Aesthetic Medicine Market

Aesthetic Medicine Market Size (2023 to 2028)

As per our analysis report, the global aesthetic medicine market is expected to reach USD 35.91 billion by 2028 from USD 19.01 billion in 2023, growing at a compound annual growth rate (CAGR) of 12.4% during the forecast period.

Aesthetic medicine is an emerging field in the modern-day healthcare industry that includes different types of surgical and non-surgical procedures to enhance the physical appearance of patients.

MARKET DRIVERS:

The rising preference among consumers across the globe to spend more on beauty and physical appearances is the primary factor driving the global aesthetic medicine market. Also, the surge in the aging population and early aging symptoms in young adults is pushing the demand for several non-invasive treatments like skin rejuvenation, wrinkle treatment and other aesthetic procedures. In addition, the changing lifestyle due to the rise in consumers' purchasing power is also supporting the aesthetic medicine market. In recent years, advances in technology have modernized the healthcare sector, resulting in several minimally invasive and non-surgical procedures for several treatments. This spike in non-invasive procedures has encouraged more customers towards these processes and increased the usage of devices like lasers, radiofrequency, and ultrasound in everyday medical solutions.

The trend of social media promotions made users spend more on beauty products and facial improvements, which is directly boosting the aesthetic medicine market. Also, the option to access worldwide information and the growth of the entertainment industry with the OTT adoptions created a new wave of cultural shift among individuals, influencing the business in a positive manner. Moreover, the stringent government norms concerning the safety of aesthetic treatments and the spike in the number of people visiting medically affordable countries are estimated to create lucrative growth opportunities for the aesthetic medicine market in the forecast period.

MARKET RESTRAINTS:

The major constraint to the aesthetic medicine market is the lack of consumer awareness and high costs associated with some of the treatments. Also, these procedures are considered unethical in some of the societies of the world, which is negatively affecting business in a few developing or underdeveloped nations. In addition, even in some of the developed nations, people are uncertain and uncomfortable to undergo certain cosmetic surgeries based on their social status. Another significant factor limiting the acceptance in the aesthetic medicine market is the lack of insurance to support the treatments and the unavailability of authentic and certified experts in the field. Besides, some less experienced practitioners are providing low-quality services that are resulting in severe side effects and negative impressions among patients towards the aesthetic processes. Moreover, the strict government requirements related to the safety of the procedures and long approval mechanisms are limiting some of the new companies from entering the market. However, with the new advances in technology and more digitization across the globe, consumer awareness is touted to increase in the future, boosting the global aesthetic medicine market.

Impact of COVID-19 on the aesthetic medicine market:

The COVID-19 pandemic had a huge negative impact on the global aesthetic medicine market. The lockdown restrictions resulted in supply chain disruptions, resulting in delayed transportation of devices and raw materials needed for the production of those devices. The shutdown of several clinics and healthcare facilities limited the footfall of patients and affected the profits of the players. Also, the lockdown conditions like social distancing and preference for isolated treatments led to the postponement of procedures and changes in consumer choices. In addition, the temporary closure of companies led to the halt of research and development activities and a pause in the approval of several new products. Also, the switch in focus of people and government towards essentials rather than luxury negatively impacted the aesthetic medicine market. Besides, there was a huge delay in approvals for several new applications and trials due to the major concerns about controlling the spread of the pandemic. On the other hand, the aesthetic medicine market observed some positive demand with the ease of lockdown conditions and decreased safety restrictions. Also, the increase in remote consulting and telemedicine led to new ways of treating and monitoring patients. Moreover, the shift towards more self-care during the COVID-19 pandemic has encouraged people to spend more on aesthetic treatments.

REPORT COVERAGE:

This research report on the global aesthetic medicine market is segmented and sub-segmented based on product, process, end-user, and region.

Aesthetic Medicine Market – By Product:

• Liposuction
• Botox
• Implant
• Peel
• Microneedling
• Laser Removal
• Phototherapy
• Hair Removal

Botox treatment recorded the highest share in the global aesthetic medicine market due to the increasing use of non-invasive procedures and the focus on beauty among all genders. Also, liposuction treatments registered a notable share in the invasive segment owing to the focus on the drawbacks of obesity and the consumer shift towards a healthy lifestyle. Breast implants are another rapidly growing segment that is foreseen to witness tremendous growth in the future. Furthermore, facial aesthetics like microneedling, peel, phototherapy and others are anticipated to expand more in the forecast period.

