Medical Aesthetics Market

Medical Aesthetics Market Size (2023 to 2028)

The Medical Aesthetic Market growth is expected to reach USD 26 Billion by 2028 from USD 15.4 Billion in 2023, with a CAGR of 11% during the forecast period 2023 to 2028.

Medical Aesthetic Market Share Insights:

• Based on product, the facial aesthetic product segment held the largest share of the global market in 2022.
• Based on end-user, the clinics, hospitals, and medical spas segment held the leading share of the market in 2022.
• Based on region, North America captured the leading share of the global market in 2022.

Aesthetic medicine is a field of contemporary medicine that focuses on improving visual look by treating disorders including scars, skin laxity, wrinkles, moles, liver spots, excess fat, cellulite, undesirable hair, skin discolouration and spider veins. It traditionally includes dermatology, oral and maxillofacial surgery, reconstructive surgery, and plastic surgery, as well as surgical (liposuction, facelifts, breast implants, radiofrequency ablation), non-surgical (radio frequency skin tightening, non-surgical liposuction, chemical peels, high-intensity focused electromagnetic field, radio frequency fat removal), and combined surgical and non-surgical procedures. The USA, Brazil, Japan, South Korea, and Mexico conducted the most aesthetic operations.

MARKET DRIVERS:

Increasing adoption of minimally invasive and non-invasive aesthetic methods

The preference for minimally invasive and noninvasive cosmetic therapies over standard surgical procedures has significantly increased. Today's cosmetic surgeons have access to a wide range of instruments and methods that make minimally invasive operations like eye lifts and facelifts inexpensive and widely available. Additionally, compared to conventional surgical procedures, minimally invasive/nonsurgical options provide benefits including less discomfort, fewer scars, and faster healing. Additionally, these techniques are less expensive than standard surgical procedures. The market expansion is being further fueled by the aforementioned factors as well as the rate at which patients are adopting new items for use during treatment and at home.

MARKET RESTRAINTS:

Association of High Cost of Devices in the Medical Aesthetics Market limits the growth

The market's various participants are concentrating on releasing new products to fulfil the growing demand for aesthetics throughout the world, which has led to an increase in the price of the products available. For instance, according to information released in 2021 by Medicreations, the average price of new cosmetic gadgets can range from USD 120,000 to USD $300,000.

Additionally, consumers are restricted from getting cosmetic treatments due to the high prices of surgeries like breast augmentation and abdominoplasty and the absence of reimbursement schemes to cover these procedures as the majority of people cannot afford such high expenses. Non-surgical cosmetic procedures also usually only last one to two years. For instance, it is necessary to repeat the botulinum toxin treatment every 4-6 months. Because of this, non-surgical cosmetic procedures are less economical.

MARKET OPPORTUNITIES:

For industry participants in medical aesthetics, emerging nations like China, Brazil, Mexico, and India provide substantial prospects. The fast expansion of medical tourism, the expanding adult population (aged 20 and above), rising disposable incomes, and greater knowledge of aesthetic specialities are all contributing to an increase in the demand for medical aesthetic devices in these nations. Additionally, these nations are home to a strong and competent labour force. They have a rapid rate of growth and may provide returns on investment that are above average. These nations also have lax import and export regulations and are underdeveloped in most areas, both of which might aid businesses in building their brands. Government expenditures, tax breaks, and subsidies in these nations may also aid business expansion.

Impact of COVID-19 on the global medical aesthetics market:

It has been seen the reduced market growth by significantly fewer procedures during the COVID-19 pandemic. Due to a drop in demand for these operations globally, the number of cosmetic procedures reduced during the pandemic. To address COVID-19, the government has established rules for delaying elective treatments. The decline in aesthetic surgical treatments was brought on by the suspension of elective surgical procedures in numerous nations during COVID-19. According to data released by the American Society for Aesthetic Plastic Surgery in 2020, there was a 14.0% reduction in total operations from 4.6 million in 2019 to 3.9 million in 2020. The sales of cosmetic gadgets were also impacted by the mandated lockdowns and supply chain interruptions, and some manufacturers reported a decline in product sales.

REPORT COVERAGE:

This research report on the global medical aesthetics market has been segmented and sub-segmented based on the product, end-user, and region.

