New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Medical Aesthetics Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Aesthetics Market by Product, Technology, End User - Forecast till 2030”, the market size was valued worth USD 13.9 billion in 2021 and expected to reach USD 39.1 billion by 2030 at 11.1% CAGR during the forecast period 2022-2030.
Market Scope:
As a subspecialty of medicine, aesthetics aims to enhance patients' physical attractiveness. Aesthetic medicine is a branch of medicine focused on improving the outward look of patients. The goal of aesthetic training is to improve the appearance of the skin. Products on the market today are user-friendly and technologically advanced, which will help businesses grow and provide benefits to customers everywhere.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 39.1 Billion |
| CAGR | 11.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Technology and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing obese and geriatric population |
| The rising demand for beauty treatments and anti-aging-related cosmetic procedures |
Medical Aesthetics Market Competitive Analysis:
Aesthetics market research suggests that the expansion of the medical aesthetics market is due to the combined efforts of numerous companies around the world. 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 Dynamics:
Market Drivers
Key factors driving the growth of this market include the increasing popularity of noninvasive and minimally invasive aesthetic procedures, the rising demand among the elderly, the increasing public awareness of cosmetic procedures, the availability of technologically advanced and user-friendly products, and the growing interest in aesthetic treatments among men.
The last decade has seen a meteoric rise in the popularity of medical aesthetic operations. There has been a rise in the number of service providers, such as doctors and surgeons, who are helping patients by favoring invasive and noninvasive aesthetic operations over more conventional methods, driving up demand at an alarming rate. There are a variety of benefits associated with these methods, including shorter downtime, reduced scarring, and improved quality of life. These methods are also less expensive.
There are tremendous prospects in the medical aesthetics sector, and emerging markets like Brazil, Mexico, and China are seizing a large portion of it. Growth in the over-20 population and greater familiarity with medical tourism are driving demand in these countries, as well as in India. The rise in personal wealth has also led to a boom in the number of medical professionals available to the public.
Market Restraints
The widespread potential for medical cosmetic operations' unintended consequences, however, remains one of the main obstacles holding the market back. There are a number of risks and potential outcomes that patients must be aware of when undergoing treatment.
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Medical Aesthetics Market COVID-19 Analysis:
There have been significant shifts in social norms, business practices, and market structures as a result of the coronavirus pandemic's impact on the world. The medical aesthetics industry is not immune to the pandemic's negative consequences. Since hospitals and clinics are focusing on treating patients with coronavirus, demand has dropped. In addition, the epidemic has prompted substantial shifts in people's fundamental lifestyles, with the result being a preference shift toward more healthful and comfortable practices. Permanent and temporary lockdowns are among the measures being taken by governments around the world to reduce the pandemic's success rate and return the world to normalcy.
Locking down the region and imposing severe functional constraints appears to be having the desired effect, as the percentage of optimistic assessments is falling and experts are returning to their fields of specialty. During the forecast period ending in 2030, the leading companies in the medical aesthetics market are also increasing their investment in R&D to create new products and services that will help to better meet the needs of the target audience.
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Medical Aesthetics Market Segmentation:
By Product
The cosmetic implant segment is expected to drive the market over the review period.
By Technology
The minimally invasive segment is expected to expand at a notable CAGR.
By End-user
The hospitals and clinics segment is expected to record the highest market value over the review period.
Medical Aesthetics Market Regional Analysis:
Based on trends, it appears that North America was the main contributor to global economic growth for the historic projection period ending in 2019. Growth in the region is anticipated to continue into the foreseeable future. This is due to the robust healthcare infrastructure in the region along with consumer awareness and disposable income. The integration of technological advancements is also expected to drive the market over the review period. The presence of major market players in the region is also expected to contribute to the overall market growth by 2030.
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However, between 2022 and 2030, it is anticipated that the Asia-Pacific region will grow at the fastest CAGR. As a result, the market is seeing a lot of upsides from the rising tourism spending. Several factors have contributed to the growth of the medical aesthetics industry in Asia and the Pacific. These include robust domestic economies, the intensive marketing efforts of major U.S. and European companies in the region, the increasing popularity of medical tourism, and the increasing demand for aesthetic treatments among locals and foreigners alike. The rising awareness and interest of consumers in procedures is the primary factor driving this anticipated rapid expansion of the market over the remainder of the forecast period. Other contributing factors include the efforts to strengthen local economies and the marketing patterns undertaken by established market players. Further, the market has a lot to gain from the growing funding for medical travel.
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