The aesthetic medicine market is estimated to be valued at US$ 129.1 Bn in 2022 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Aesthetic medicine focuses on improving cosmetic appearance through the treatment of various conditions, such as scars, wrinkles, excess fat, cellulite, and skin discoloration. The market offers a wide range of products and procedures, including botulinum toxin injections, dermal fillers, laser hair removal, and body contouring. These procedures are increasingly popular among individuals looking for non-surgical solutions to enhance their physical appearance.
The aesthetic medicine market is driven by the growing demand for minimally invasive procedures, as they offer shorter recovery times, less pain, and fewer complications compared to traditional surgeries. Moreover, the rising disposable income of the population, especially in emerging economies, has led to increased spending on aesthetic treatments. This, coupled with advancements in technology and the development of innovative products, is expected to drive market growth over the forecast period. However, stringent regulations and the high cost of procedures may hinder market growth to some extent. Overall, the aesthetic medicine market is anticipated to experience significant growth in the coming years.
Segment Analysis:
The aesthetic medicine market can be segmented on the basis of procedure type, product type, and end-user. In terms of procedure type, the dominating segment is the minimally invasive cosmetic procedures, which includes treatments like Botox injections, dermal fillers, and laser hair removal. This segment is dominating because of factors such as the increasing demand for non-surgical treatments, shorter recovery times, and minimal side effects compared to traditional surgical procedures. Additionally, technological advancements in minimally invasive procedures have made them more effective and accessible, further driving the growth of this segment.
PEST Analysis:
Political: The political landscape has a significant impact on the aesthetic medicine market. Government regulations regarding the safety and efficacy of cosmetic procedures can affect the market. For example, stricter regulations may lead to increased compliance costs for companies.
Economic: The economic factors influencing the market include disposable income levels, healthcare expenditure, and insurance coverage. Higher disposable incomes and increased spending on cosmetic treatments contribute to market growth.
Social: Changing societal norms and beauty ideals play a crucial role in shaping the market. The growing emphasis on appearance and the desire for a youthful look drive the demand for aesthetic medicine procedures.
Technological: Technological advancements in aesthetic medicine, such as lasers, ultrasound, and radiofrequency devices, have revolutionized the industry. These advancements have resulted in safer and more efficient procedures, attracting a larger patient pool.
Key Takeaways:
The global Aesthetic Medicine Market Trend is expected to witness high growth, exhibiting a CAGR of 14.5% over the forecast period (2023-2030). This growth can be attributed to increasing consumer awareness and acceptance of cosmetic procedures, along with technological advancements.
Regionally, North America is the fastest-growing and dominating region in the aesthetic medicine market. Factors such as the presence of a large target population, rising disposable incomes, and a high demand for cosmetic treatments contribute to the region’s growth.
Key players operating in the aesthetic medicine market include 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. These key players possess a strong market presence and contribute significantly to the market’s growth through product innovation and strategic partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
