Visiongain has published a new report on Aesthetic Medicine Market Report to 2031: Forecasts By Product (Invasive Procedures (Breast augmentation, Liposuction, Nose reshaping, Eyelid Surgery, Tummy tuck, and others) Non-invasive Procedures (Botox injections, Soft tissue fillers, Chemical peel, Laser hair removal, Microdermabrasion, and Others) PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Aesthetic Medicine Market
COVID-19 pandemic has affected more than 200 countries worldwide. Similarly, the aesthetic medicine market is anticipated to take a hit. The target industry is now facing challenges to manage the interrupted demand and supply of components. Also, unpredictable and disturbing supply chain activities and the unavailability of human resources are anticipated to impact the target industry growth. Hence, the overall COVID-19 impact is expected to continue to moderate for the global key players operating in the industry.
Market Drivers
Rising Acceptance of Minimally Invasive and Noninvasive Aesthetic Procedures
In the past few years, there has been a growing inclination towards minimally invasive and non-invasive aesthetic procedures over conventional surgical procedures. Minimally invasive/nonsurgical substitutes provide several benefits compared to traditional surgical procedures, such as reduced blemishes, less pain, and faster recovery. These procedures are also more inexpensive than conventional surgical procedures. As per the International Society of Aesthetic Plastic Surgery (ISAPS), between 2017 and 2018, there was a total upsurge of around 5.4% in the number of cosmetic and plastic procedures.
The growing significance of physical looks is the key factor persuading people to shift towards minimally invasive aesthetic treatments, such as skin tightening, facial wrinkles, acne scars, hair removal, and other skin blemishes, etc. In turn, it is likely to rise the need for aesthetic lasers and energy devices therefore fueling the target industry growth.
Growing Obese Population and Incidence of Skin Conditions to Fuel the Target Industry Growth
The growing obesity among people owing to inactive lifestyles in developed and developing nations is persuading people to undergo body reformation treatments. The minimally invasive and rapid action of lasers is grasping the patient’s considerations to undergo numerous cosmetic procedures. According to the CDC, in the U.S., nearly 93.3 million (estimated 38.9%) people suffered from obesity in 2015-2016. In turn, it is projected to boost the demand for aesthetic medicine.
The increasing occurrence of skin diseases such as rosacea has led to the use of aesthetic medicine for treatment. In turn, it is expected to demand aesthetic medicine. According to the British Journal of Dermatology, states that people with rosacea were around 5.46% in the overall population and around 2.39% among dermatology patients worldwide.
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The Growing Potential of Developing Economies
Developing nations such as China, India offers lucrative opportunities for the global key players operating in the target industry. The countries have immense growth potential due to growing disposable income, changing lifestyles, and rising concern regarding appearance. In India, the target industry is recording speedy growth, mostly across the megacities of the country. The growing acceptance of innovative technologies among the population is further pushing the Indian Aesthetic/cosmetic Laser market. The additional highly influential factors such as the high competition, arrival of new business, and funding from the local players and the foreign players looking for a large population base.
Competitive Landscape
A major player in the global Aesthetic Medicine market is Johnson & Johnson, Allergan-AbbVie, Cutera, Inc., Galderma, Cynosure, Anika Therapeutics, El.En. S.p.A., Alma Lasers, Ltd., Fotona d.o.o., and Merz Pharma.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Aesthetic Medicine market. For instance, on 5th November 2020, Aesthetic Innovations partnered with Merz Aesthetics to launch a national Xeomin® (incobotulinumtoxinA) product line, a new generation neurotoxin.
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