Rockville , April 20, 2023 (GLOBE NEWSWIRE) -- The global aesthetic medicine market value is set to exhibit a CAGR of 10.3% during the forecast period. By 2032, global aesthetic medicine sales revenues will total around US$ 187.7 billion.
Rising focus of people on improving their physical appearance is emerging as a key factor driving demand for aesthetic medicine.
An emerging clinical specialty providing treatments to enhance patients’ satisfaction with their physical appearance is referred to as aesthetic medicine or cosmetic medicine. It is a branch of modern medicine and comprises of all medical procedures aimed at enhancing physical appearance of patients.
Growing prevalence of diseases such as obesity will boost global aesthetic medicine demand during the projection period.
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Obesity is a growing global health problem, and people affected by it are increasing. According to the World Obesity Federation, around 1 billion people will be affected by obesity by 2030. People suffering from obesity usually opt for aesthetic procedures such as liposuction.
Aesthetic treatments such as liposuction and body contouring are becoming popular as a way for people to get rid of excess fat and improve their appearance.
Aesthetic treatments can help to improve a person's self-esteem, confidence, and overall health. As the prevalence of obesity continues to accelerate, so too will the demand for aesthetic medicine.
The global demand for aesthetic medicines will also benefit from growing demand for cosmetic and plastic surgery procedures.
The popularity of cosmetic and plastic surgery has been steadily rising due to various factors. It includes changing beauty standards and emergence of new technologies and procedures.
The popularity of such procedures have led to a surge in demand for aesthetic medical treatments such as breast augmentation, nose reshaping, body contouring, and laser hair removal.
Demand in the market remains particularly high for non-invasive procedures such as laser therapy, botox injections, dermal fillers, etc. This is because they require minimal recovery times and offer long-term results with minimal side effects.
Fact.MR predicts the non-invasive procedures segment to hold over 50% share of the market by 2032.
Regionally, with around 40% share, North America will continue to dominate the global aesthetic medicine industry during 2022 to 2032. Increasing demand for aesthetic treatments and rising awareness among consumers are key factors driving North America market.
Similarly, large presence of leading manufacturers and high adoption of advanced aesthetics procedures will boost market revenues in North America.
Key Takeaways from the Aesthetic Medicine Market:
- Global demand for aesthetic medicine is forecast to increase at 10.3% CAGR through 2032.
- Based on procedure type, non-invasive procedures segment is set to hold over 1/2th of the global market by 2032.
- In the invasive procedure category, demand for breast augmentation will rise at 9.6% CAGR through 2032.
- North America would possess about 40% share of the global market during the forecast period.
- The USA aesthetic medicine market will progress at 10.4% CAGR, reaching around US$ 69.3 billion by 2032.
- China aesthetic medicine industry will reach a valuation of US$ 16 billion by 2032.
Growth Drivers:
- Increasing awareness related to physical appearance among millennials would drive demand in the market.
- Rising demand for laser hair removal procedures is likely to boost the aesthetic medicine industry.
- Celebrity endorsement of the benefits of aesthetic medicine will create growth prospects.
- Growing popularity of non-invasive aesthetic procedures is expected to boost revenues.
Restraints:
- Health complications caused by aesthetic medicine such as allergic reactions and infections are likely to restrain market expansion.
- High costs associated with aesthetic procedures are also negatively impacting demand.
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Competitive Landscape:
Leading companies are focusing on strategic partnerships with hospitals and healthcare institutes to increase their presence in the market. They are engaging in extensive research and development activities to come up with innovative and advanced aesthetic products that cater to a wide customer base.
For instance,
- In November 2020, to enhance its healthcare aesthetics product portfolio, Allergan (Ireland) was acquired by AbbVie (US) to create Allergan Aesthetics.
- In January 2019, Merz (Germany) was acquired by HRA Pharma (France). This acquisition will expand the company’s portfolio of surgical medical aesthetics solutions.
Key Companies Profiled by Fact.MR
- Allergan
- Galderma Laboratories
- Merz Pharmaceutical
- Alma Lasers
- Johnson & Johnson
- Galderma
- Lumenis
- Cynosure
- Cutera
- Solta Medical
More Valuable Insights on Aesthetic Medicine Market
In the latest study, Fact.MR offers a detailed study on global aesthetic medicine industry for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of aesthetic medicine through detailed segmentation as follows:
By Procedure Type:
- Invasive Procedure
- Breast augmentation
- Liposuction
- Nose reshaping
- Eyelid surgery
- Tummy tuck
- Other
- Non-Invasive Procedure
- Botox injection
- Soft tissue fillers
- Chemical peel
- Laser hair removal
- Microdermabrasion
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Aesthetic Medicine Market Report
- What is the projected value of the aesthetic medicine industry in 2022?
- At what rate will the global aesthetic medicine industry grow until 2032?
- Which are the factors hampering the growth in demand for aesthetic medicines?
- Which region is expected to lead sales for aesthetic medicines globally from 2022 to 2032?
- Which are the factors driving the aesthetic medicine industry during the forecast period?
- What is the expected market value of the aesthetic medicine industry during the forecast period?
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