Argentina Aesthetic Devices Market - Growth, Trends, and Forecasts (2023-2028)

The Argentine aesthetic devices market is expected to register a CAGR of 5.5% during the forecast period.

The pandemic affected the studied market's growth. Elective surgeries were either canceled or postponed. A research study published in the National Library of Medicine in October 2021 discussed pandemic-induced uncertainties regarding the health system's control and access to effective vaccines. However, after the end of the lockdown, medical tourism boosted and contributed to the market's growth. In March 2022, a press release published in ChromeNews stated that Argentina's standards for medical care, practices, treatments, and knowledge are at par with those in the United States and Europe. Unlike many other medical tourism destinations, Buenos Aires is renowned for having exceptionally skilled surgeons in various specialties. Cosmetic surgery is the most popular type of surgery performed here. Currently, as the pandemic has subsided, the market has gained some traction, due to which the market is expected to have stable growth during the forecast period of the study.

The market's growth is attributed to the increasingly obese population, increasing awareness regarding aesthetic procedures, rising adoption of minimally invasive devices, and technological advancement. Furthermore, increasing R&D expenditure by innovators and generic players and a rising aging population will fuel the Argentine aesthetic devices market.

As per the Latin America Hospital Data Portrait report published in March 2021, Argentina's healthcare system included almost 2.4 thousand hospitals, nearly 2.9 thousand operating rooms, and over 106 thousand hospital beds as of 2021. This factor is expected to play a crucial role in the growth of the studied market in the country over the forecast period, as the availability of favorable infrastructure is expected to increase the adoption of treatment in the country. Thus, such technological advancement is expected to increase the efficiency of the treatment, which is expected to increase market growth during the forecast period. However, social stigma concerns and complex reimbursement scenarios are expected to hinder the market growth.

Argentina Aesthetic Devices Market Trends

Ultrasound Aesthetic Device Expected to Hold Significant Market Share

Aesthetic ultrasound devices are used in aesthetic procedures, such as plastic surgeries. Various factors, viz., increasing aesthetic surgeries and launches of the operating room in the country, are expected to increase the adoption of aesthetic ultrasound devices during the forecast period. According to the December 2021 report of the International Society of Aesthetic Plastic Surgery, Argentina was one of the country's top ten countries with many cosmetic procedures. In 2020, about 284,320 cosmetic surgical procedures were performed in the country. Hence, with the rising number of surgeries in the country, the demand for aesthetic devices market in the country is expected to increase, which is expected to boost growth in the studied market.

Similarly, the launch of new operating rooms in the country is another factor in market growth. In April 2021, the Dr. Ramón Carrillo Hospital Center, located in the provincial capital San Luis, was inaugurated by the Chief of the Cabinet of Ministers of the Nation. As per the reports, the hospital has 400 beds in undifferentiated common hospitalization, critical hospitalization, shock room, on-call observation, and 15 operating rooms: 9 general and 6 specialties, including a hybrid operating room. Such launches are expected to increase the adoption of aesthetic ultrasound devices during the forecast period.

Thus, the abovementioned factors, such as increasing surgical procedures, are expected to augment market growth during the forecast period.

Laser-based Aesthetic Device Expected to Have Significant Market Growth

Laser-based aesthetic devices are used in treating various aesthetic disorders or conditions with high energy. Factors such as obesity and aesthetic surgical procedures are expected to increase market growth over the forecast period. People's concern about their appearance is gradually on the rise. Therefore, there is an expected growth rate of procedures, especially with the increasing obesity rate in the country. For instance, the World Obesity Atlas 2022, published in March 2022, stated that in Argentina, around 2.5 million children are expected to be affected by obesity by 2030. Increasing obesity is expected to increase the adoption of aesthetic treatment in the country, thus increasing the market growth during the forecast period.

Furthermore, increasing surgical procedures are expected to increase the market growth. According to IASPS 2020, Argentina holds 6th rank in the world in breast augmentation procedures and holds 4th rank in rhinoplasty procedures. The country has over 2,000 plastic surgeons, a significant factor indicating a well-established aesthetics industry. Thus, increasing surgical treatment is expected to increase the consumption of laser-based aesthetic devices, which is expected to increase segmental growth.

Argentina Aesthetic Devices Market Competitor Analysis

The Argentine aesthetic devices market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are AbbVie Inc. (Allergan Inc.), Alma Lasers Ltd (Sisram Med), Bausch Health Companies Inc. (Solta Medical, Inc.), Johnson & Johnson, and Candela, among others.

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