The aesthetic medicine market is expected to reach US$ 233.84 billion by 2028 from US$ 102.25 billion in 2022, growing at a CAGR of 14.8% from 2022 to 2028.
Aesthetic medicine is defined as specialties that focus on altering cosmetic appearance through invasive/non-invasive treatment options of conditions including scars, skin laxity, wrinkles, moles, liver spots, skin lesions, fat reduction, and acne, amongst others. Market participants are coming up with innovative devices that has aided the overall market in the recent past and is expected to continue a similar trend during the forecast period.
MARKET DYNAMICS
Small and large companies in the aesthetic medicine market are adopting various strategies, including regional expansion and technological advancements, to increase their market share. The rising number of innovative devices by market participants and facial rejuvenation treatments adopted by consumers has aided the overall market growth. Moreover, technological advancements such as fat-freezing technology are anticipated to create lucrative opportunities for the market growth in the coming years.
MARKET SCOPE
The "Global Aesthetic Medicine Market Forecast to 2028" report aims to provide an overview of the aesthetic medicine market with detailed market segmentation on the basis of gender, procedures, technologies, and end user. The report provides key statistics based on the financial performances of the leading market players. It also offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global aesthetic medicine market is segmented on the basis of gender, procedures, technologies, and end user. Based on gender, the market is bifurcated into male and female. Based procedures, the market is bifurcated into invasive and non-invasive. The invasive segment is further sub segmented into breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck, and others. The non-invasive segment is further sub segmented into botox injections, body shaping & carbon peeling, soft tissue fillers, chemical peel & rejuvenation, acne treatment & drainage tonification, permanent hair removal & tattoo removal, microdermabrasion & vascular lesions, and others. Based on technologies, the market is categorized into acoustic wave, radiofrequency, pressomassage, oxygen therapy, diode laser, and others. Based on end user, the market is segmented into hospital & clinics, medical spas, home care, beauty centers, and others.
REGIONAL FRAMEWORK
The global aesthetic medicine market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in all abovementioned regions.
North America dominates the aesthetic medicine market. The North America aesthetic medicine market is segmented into the US, Canada, and Mexico. The US held the largest share of the market in 2021 and is expected to continue a similar trend during the forecast period. Breast implants are the most common type of aesthetic surgical procedure in the developed markets, particularly in the US. Aesthetic surgical procedures include breast augmentation, breast removal, breast reduction, and breast lift. Silicone implants are mostly preferred in ~90% of cases, while the rest of the consumers prefer saline implants. According to the International Society of Aesthetic Plastic Surgery Report 2021, 391,997 breast augmentation procedures were performed in the US.
Source: The Insight Partners Analysis
The report analyses factors, such as drivers, restraints, opportunities, and future trends, which impact the growth of the aesthetic medicine market. The report also provides PEST analysis, highlighting the factors affecting the aesthetic medicine market in these regions.
IMPACT OF COVID-19 PANDEMIC
According to the World Health Organization (WHO), as of August 2022, there were 596,873,121 confirmed cases of COVID-19 and 6,459,684 deaths. The highest number of deaths was in the Americas, followed by Europe and Southeast Asia. The COVID-19 pandemic has negatively impacted the aesthetic medicine market. Initially, social distancing and reduced income levels of consumers had a negative impact on the overall aesthetic medicine market. The short-term negative impacts included limited operations, a decline in product demand, and temporary closures of beauty parlors and medical spas. However, remote Zoom call meetings with doctors via online method increased the demand for aesthetic medicine. Rising demand from adults to retain their physical appearance has increased the demand for cosmetic surgeries, especially botox invasive treatments. As COVID-19 cases are declining worldwide, there is a demand for aesthetic treatment procedures in both developed and developing countries. For instance, at the Skin Renewal Medical Aesthetic Centre located in South Africa, a treatment with Restylane, Surgiderm, or Juvederm is priced from R2 900, and at Melrose Aesthetic Centre, Juvederm treatment costs R3 450.
MARKET PLAYERS
The report covers key developments in the aesthetic medicine market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. In addition, acquisitions, partnerships, and collaborations are among the inorganic growth strategies witnessed in the market. These activities have encouraged the expansion of business and the customer base of market players. The players operating in the aesthetic medicine market are anticipated to experience lucrative growth opportunities owing to the rising demand for aesthetic medicine products.
The report also includes the profiles of key companies operating in the aesthetic medicine ticals market, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
The list of a few companies engaged in the aesthetic medicine market is mentioned below:
- EME s.r.l
- Fusion Meso
- AbbVie
- Galderma
- Cynosure Aesthetics
- Lumenis Be Ltd
- Evolus, Inc.
- Solta Medical
- Syneron Candela
- Alma Lasers
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.