Market Size of Mexico Aesthetic Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.33 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Mexico Aesthetic Devices Market Analysis
Mexico's Aesthetic Devices Market is anticipated to record a CAGR of 8.33% during the forecast period.
Mexico's aesthetic devices market witnessed enormous challenges as a result of the COVID-19 pandemic. For instance, an article published in the journal of Correspondence and Communications in March 2021 reported that from March 23rd, 2020, to June 28th, 2020, at a healthcare center in Mexico City, 393 cases of aesthetic surgery procedures were performed. Compared to the previous year, a 64.2% reduction in aesthetic surgical procedures was observed in the healthcare center. Thus, the COVID-19 pandemic impacted the growth of Mexico's aesthetic devices market. However, in the current scenario, with the reduction of COVID-19 cases and the resumption of suspended non-emergency procedures, the studied market is expected to witness significant growth over the forecast period.
The major factors attributing to the growth of Mexico's aesthetic devices market are the increasingly obese population and awareness regarding aesthetic procedures, and the rising adoption of minimally invasive surgeries (MIS). According to the World Obesity Atlas 2022, published by the Global Obesity Observatory, reported that about 21 million women and 15 million men in Mexico are expected to have a BMI of more than 30 kg/m2 by the end of 2030. A BMI over 30 kg/m2 is an indication of obesity, which may increase the demand for liposuction aesthetic procedures, thereby driving the growth of the studied market in Mexico.
The increasing adoption of MIS surgical procedures is also driving the growth of the studied market in the country. For instance, in July 2022, Oasis of Hope Bariatrics Tijuana, Mexico, reported that minimally-invasive techniques and advanced technology have been helping patients lose excess body fat for over three decades. Thus, more patients are undergoing this procedure. Therefore, due to the success of MIS procedures over traditional procedures, the market is expected to witness significant growth over the forecast period.
The growing aesthetic consciousness among people, especially the elderly population, is creating a demand for various devices being utilized in aesthetic procedures. The increasing trend of fashion and growing consciousness of self-beauty and personal care, and the increase in disposable income are contributing to the growth of the studied market. For instance, an article published by NCBI in August 2021 reported an increase in mastopexy procedures in Mexican hospitals. The article indicated that mastopexy procedures were versatile and were becoming very common in women above 40 years in the Mexican country. The growing aesthetic consciousness among people, especially the elderly population likely to add to the market growth during the forecast period.
Thus, due to the increasingly obese population, increasing awareness regarding aesthetic procedures, and rising adoption of MIS, the market is expected to witness significant growth over the forecast period. However, the high cost of aesthetic procedures and poor reimbursement scenarios in the country is expected to slow down the market growth over the forecast period.
