New York, USA, June 22, 2023 (GLOBE NEWSWIRE) -- Medical Aesthetics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Aesthetics Market Information by Product, Technology, End User - Forecast till 2032”, the market size was anticipated at USD 16.8 Billion in 2022 and is projected to grow from USD 18.66 Billion in 2023 to USD 43.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.10% during the forecast period (2023 - 2032).
Market Scope:
The field of medicine known as "aesthetics" is concerned with ways to improve a person's outward appearance. Aesthetic medicine is a branch of medicine focused on improving patients' outward appearance. The goal of aesthetic training is to improve the skin's attractiveness. Products on the market today are technologically advanced and user-friendly, which is great news for businesses looking to grow and for consumers all around the world.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 43.32 Billion |
| CAGR | 11.10% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing popularity of facials therapy, including cosmetic surgeries is driving the market growth |
| growing desire to look more youthful and the evident beneficial effects |
Medical Aesthetics Market Competitive Scenario:
The market for medical aesthetics is quite diffuse, with various domestic and international companies competing for customers. However, new products face barriers to entry due to a rigorous regulatory approval process. The key variables affecting competitiveness are the rapid development of technology and the acceptance of new devices for improved treatment. Mergers and acquisitions are crucial components of leading corporations' strategies for maintaining their market position. The prominent players of the medical aesthetics market are as follows:
- Allergan-AbbVie (US)
- Medytox, Inc. (South Korea)
- Galderma (Switzerland)
- Alma Lasers, Ltd. (Israel)
- Merz Pharma GmbH & Co. KGaA (Germany)
- Cynosure (US)
- Fotona d.o.o. (Slovenia)
- Anika Therapeutics (US)
- Johnson & Johnson (US)
- Cutera, Inc. (US)
- S.p.A. (Italy)
Medical Aesthetics Market Trends:
Market Drivers
Some of the major factors driving the expansion of this market include the increasing demand for noninvasive and minimally invasive aesthetic procedures among the elderly, the increasing public awareness of cosmetic procedures, the availability of cutting-edge technology and user-friendly products, and the increasing interest in aesthetic treatments among men. Manufacturers' innovation in the aesthetic device space has contributed to an uptick in interest in cosmetic surgery. In the coming years, for instance, it is expected that the introduction of technologically upgraded products, like fat-freezing technology-based non-invasive body contouring systems, would provide appealing potential for market expansion.
Within the last decade, interest in medically-assisted aesthetic enhancement has exploded. A growing number of service providers—including physicians and surgeons—are meeting this surging demand by providing patients with access to both traditional and cutting-edge cosmetic surgical procedures. The benefits of these interventions include faster healing, less permanent scarring, and enhanced quality of life. These strategies also have a lower overall cost.
Developing countries like Brazil, Mexico, and China are rapidly expanding their footholds in the booming medical aesthetics industry. The growing middle class in these countries and India's rising profile as a medical tourism destination are fueling demand. As personal wealth has grown, so too has the pool of qualified medical professionals who serve the general public.
Market Restraints
However, the potential for widespread unforeseen consequences from medical cosmetic operations continues to be the main obstacle stopping the market from increasing. Before beginning treatment, patients should be made aware of a number of potential risks and complications.
COVID-19 Analysis:
Social norms, business practices, and market structures have all undergone significant shifts as a result of the coronavirus epidemic. The field of medical aesthetics is not immune to the pandemic's destructive consequences. Hospitals and clinics' increased attention to patients with coronavirus has led to a decline in demand. People's fundamental behaviors have been drastically altered as a result of the epidemic, and they now tend to favor more healthful and comfortable pursuits. Governments worldwide are instituting temporary and permanent lockdowns in an effort to contain the outbreak and return life to normal as quickly as possible.
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It appears that closing off the region and severely limiting its functionality has achieved its goals, as the percentage of optimistic assessments has decreased and experts have returned to their respective fields. The leading companies in the medical aesthetics market will increase their spending on research and development (R&D) throughout the forecast period (2017-2030) in order to meet the demands of their customers. However, as more people are working from home, the amount of time spent on Zoom conferences calls has grown. Today, society places a premium on outward looks. As a result, there has been a meteoric rise in interest in cosmetic surgery, with Botox being one of the most popular procedures. In recent months, people have shown less enthusiasm for invasive surgeries while showing more enthusiasm for non-invasive ones.
Medical Aesthetics Market Segmentation:
By product
Over the estimated forecast period, the market will be led by the cosmetic implant subsegment.
By Technology
The market for minimally invasive procedures is anticipated to grow at a significant CAGR.
By End-User
Over the analysis period, the healthcare facilities market is anticipated to grow at the highest CAGR.
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Medical Aesthetics Market Regional Analysis:
The projection period shows that economic growth in North America will be the dominant driver for the overall market. For the foreseeable future, the region is predicted to keep expanding. This is due to the high level of education about health care options and disposable income in the area. It is expected that technological advancements would also drive the market throughout the assessment period. The existence of sizable regional market participants is projected to boost market growth by 2028.
The Asia-Pacific region, however, is anticipated to grow at the fastest CAGR from 2021 to 2028. Traveler dollars are up, which is wonderful news for the economy. For several reasons, the Asian and Pacific region has become a significant growth area for the medical aesthetics industry. Consider the increase of medical tourism and the popularity of cosmetic operations among both locals and tourists. Add to that the region's extensive marketing campaigns by major U.S. and European corporations. Consumers' rising knowledge and interest in procedures is majorly driving the market growth projections for the remainder of the forecast period. Other critical factors include government programs designed to stimulate local economies and the advertising approaches taken by major market players. The market also stands to benefit greatly from the growing availability of medical tourism finance.
Discover more research Reports on Healthcare Industry by Market Research Future:
Aesthetics Market Research Report Information By Procedure (Invasive Procedures {Breast Augmentation, Liposuction, Nose Reshaping, Eyelid Surgery, Tummy Tuck, and Others} and Non-invasive Procedures {Botox Injections, Soft Tissue Fillers, Chemical Peel, Laser Hair Removal, Microdermabrasion, and Others}), By Gender (Male, and Female), By End-User (Clinics, Hospitals, and Medical Spas, Beauty Centers, and Home Care), and Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2030
Minimally Invasive Cosmetic Procedures Market Research Report Information by Products (Hair Removal Lasers, Botulinum Toxins, Microdermabrasion Products), Procedures (Botulinum Toxins, Soft Tissue Fillers, Chemical Peel, Laser Hair Removal, Microdermabrasion), Application (Acne, Trauma Scars, Hyperpigmentation, Adipose Tissue Regeneration), End User (Hospitals, Dermatology Clinics) - Forecast till 2030
Cosmetic Implants Market Research Report Information By Material (Metals, Ceramics, Polymers, Biomaterials, and others), By Application (Dental Implants, Root Implants, Plate Implants, Facial Implants, Breast Implants, Saline Filled, Silicon Gel Filled, and others), By End-User (Hospitals, Cosmetic Clinics, and others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2030
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