Medical Aesthetics Market - By Product:

• Facial Aesthetic Products
  • Botulinum toxin
  • Derma Fillers
  • Microdermabrasion products
  • Chemical peels
• Cosmetic Implants
  • Breast implants
  • Gluteal implants
  • Facial implants
• Skin Aesthetic Devices
  • Nonsurgical skin tightening devices
  • Laser skin resurfacing devices
  • Microneedling products
  • Light therapy devices
• Body Contouring Devices
• Physician-Dispensed Cosmeceuticals & Skin Lighteners
• Hair Removal Devices
• Tattoo Removal Devices

Based on product, the segment for face aesthetic products held the biggest market share in 2021. This segment's significant market share may be attributable to the rising patient demand for facial aesthetic procedures, rising disposable income and purchasing power, and an increasing global elderly population.

Medical Aesthetics Market - By End User:

• Clinics, Hospitals, and Medical Spas
• Beauty Centers
• Home Care

Based on the end-user segment, clinics, medical spas, and hospitals lead a significant share in the medical aesthetics market due to advanced technologies like advanced devices, skilled professionals, and trained staff. During the forecast period, the end-user segment records a significant share by owing the enormous clinics and medical spas, availability of the resources like financial and infrastructures.

Medical Aesthetics Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America held the largest share of this market. Due to the high amount of aesthetic treatments performed, the ageing of the population, growing disposable income, more knowledge, and advantageous government support for healthcare facilities, the huge percentage is explained. Other growing causes include the abundance of research being done, the creation of technologically improved goods, and FDA approvals for home-use aesthetic devices.

Asia Pacific held the second position in the global market. The high demand for facial cosmetic operations in nations like China and South Korea, among others, as well as the need for dermal fillers and botulinum toxin treatments in nations like India, Japan, and Thailand, are to blame for the market expansion in the Asia Pacific region.

Europe is anticipated to see a sizable CAGR throughout the predicted period. The market expansion in Europe is being driven by an increase in non-invasive treatments as well as a rise in medical tourism when individuals come from other nations to Spain, Germany, and the U.K. for different operations. The International Society of Cosmetic Plastic Surgery (ISAPS) estimates that in 2020, 14.8% of patients seeking various medical cosmetic procedures in Spain came from foreign nations.

The increasing number of aesthetic clinics in nations like Dubai and Saudi Arabia, among others, to meet the growing demand for various cosmetic procedures like botulinum toxin, dermal fillers, and breast augmentation, on the other hand, is expected to result in significant growth rates in Latin America and the Middle East & Africa during the forecast period.

For instance, according to information released by NCBI in 2021, Dubai is known as the plastic surgery hub and has 236 board-certified cosmetic surgeons as well as 400 aesthetic clinics.

KEY MARKET PARTICIPANTS:

Allergan, Alma Lasers, Ltd., Anika Therapeutics, Inc., Cutera, Inc., Cynosure (A Wholly Owned Subsidiary of Hologic, Inc.), El.En. S.P.A., Fotona D.O.O., Galderma, Johnson & Johnson, Merz Aesthetics, Inc. (A Division of Merz Pharma Gmbh & Co. Kgaa), Medytox, Inc., Sientra, Inc., Huadong Medicine Co. Ltd., Bausch Health Company, Inc., Syneron Medical, Ltd. Venus Concept, Aerolase, Sciton, Bohus Biotech, and Recosmo are some of the key market participants dominating the global medical aesthetics market.

KEY MARKET HAPPENINGS:

• In July 2022 – Apyx Medical announced that the Renuvion device was cleared by the U.S. Food and Drug Administration (FDA) for use in aesthetic procedures to enhance the appearance of lax skin in the neck region.
• In March 2021 – Bausch Health Companies Inc. launched the Clear + Brilliant Touch laser in the U.S. Clear + Brilliant Touch laser provides customizable treatment for patients of all ages and skin types.
• In January 2021 – Mentor Worldwide LLC, a Johnson and Johnson Services Inc. company, received the U.S. FDA approval for the MENTOR MemoryGel BOOST breast implant in breast augmentation in women of age 22 years and above undergoing breast reconstruction.
• In October 2020, Alma Lasers announced the launch of Alma Hybrid for ablative, non-ablative, and thermal treatments for skin rejuvenation and scar revision, combining the power of CO2 laser, 1570 nm laser, and IMPACT.