New Delhi, March 11, 2024 (GLOBE NEWSWIRE) -- Global aesthetic medicine market to hit the market valuation of US$ 212.5 billion by 2032 from US$ 75.6 billion in 2023 at a CAGR of 12.17% during the forecast period 2024–2032.
The aesthetic medicine market is growing fast, driven by rising demand for non-invasive treatments. The US market has exploded over the past year. Americans underwent a whopping 26.2 million surgical and minimally invasive cosmetic procedures in 2022, marking a staggering 19% increase since just 2019. Botox remains the most popular in-office procedure, with doctors administering some 4.4 million doses in the US this year. But it is millennials and Gen Z that are behind much of this growth: They received nearly half of all Botox injections last year, up from just 34% a decade ago. Patients are also happy with their results: More than 90% of people who have had aesthetic procedures say they would do it again. And the Asia-Pacific region’s huge population and growing wealth make it an attractive market for these treatments.
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So, what does this mean for investors? While more than 7,500 med spas and clinics already operate in the US — including almost every dermatologist’s office — there is still room to grow within the industry. Med spa profit margins typically range between 30-60%, according to data reported by Body Contouring Magazine. Investing in training certifications can also be lucrative; around 40,000 healthcare professionals seek aesthetic medicine certification each year. Investors have taken notice of aesthetic medicine's potential as well. In fact, venture capital firms invested $1.6 billion into aesthetics startups over the past year alone.
Key Findings in Global Aesthetic Medicine Market
| Market Forecast (2032) | US$ 212.5 billion |
| CAGR | 12.17% |
| Largest Region (2023) | Europe (27.7%) |
| By Procedure Type | Non-Invasive Procedures (52%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Combination Treatments: The Future of Aesthetic Medicine Market
Aesthetic medicine is changing thanks to combination treatments. For the best results, non-invasive treatments are being mixed together. Chemical peels and microneedling improve skin texture up to 100 times better than other treatments. 95% of people see multiple concerns go away with this method – wrinkles, lines, skin tone – all in one session. Not only do these combinations give visible results, but they also help with more than that. Rather than taking a week off work for recovery, minimal downtime allows for a quick return back to routine. Plus, businesses love this approach because it is profitable. Professionals can mix and match treatments to get natural and safe outcomes instead of resorting to risky surgery. Astute Analytica’s research on the aesthetic medicine market backs this idea too; there’s been a 25% annual growth in demand.
Social media is also pushing the trend with posts of their impressive results. Wherein, popular combinations like Botox paired with dermal fillers or microneedling with PRP on have found to be trending across major countries like the US and UK. When it comes down to it, people want alternatives that aren’t invasive surgery. Combination treatments not only deliver what patients want aesthetically but practically too - most people don’t have time for three separate procedures every month!
The Rise of Non-Invasive Aesthetics: What's Popular and Why
As per Astute Analytica, non-invasive aesthetic procedure accounted for more than 52% revenue of the global aesthetic medicine market.
The most well-liked non-surgical aesthetic procedures indicate a clear inclination to keep youthfulness with minimal recovery time. Most preferred is the Botulinum Toxin Type A injections (Botox®, Dysport®), directed at wrinkles caused by facial expressions. This treatment is recognized by all demographics, but particularly among Millennials and Gen Z (American Society for Aesthetic Plastic Surgery). The US, China, Brazil, South Korea and Japan are also some of the top countries using these treatments. Dermal fillers that mostly have hyaluronic acid as a base are another popular choice. Used for volume restoration, plumper lips and enhanced features, this procedure has been sought after across all age groups by women seeking a fresher look. Chemical peels offer exfoliation to improve skin texture and tone while reducing acne. This method is gaining traction across varying age groups.
Minimally invasive treatments in the aesthetic medicine market like laser skin resurfacing that target sun damage and wrinkles make it highly desired (American Board of Cosmetic Surgery). Meanwhile Intense Pulsed Light (IPL) Photofacials mainly combat redness, sun damage, uneven skin tone in older people. Several factors drive the demand for these procedures. Wanting a youthful look is still at the core of many patients’ needs across age groups. Less invasive methods with less downtime & risk compared to surgery is its main selling point. Social media plays an enormous part in showcasing transformations and driving awareness.
