Newark, June 21, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global aesthetic medicine market is expected to grow from USD 69.53 Billion in 2022 to USD 187.18 Billion by 2032, at a CAGR of 10.41% during the forecast period 2023-2032.
The medical spa and the aesthetic organizations are very much competitive, and this competition will further increase with time. Based on one of the studies in 2018, Americans invested around USD 8 Billion in cosmetic procedures, with more than USD 1 Billion spent on the injections alone. Aesthetic medicine consists of treatments or surgeries broadly used for cleansing, beautifying or changing the shape of the human body. The demand for preventative practices which provide anti-ageing benefits of injectable medicines is propelling the growth of the market.
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Competitive Strategy
To enhance their market position in the global aesthetic medicine market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2023: Galderma launched FACE, which was an advanced augmented reality application. This solution helps aesthetic practitioners, and patients visualize the treatment results at the initial planning stage. It was presented at the International Master Course on Aging Science (IMCAS) World Congress 2023 in Paris. This would eventually help the organization in gaining more customers.
Market Growth & Trends
Based on the International Society of Aesthetic Plastic Surgery, around 2.5 million facial rejuvenation surgeries happened in 2016 globally. Moreover, there is an increase in the adoption of fat-reduction procedures among patients suffering from obesity. These factors are driving the market. It has also been observed that the number of surgeries worldwide has increased. There is an increase in the demand for the procedures such as blepharoplasty and rhinoplasty among the young generation aged 18 and above. Thus, fuelling the growth of the market. Based on the American Society of Plastic Surgeons, around 31,000 nose-shaping surgeries like rhinoplasty got operated in the US in 2016. These changes are because there has been a significant shift in consumer behaviour and sentiment towards aesthetic procedures and medicine. Secondly, there is a surge in social media like Instagram and TikTok; millennials and Gen Z are obsessed with transparency around beauty, health and wellness. Technological advancement made the procedure more in demand, and the surge in the demand rate led to an increase in medical practitioners' interest in plastic surgery. This is increasing the number of cosmetic surgeons. Millennial population, unlike the previous generation not waiting to get older to get Botox and fillers, which makes them look younger, and they are looking to undergo surgeries in their 20s and 30s as they want to stay looking young. Similarly, based on the American Society of Aesthetic Plastic Surgery, people aged less than 34 are having more cosmetic surgery procedures compared to adults between the ages of 51 and 64. All these factors eventually drive the aesthetic medicine market in the forecasting period.
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Key Findings
• In 2022, the noninvasive procedure segment dominated the market with the largest market share of 53.66% and market revenue of USD 37.31 Billion.
The procedure segment is divided into invasive procedures and noninvasive procedures. In 2022, the noninvasive procedure segment dominated the market with the largest market share of 53.66% and market revenue of USD 37.31 billion. Minimally invasive or noninvasive procedures can generally happen in the office setting and need minimal recovery time, allowing individuals to return to their normal activities without delay. Also, the accessibility of these procedures is playing a crucial role in increasing the demand. The affordability and availability of such procedures make them more accessible to a broad range of individuals.
• In 2022, the clinics, hospitals, & medical spas segment dominated the market with the largest market share of 49.55% and market revenue of USD 34.45 billion.
The end-user segment is divided into clinics, hospitals, & medical spas, beauty centres and home care. In 2022, the clinics, hospitals, & medical spas segment dominated the market with the largest market share of 49.55% and market revenue of USD 34.45 billion. Hospitals are more capable of affording high-cost instruments and accessing expert healthcare professionals. Medical spas and beauty centres are also experiencing significant growth due to the surge in the awareness of people regarding aesthetic procedures and the presence of many non-surgical procedures which can be done in the medical spas and beauty centres.
• In 2022, the female segment dominated the market with the largest market share of 77.23% and market revenue of USD 53.70 billion.
The gender segment is divided into male and female. In 2022, the female segment dominated the market with the largest market share of 77.23% and market revenue of USD 53.70 billion. This factor is due to the growing desire among the female population to look beautiful and young. There is a growing demand for aesthetic measures which mask ageing signs such as sagging neck, eyelids, deflated cheeks and deep wrinkles.
Regional Segment Analysis of the Aesthetic Medicine Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region occurred as the largest market for the global aesthetic medicine industry, with a market share of 35.55% and a market value of around USD 24.72 billion in 2022. The US aesthetic medicine market is having significant share as they have innovative healthcare infrastructure and technical development. Also, there is growing awareness regarding aesthetic procedures, and healthcare spending is also high, enhancing the region's market growth.
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Key players operating in the global aesthetic medicine market are:
• Allergan-AbbVie
• Baush
• Sientra
• Lumenis
• Medytox
• Cynosure
• Alma Lasers
• Syneron Medical
• Fotona
• Merz Pharma
• Anika Therapeutics
• Sinclair Pharma
• Johnson & Johnson
• Galderma
• Cutera
• Solta Medical
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global aesthetic medicine market based on below mentioned segments:
Global Aesthetic Medicine Market by Procedure:
• Invasive Procedure
• Noninvasive Procedure
Global Aesthetic Medicine Market by End-user:
• Clinics, Hospitals, & Medical Spas
• Beauty Centres
• Home Care
Global Aesthetic Medicine Market by Gender:
• Male
• Female
About the report:
The global aesthetic medicine market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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