Market Overview
The Medical Aesthetics Market Size is expected to be USD 16.8 billion in 2022, rising to USD 18.66 billion in 2023 and USD 43.32 billion by 2032, with a compound annual growth rate (CAGR) of 11.10% throughout the forecast period.
Growth Boosters and Deterrents
Over the years, preference for non-invasive and minimally invasive aesthetic procedures has heightened considerably, even traditional surgical procedures are witnessing a sharp decline among patients. Minimally invasive alternatives have to offer a great deal of benefits, especially compared to the traditional procedures, including reduced scarring, quicker recovery, and less pain. These procedures are far more cost-effective compared to the traditional ones and give a much more natural look post-surgery. The International Society of Aesthetic Plastic Surgery or ISAPS reveals that a surge of 6.5% in the number of cosmetic and plastic procedures was noted between 2018 and 2019.
Analysts believe that emerging nations like China, Mexico, India, and Brazil are brimming with lucrative opportunities and will benefit the manufacturers active in the medical aesthetics industry. Medical aesthetic devices are experiencing a huge demand in these countries, thanks to the incredible expansion of the medical tourism sector, burgeoning elderly population, and the rise in disposable incomes. Mounting knowledge about the different aesthetic specialties, and the burgeoning pool of highly skilled surgeons in these countries also present an array of opportunities to the leading brands in the market.
Market Segmentation
The market for medical aesthetics, with respect to product, include facial aesthetic, body contouring devices, cosmetic implants, hair removal devices, skin aesthetic devices, tattoo removal devices, and more.
The technologies considered in the MRFR report for the medical aesthetics market trends are non-invasive, minimally invasive along with invasive. Invasive technology is the highest growing segment in the market, as breast augmentation, liposuction, and nose reshaping garner popularity among a rising number of consumers.
Major end-users of medical aesthetics are hospitals & clinics, dermatology & cosmetic centers, and more. The dominating category belongs to hospitals & clinics, by virtue of the soaring number of patients being admitted to hospitals and clinics.
Regional Insight
The main markets for medical aesthetics are Europe, the Middle East & Africa or MEA, Asia Pacific or APAC and the Americas.
America has the highest obesity rate in the world, as unhealthy lifestyle gains prevalence among the consumers. As a result, more and more people are opting for liposuction and similar procedures that could enhance their appearance in a major way, landing America in the leading position. The American market is touted to gain further traction in the forthcoming years, backed by the well-developed healthcare sector consisting of a robust infrastructure along with the disconcerting rise in various skin disorders. Also, the high popularity of various cosmetic procedures paired with the expansive pool of board-certified surgeons further add to the market worth in the region.
The European market for medical aesthetics can be split into Western Europe as well as Eastern Europe. The market in Western Europe is thriving as a result of the presence of developed economies such as Germany, France, the UK, Spain, and Italy, all housing well-defined healthcare systems. These countries are performing remarkably well due to the supportive government, exhaustive research & development activities, and the constant adoption of the business expansion strategy by leading companies.
The APAC medical aesthetics market research is exhibiting rapid growth, backed by the fast-developing countries like Japan, India, Australia, South Korea, and China. The region is bound to witness the fastest growth in subsequent years, as a result of the mounting number of skilled cosmetic professionals, rising use of modern techniques and the availability of cheap priced treatment technologies and devices. China and India, with an enormous ageing population and the rising disposable income per person, are emerging as the top contributors to the regional market growth.
Top Firms
The well-established manufacturers of medical aesthetic devices and systems in the global market are Allergan plc (Ireland), Lumenis (Israel), Bausch Health (US), Galderma Laboratories, L.P (US), Merz Pharmaceuticals GmbH (Germany), and many more.
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