Technological advancements in devices and techniques help boost safety and efficacy too (American Society of Plastic Surgeons). In short, accessibility and affordability contribute to widening the reach so more people can try it out too. The spending on non-invasive aesthetic procedures shows how strong the market is. Globally it’s expected to hit $110.5 billion by 2032 according to Astute Analytica’s report alone ($9.3 billion Americans spent on non-surgical procedures in 2020.).
Filters, Fillers, and Followers: Social Media's Beauty Revolution Impacting Aesthetic Medicine Market Positively
The introduction of social media to the aesthetics industry has had a massive impact. Platforms like Instagram and TikTok have provided visual guides to new clients, making procedures more accessible and breaking stigmas. Often, it has been found that influencers marketing their work or showing before-and-after clips of them using certain services. As providers begin to communicate with potential clients through these channels, trust is built off the computer screen. Social platforms allow for trends to be created and spread at light speed. These influences are now global, opening up new markets in the process. As providers in the global aesthetic medicine market show off their work with such a large audience, standards raise as they compete with other professionals. For patients who are looking for guidance during their journey, it's more than likely that 88% of them will prioritize patient testimonials — something that can easily be found on social media.
With Instagram leading the way at over 80% of aesthetic providers using it for marketing purposes, it’s fair to say the giants have quite a grip on this industry already. While its impact is mostly positive, patients should be cautious when viewing content from unreliable sources.
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Beyond Borders for Beauty: Cosmetic Tourism Boom Driving Aesthetic Medicine Market
The demand for cosmetic tourism is expected to rise with a potential of huge growth. This comes from the low cost, wider range of procedures, privacy concerns, and people wanting to travel and have surgery at the same time. According to Astute Analytica’s latest report, the global medical tourism market (which includes cosmetic procedures) is projected to reach $48.66 billion by 2032 which shows how strong this sector really is. It is also found that patients can save between 40-80% on popular procedures by simply traveling.
Top destinations are Asia (Thailand, India, Malaysia and South Korea), Central & South America (Mexico, Brazil and Costa Rica), and Europe (Turkey, Poland and Hungary). These countries have been chosen by the end users across the global aesthetic medicine market because of their affordable prices in surgeries costs as well as having skilled surgeons and advanced care. The target demographic for these surgeries are women aged 35-55. However, there has been an increase recently in men population seeking hair transplants. Although price does play a large role in people's decision making when choosing where to get their surgery done, access to specialized procedures along with expert surgeons also plays a big part in travelers’ decisions. The US, Canada, Australia, Western European nations contribute a significant volume of outbound cosmetic tourists.
Most popular choices currently are Breast augmentation, liposuction, rhinoplasty (nose job), tummy tucks and eyelid surgery; all show a clear preference for surgical interventions. Dental tourism is rapidly growing while minimally invasive treatments such as Botox fillers lasers etc. are being increasingly met through cosmetic tourism due to cost advantages. People are already taking advantage of these low costing surgeries since pre-pandemic times where the market was valued at $15 billion dollars globally alone. In 2019 Mexico received over 1 million tourist patients. While over 7% of plastic surgery patients in top destinations come from the US with numbers expected to rise further in the aesthetic medicine market.
Global Aesthetic Medicine Market Key Players
- Cynosure
- Johnson & Johnson
- Galderma
- Alma lasers
- Allergan Inc.
- Solta Medical
- Lumenis
- Syneron Candela
- Cutera Inc.
- El.En. S.p.A.
- Sciton Inc.
- Galderma
- InMode
- Venus Concept
- Merz Aesthetics
- Lutronic
- BTL Group
- Revance therapeutics
- Other Prominent Players
Key Segmentation:
By Procedure Type
- Invasive Procedures
- Breast augmentation
- Liposuction
- Nose reshaping
- Eyelid Surgery
- Tummy tuck
- Others
- Non-Invasive Procedures
- Botox injections
- Soft tissue fillers
- Chemical peel
- Laser hair removal
- Microdermabrasion
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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