Newark, Aug. 26, 2024 (GLOBE NEWSWIRE) -- As per a report by The Brainy Insights, the global aesthetic medicine market is projected to grow from USD 72.31 billion in 2023 to USD 205.32 billion by 2033, at a compound annual growth rate (CAGR) of 11% during the forecast period from 2024 to 2033.
The aesthetic medicine market is witnessing dynamic growth, driven by increasing consumer demand for beauty and anti-aging treatments. This surge in demand is particularly notable in noninvasive procedures, which offer minimal recovery time and are becoming increasingly popular due to their accessibility and affordability.
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Competitive Landscape
The aesthetic medicine sector is highly competitive, with leading companies focusing on product innovations, mergers and acquisitions, collaborations, and strategic partnerships to strengthen their market positions. For instance, in January 2023, Galderma launched FACE, an advanced augmented reality application designed to help aesthetic practitioners and patients visualize treatment results at the planning stage. This innovative solution was presented at the International Master Course on Aging Science (IMCAS) World Congress 2023 in Paris, highlighting Galderma's commitment to enhancing customer experience and expanding its customer base.
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Report Metrics Details
| Report Metrics | Details |
| Market size available for years | 2024–2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Market Size in 2023 | $ 72.31 billion |
| Projected Market Value in 2033 | $ 205.32 billion |
| CAGR | 11% From 2024 to 2033 |
| Segments covered | Procedure, Gender, End User |
| Geographies covered | North America, Asia Pacific, Europe, Middle East and Africa, and Latin America |
| Companies covered | Allergan-AbbVie, Baush, Sientra, Lumenis, Medytox, Cynosure, Alma Lasers, Syneron Medical, Fotona, Merz Pharma, Anika Therapeutics, Sinclair Pharma, Johnson & Johnson, Galderma, Cutera, Solta Medical |
Market Growth and Trends
The market's growth is underpinned by a variety of factors. According to the International Society of Aesthetic Plastic Surgery, around 2.5 million facial rejuvenation surgeries were performed globally in 2016. Moreover, there has been an increasing adoption of fat-reduction procedures among patients with obesity, further driving the market.
The demand for aesthetic procedures such as blepharoplasty and rhinoplasty is rising among younger generations. The American Society of Plastic Surgeons reported that approximately 31,000 rhinoplasty surgeries were performed in the U.S. in 2016. This trend reflects a significant shift in consumer behavior, with millennials and Gen Z displaying a growing interest in maintaining youthful appearances through cosmetic enhancements.
Key Market Segments
Noninvasive Procedures: In 2023, noninvasive procedures accounted for 53.66% of the market share. These procedures are favored for their convenience, minimal recovery time, and the ability to be performed in an office setting, making them accessible to a broader audience.
Clinics, Hospitals, and Medical Spas: The clinics, hospitals, & medical spas segment dominated the market, with a market share of around 49.55% in 2023. Hospitals and clinics are well-equipped with high-cost instruments and expert professionals, contributing to their leadership in the market.
Female Consumers: The female segment led the market in 2023, with a 77.23% share. The growing desire among women to maintain youthful appearances is driving demand for aesthetic procedures that address signs of aging, such as sagging skin and deep wrinkles.
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Regional Insights
North America emerged as the largest market for the global Aesthetic Medicine market, with a 35.55% share of the market revenue in 2023. The region's growth is attributed to a robust healthcare infrastructure, advanced technological development, and high consumer awareness of aesthetic procedures. Moreover, increased healthcare spending in the U.S. further supports market expansion.
Leading Market Players
Key players in the global aesthetic medicine market include Allergan-AbbVie, Baush, Sientra, Lumenis, Medytox, Cynosure, Alma Lasers, Syneron Medical, Fotona, Merz Pharma, Anika Therapeutics, Sinclair Pharma, Johnson & Johnson, Galderma, Cutera, and Solta Medical. These companies are continuously investing in new product developments and strategic collaborations to enhance their market share.
Future Outlook
The global aesthetic medicine market is expected to continue its upward trajectory, driven by technological advancements, increasing consumer demand, and strategic initiatives by key players. As aesthetic procedures become more accessible and affordable, the market is likely to see further growth across various segments and regions.
About the Report
The Brainy Insights report provides a comprehensive analysis of the global aesthetic medicine market, covering market value in USD billion across multiple segments, including procedure types, end-users, and gender. The study includes a detailed examination of more than 30 countries and offers insights into market drivers, opportunities, challenges, and trends. The report also features a Porter’s Five Forces analysis, competitor position grid, and distribution and marketing channels analysis.
For more information on this report and other research on the aesthetic medicine market, please visit The Brainy Insights.
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