringent regulations for the collection, transportation, and storage of medical waste.
Based on the type of waste, the market is segmented as hazardous and non-hazardous. The non-hazardous waste dominates the market, owing to the large quantity of non-hazardous waste generated in healthcare facilities across the globe which creates a significant focus on its effective management.
In terms of regions, North America is estimated to be the largest as well as the fastest-growing market during the forecast period, with lucrative growth opportunities. The growth of the market is driven by the growing aging population and stringent regulations in this region.
What do we aim to solve with this report?
By delivering concise and pertinent industry information & outlook, we aim to assist the stakeholders in navigating through the decision-making terrain.
The report primarily aims at:
- Helping the user recognize innovative trends surrounding the Medical Waste Management Market.
- Finding out factors that assist the user in making practical business decisions.
- Highlighting the positive & negative influencers of the Medical Waste Management Market.
- Forecasting the sales, CAGR, and the dominant segments & sub-segments of the market.
- Analysing the key players/competitors in the market.
- Veolia Environnement S.A.
- Suez Environnement S.A.
- Sharps Compliance, Inc.
- Waste Management, Inc.
- Clean Harbors, Inc.
- Remondis Se & Co. Kg
- Republic Services, Inc.
- Biomedical Waste Solutions LLC
- Daniels Sharpsmart Inc.
- Ecomed Services.
Critical Questions Answered in the Report
l What are the key trends in the Medical Waste Management Market?
l How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
l What is the impact of COVID-19 on the Medical Waste Management Market?
l What are the key strategies adopted by the major vendors to lead in the global Medical Waste Management Market?
l What is the market share of top vendors?
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According to the report, the digital twin market was estimated at USD 10.36 billion in 2022 and is expected to grow at a CAGR of 44.01% during 2023-2028 to reach USD 92.44 billion in 2028.
What is a digital twin?
Digital Twin refers to a replica or a digital avatar of a living or non-living physical object. It serves as a proxy for the current condition of anything it represents. This helps in attaining real-time data with which, one can see the current progress or bottlenecks and plan ways to resolve or improve them. When a twin of a physical product is created and displayed digitally, smart sensors are used to collect and create real-time representation from the real product to the digital twin. This transferred data not only replicates the physical product but also mimics its behaviour.
The COVID-19 pandemic has positively impacted the global digital twin market. During the pandemic, major manufacturers used a variety of strategies to increase their market share in the broader marketplace, including product launches, product improvements, and R&D spending.
Leading players in the market -
To build a successful business, it is vital to understanding the market - both the customers and the competitors. The report published consists of a list of key players active in the Digital Twin Market, which is given below -
- General Electric
- Microsoft Corporation
- Robert Bosch
- Siemens AG
- SWIM AI Alubond U.S.A.
The digital twin market is driven by several factors, one of which is the increased demand for predictive maintenance and asset optimization solutions across industries. Below given are a few more drivers -
- Increased demand for predictive maintenance – Digital twins are used to monitor and predict the performance of assets in different industries. This helps to prevent unplanned downtime and reduce maintenance costs. According to General Electric Power (GE), leveraging digital twin solutions can help in reducing reactive maintenance in less than 1 year by 40%, reduced time to achieve outcomes by 75%, and can save up to $11 million by detecting and preventing failures.
- Adoption of Industry 4.0 – The fourth industrial revolution is characterized by the use of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT). Digital twin technology plays a vital role in fulfilling various requirements of Industry 4.0, as they can be used to integrate and analyze data from these different technologies.
- Regulatory compliance requirements – In some industries, there are regulatory requirements that mandate the use of digital twins. For example, in the healthcare industry, digital twins can be used to simulate the performance of medical devices, which can help to ensure that they meet safety standards. The FDA approved the use of digital twins to simulate the performance of a new medical device, which helped to speed up the approval process.
- Growing Adoption in Multiple Industries: Owing to its benefits, digital twin technology has found applications across various industries, including manufacturing, healthcare, automotive, aerospace, energy, infrastructure, etc. This widespread adoption is driving market growth as more organizations recognize the benefits of digital twins in improving their operations, optimizing asset performance, and delivering better customer experiences.
The market is segmented as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. The automotive & transportation industry has adopted this technology for a long time which is also a major reason for the dominance of this segment.
The automotive & transportation segment leads the market owing to its usage for designing, production, simulation, maintenance, repair, overhaul, and after-service. In 2022, the automotive and transportation segments will account for more than 15% of the market.
The process segment is expected to grow at the fastest rate, with a CAGR of more than 35% in 2022.
The market is segmented as product digital twin, process digital twin, and system digital twin. The system digital twin segment is expected to remain dominant during the next five years due to increasing demand for digital systems in various industries, as the system digital twin is a combination of both, product and process, and either of the tasks can be performed by system type.
North America is estimated to be the largest market, whereas Asia-Pacific is estimated to be the fastest-growing with a CAGR of more than 40% in 2022, owing to the highly developed infrastructure in North America and the presence of a large number of digital twin providers in the region. The USA is not only a major country in North America but also in the world. China and India are the growth engines of the Asia-Pacific region.
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