Aesthetic Medicine Market – By Process:

• Non-Invasive
• Invasive

The surge in consumer choice for less painful treatments has resulted in the lion’s share of non-invasive processes in this segment. As mentioned above, several facial aesthetics like Botox, peel, anti-aging, laser hair removal and phototherapy involve the use of non-surgical methods and results in effective output. Besides, some of the invasive procedures, like breast augmentation, facelifts, liposuction, etc., will record considerable growth in the predicted timeframe.

Aesthetic Medicine Market – By End User:

• Hospitals
• Beauty Centres
• Medical Spas
• Dermatology Clinics

Dermatology clinics account for a significant share of this market and are anticipated to witness huge demand in the coming days. The technological advancements led to improved medical devices that can support painless and effective treatments, which is creating a positive outlook for these clinics. The quick and comfortable conditions offered by these clinics in several cosmetic surgeries and implants have popularized them among customers.

Aesthetic Medicine Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America held the leading business share in the global aesthetic medicine market. The USA and Canada are the leading areas in this region. The USA accounts for the dominant share in North America due to the increasing demand from people to improve their physical appearance and spend more on beauty processes. The rising geriatric population has promoted anti-aging and anti-wrinkle treatments in this area. In addition, the adoption of several surgical treatments by some of the celebrities from the entertainment industry encouraged more people to seek aesthetic treatments in this region.

The Asia Pacific is anticipated to expand with the highest growth rate in this market over the predicted period due to the increasing popularity of aesthetic treatments in nations like China, Japan, India and South Korea. The growth in elderly people, coupled with affordable treatment options, is promoting the market in this area. South Korea is among the top beauty hubs of the world and a pioneer in the manufacturing of some of the state-of-the-art medical devices used in non-invasive treatments. China and Japan are investing heavily in advanced technologies, which will create huge potential for market players to thrive in the future.

Europe is also a notable market for aesthetic treatments owing to the spike in anti-aging and laser treatments in the region. The United Kingdom, France, and Switzerland are some of the population destinations in Europe that registered considerable growth rates in this market.

Latin America is an emerging region in the global aesthetic medicine treatment market, with increasing consumer spending in nations like Brazil. The improving economic conditions and the spike in the obese population are likely to create extensive business opportunities in this region in the coming years.

The Middle East and Africa region holds a very small portion of this market due to the strict government and religious restrictions in nations like Dubai, Saudi Arabia, etc. However, with the increasing foreign investment and focus on self-care, the aesthetics market is estimated to grow positively in the forecast period.

KEY MARKET PLAYERS:

Johnson & Johnson, Allergan, Merz Pharmaceuticals, AbbVie Inc., Galderma, Alma Lasers, Cynosure, Lumenis, Cutera, Syneron Candela, PhotoMedex, Bausch Health Companies, Aerolase Corporation, Lutronic, Eclipse, Quanta System, Sharplight Technologies, Inc., Venus Concept, and A.R.C. Laser GmbH.

NOTABLE HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• In January 2023, Allergan Aesthetics launched its ‘Discover your 360°’ to promote innovations and offer assistance to both patients and practitioners in the aesthetic medicines business. Earlier to this, Allergan also released its report on Future of Aesthetics that emphasizes the impact due to the shifts in culture and social beliefs.
• In May 2023, MedShift introduced its Velocity Technology Suite, a software solution to simplify the e-commerce, sales mapping and reporting structure for companies in the medical aesthetics market.
• In September 2023, Menarini Group, a leading biotechnology company located in Italy launched its Definisse Core Filler in India to strengthen its position in the subcontinent.
• In October 2023, Venus Concept Inc. launched a rebranding initiative with the introduction of its Venus Aesthetic Intelligence that focused on enhanced aesthetic services with the help of Artificial Intelligence and Machine Learning practices.