by Aesthetic medicine involves practices aimed at improving the appearance through non-invasive and minimally invasive cosmetic medical procedures. Some common aesthetic medicine procedures include injection of botulinum toxin (botox), soft tissue filler injections, laser skin resurfacing, and non-surgical facelifts. Botulinum toxin injection is used primarily to reduce wrinkles and expression lines, while soft tissue fillers are used to improve lip and facial volume as well as smooth wrinkles. Laser skin resurfacing is performed to reduce the appearance of facial lines, wrinkles, acne scars, and other skin imperfections. Non-surgical facelift techniques such as thread lifts are gaining popularity as an alternative to surgical procedures due to their minimally invasive approach. With rising demand for safer aesthetic treatments and growing focus on aesthetic appearance across generations, the demand for minimally invasive aesthetic treatments is increasing rapidly.
The global aesthetic medicine market is estimated to be valued at US$ $147.9 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global aesthetic medicine market is driven by the growing demand for minimally invasive aesthetic procedures. With increasing awareness about various aesthetic procedures and advantages of minimally invasive techniques, people across demographics are opting for treatments like botox injections, dermal fillers, and chemical peels to improve their appearance. Moreover, availability of these procedures at specialty clinics, hospitals and medical spas has further boosted their adoption. Another driver for the market is growing social media influence that pressures individuals to look better and stay young. Frequent sharing of filtered and photoshopped pictures promoting certain beauty standards has made people increasingly conscious about their looks. This has augmented the demand for aesthetic procedures worldwide.
Rising disposable incomes in developing regions have also contributed to the spending capability on appearance improvement procedures. People are willing to spend more on expensive aesthetic treatments for anti-aging and beautification purposes. Growing medical tourism in countries like India, Thailand and Mexico offering aesthetic treatments at affordable costs further benefits the market. This has spurred the growth of destination medical spas and clinics specializing in aesthetic medicines.
Segment Analysis
The Aesthetic Medicine market can be segmented based on procedure type as Surgical Procedures (Lipoplasty/Liposuction, Breast Augmentation, Eyelid Surgery, Tummy Tuck) and Non-Surgical Procedures (Botulinum Toxin, Dermal Fillers, Chemical Peel, Laser Hair Removal). The non-surgical procedures segment is dominating the market currently as they offer faster results with shorter recovery time and less pain as compared to surgical procedures. This has resulted in higher preference of non-surgical procedures over surgical procedures among consumers.
PEST Analysis
Political: Stringent regulations regarding approval of aesthetic procedures and practitioners has ensured the safety of consumers and maintained quality standards. However, frequent changes in regulatory policies impacts the operations of market players.
Economic: Rising personal disposable incomes coupled with increasing obsession for youthful appearance has boosted spending on aesthetic procedures globally. Growing medical tourism industry has also supported market growth.
Social: Wide acceptance and popularity of aesthetic treatments driven by peer pressure, social media influence, and quest to maintain youthful looks positively impacts the market.
Technological: Advancements in equipment, tools, and techniques has enhanced safety, efficacy and outcomes of both surgical and non-surgical procedures. Digital consulting and virtual/online consultations introduced during pandemic gained traction.
Key Takeaways
The Global Aesthetic Medicine Market Growth is expected to witness high over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 147.9 Bn representing a CAGR of 5.7%.
Regional analysis: North America dominates currently led by the US due to technological advancements, high disposable income, and growing awareness. Asia Pacific is expected to grow at the fastest pace owing to expanding medical tourism industry in countries like Thailand, India and China coupled with increasing willingness to spend on beauty and appearance enhancement procedures.
Key players operating in the Aesthetic Medicine market are Johnson & Johnson Services, Inc., Teleflex Incorporated, Cooper Surgical, Inc., Genicon, Medtronic, B. Braun SE, Applied Medical Resources Corporation, LaproSurge, Purple Surgical, CONMED, Hangzhou Boer Medical Instruments Co., Ltd., Duomed, Changzhou Cheayoo Medical Devices Co., Ltd., and Tianjin Zhichao Medical Technology Co., Ltd. Key players are focusing on product portfolio expansion and advancement through acquisitions and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
