CHICAGO, Sept. 27, 2023 /PRNewswire/ -- The medical aesthetics industry is poised for significant growth in the near future, driven by advancements in technology, increasing consumer demand for non-invasive cosmetic procedures, and a growing emphasis on self-care and personal well-being. Innovations such as minimally invasive treatments, precision-guided cosmetic enhancements, and personalized skincare regimens are expected to become commonplace, offering patients safer and more effective solutions with minimal downtime. Moreover, the industry will witness a surge in telemedicine and virtual consultations, making aesthetic treatments more accessible and convenient. As societal norms continue to evolve, the medical aesthetics field will play an integral role in empowering individuals to feel confident and comfortable in their own skin, ushering in an era where beauty meets science in perfect harmony.
Medical Aesthetics Market in terms of revenue was estimated to be worth $15.4 billion in 2023 and is poised to reach $25.9 billion by 2028, growing at a CAGR of 11.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The market's growth is significantly propelled by the rising popularity of aesthetic procedures among the elderly demographic. As people age, there is a heightened desire to maintain a youthful appearance, leading to increased demand for cosmetic treatments such as facelifts, Botox, and dermal fillers. Moreover, advancements in medical aesthetics have made these procedures safer and more accessible, further enticing older individuals. This trend reflects a broader societal shift towards embracing aging with vitality and confidence, contributing substantially to the market's expansion.
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Medical Aesthetics Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $15.4 billion |
Estimated Value by 2028 | $25.9 billion |
Growth Rate | Poised to grow at a CAGR of 11.0% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Procedure, End User, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Substantial prospects await market participants in developing nations. |
Key Market Drivers | The increasing embrace of minimally invasive and non-surgical aesthetic treatments. |
Facial Aesthetics Product segment to register significant growth rate over the forecast period of 2023-2028.
Based on the product, the global Medical Aesthetics Market is segmented into facial aesthetic products, cosmetics implants, skin aesthetic devices, body contouring devices, physician-dispensed cosmeceuticals and skin lighteners, hair removal devices, tattoo removal devices, thread lift products, physician- dispensed eyelash products and nail treatment laser devices. The facial aesthetic products segment is anticipated to register the highest growth rate over the forecast period. The facial aesthetic products segment accounted for the highest share of the Medical Aesthetics Market in 2023.
The non-surgical procedures segment accounted for the largest share of the medical aesthetics market, by procedure in 2023.
Based on procedure, the medical aesthetics market is segmented into surgical procedures – breast augmentation, rhinoplasty, facelift and body lift, other surgical procedures, non-surgical procedures – anti-aging and skin rejuvenation, tattoo and scar removal, hair removal, lipolysis, other non-surgical procedures. Non-surgical procedures segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
Factors such as the Growing interest in cosmetic procedures among males of the medical aesthetics market drive the growth of the market.
The clinics, hospitals, and medical spas segment accounted for the largest share of the medical aesthetics market, by end user, in 2023
Based on end user, the global Medical Aesthetics Market is segmented into clinics, hospitals, and medicals spas, beauty centers, and home care settings. The clinics, hospitals, and medicals spas segment accounted for the largest share of the market in 2023. Significant rise in the number of hospitals and rising old-age population are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific Medical Aesthetics Market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of high-end equipment. Improvements in healthcare systems and government initiatives for modernizing the healthcare infrastructure are offering significant growth opportunities for the key players.
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Medical Aesthetics Market Dynamics:
Drivers:
- The increasing embrace of minimally invasive and non-surgical aesthetic treatments
Restraints:
- Stringent regulatory compliance and safety standards in medical aesthetics
Opportunities:
- Substantial prospects await market participants in developing nations
Challenge:
- The presence of alternative beauty and cosmetic products
Key Market Players:
As of 2023, prominent players in the Medical Aesthetics Market are Abbvie Inc. (US), Bausch Health Companies Inc. (Canada), Johnson & Johnson (US), and among others.
Recent Developments:
- In March 2023, Galderma introduced "FACE by Galderma," an augmented reality (AR) tool that empowers both aesthetic professionals and patients to preview injectable treatment results before the actual procedure, enhancing the treatment planning process.
- August 2022, AbbVie Inc. launched SkinMedica Firm & Tone Lotion for Body, the first product from the professional-grade skincare line formulated to prevent and address visible signs of the body.
- March 2021, Bausch Health Companies Inc. and its Solta Medical business announced the US launch of the Clear + Brilliant Touch laser, a next-generation product that delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths.
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Medical Aesthetics Market Advantages:
- Non-Invasive Procedures: Many medical aesthetic treatments are minimally invasive or non-invasive, reducing the need for surgery and its associated risks, downtime, and scarring. This appeals to individuals seeking cosmetic improvements without the commitment of traditional surgical procedures.
- Customization: Medical aesthetics procedures can be highly tailored to each patient's unique needs and desires. This level of customization allows for natural-looking results that enhance a person's appearance while maintaining their individuality.
- Quick Results: Unlike traditional surgeries that may require weeks or months of recovery, medical aesthetics treatments often yield rapid results. Patients can often return to their daily activities shortly after the procedure.
- Safety: Advances in technology and techniques have made medical aesthetics procedures safer than ever before when performed by qualified professionals. Rigorous training and certification standards contribute to patient safety.
- Reduced Pain and Discomfort: Many medical aesthetics treatments are virtually painless, with some offering options for local anesthesia or numbing creams to enhance comfort during the procedure.
- Minimal Downtime: Patients can typically resume their normal activities soon after most medical aesthetics treatments, making them convenient for busy lifestyles.
- Longevity: While results vary depending on the specific treatment, many medical aesthetics procedures offer long-lasting effects, reducing the need for frequent maintenance.
- Boost in Confidence: Medical aesthetics can significantly improve a person's self-esteem and body image, leading to increased confidence and overall well-being.
- Accessibility: The medical aesthetics industry has become more accessible to a broader range of people, with a variety of treatment options available at different price points.
- Ongoing Innovation: The field of medical aesthetics continues to evolve, with ongoing research and development leading to new and improved procedures and technologies that enhance patient outcomes and safety.
Overall, the medical aesthetics market's advantages cater to individuals seeking cosmetic enhancements with minimal risk and downtime, fostering a positive impact on their physical appearance and emotional well-being.
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