by The Aesthetic Medicine Market is estimated to be valued at US$ 147.9 Bn in 2023 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aesthetic medicine includes cosmetic procedures that enhance physical beauty and physical appearance. These procedures comprise injectables such as Botox, dermal fillers and laser therapies. They are utilized to diminish signs of aging, improve smile aesthetics and reshape body contours. The procedures are minimally invasive and provide long-lasting improvement in appearance. They include laser skin resurfacing, laser hair removal and laser facials for skin rejuvenation. Dermal fillers are used to fill out facial lines and wrinkles whereas Botox injections are employed to relax facial muscles and diminish wrinkles.
Market Dynamics:
The aesthetic medicine market growth is driven by increasing digitalization and growing product availability. Advancements in technologies have transformed non-surgical aesthetic procedures to be less painful, lengthy and risky. Devices such as lasers, injectables and minimally invasive body contouring equipment are user-friendly and provide fast visible improvement. This has led to wide acceptance and growing preference for these procedures among the youth. Furthermore, manufacturers are focused on broadening their product pipelines with innovative aesthetics devices. This has resulted in a wide range of options available to plastic surgeons and dermatologists. The availability of effective aesthetic products regionally has improved access and boosted the market growth over the forecast period.
Segment Analysis
The aesthetic medicine market can be segmented into products, applications, end-users and regions. Based on products, the market is divided into laser-based devices, energy-based devices, botulinum toxin, dermal fillers, and other aesthetic devices. Among them, the dermal fillers segment dominates the market owing to the growing adoption of hyaluronic acid-based dermal fillers and the rising demand for minimally invasive aesthetic procedures.
PEST Analysis
Political: Governments in many countries are supporting procedures like breast reconstruction surgery and gender-affirming care which is promoting market growth. Economic: Rising disposable incomes in developing economies is driving people to spend more on aesthetic treatments. Social: Growing social acceptability of aesthetic procedures and focus on physical appearance has boosted their demand. Technological: Technological advancements like introduction of new laser, injectable and energy-based devices are making treatments more effective and minimally invasive.
Key Takeaways
The Global Aesthetic Medicine Market Size is expected to witness high growth, exhibiting 14.5% CAGR over the forecast period, due to increasing willingness to spend on appearance enhancement. The market size for 2023 is US$ 147.9 Bn.
Regional analysis: North America leads the market and holds the largest share owing to increasing number of aesthetic clinics. Asia Pacific region is expected to exhibit fastest growth rate over the forecast period due to growing medical tourism and rising disposable incomes in countries like China and India.
Key players: Key players operating in the aesthetic medicine market are Alma Laser, Hologic, Inc. (Cynosure), Abbvie (Allergan), Solta Medical, Candela Medical, Merz Pharma GMBH, Revance Therapeutics Inc., Lumenis, Galderma Pharmaceuticals S.A., and Johnson & Johnson Services, Inc., among others. These players are focusing on new product development and geographic expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
