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 14.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The aesthetic medicine market comprises products and procedures that enhance appearance through non-surgical and minimally invasive means. This includes botulinum toxin injections, dermal fillers, laser hair removal, skin tightening and body contouring devices, breast augmentation, and tattoo removal. These non-surgical aesthetic treatments provide an alternative to surgical procedures by offering less downtime, lower costs, and comparable results. The increasing demand for aesthetic treatments from people of all ages seeking to improve or maintain their appearance and confidence is driving growth of this market. The rising disposable incomes is further fuelling spending on aesthetic procedures especially in developing nations.Moreover, technological advancements are making treatments more effective and less invasive which is increasing patient willingness to undergo such procedures.
Market Key Trends:
One of the key trends in the aesthetic medicine market is the growing popularity of minimally invasive procedures. Traditional cosmetic surgeries such as facelifts and breast augmentations require extensive downtime for recovery and present higher risks. In contrast, minimally invasive procedures such as botox injections, dermal fillers, radiofrequency and laser treatments offer equivalent aesthetic benefits with reduced risks, minimal pain and much faster recovery times. They can be performed during lunch breaks with no need for lengthy hospital stays. The significantly lower costs and minimal side effects compared to surgery are driving increased adoption of minimally invasive aesthetic treatments. Furthermore, manufacturers are developing innovative products such as laser treatments that tighten skin with no need for injections or incisions. Such advancements are expected to further increase preference for minimally invasive aesthetic procedures over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry such as minimal capital requirement, technical knowledge and brand building allow new companies to enter the market. However, established players hold strong brand recognition and distribution networks which create entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power. Buyers seeking aesthetic procedures have alternatives to choose from based on price and quality of services.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power. Key raw material suppliers face threat from entry of new players in market. However, suppliers have bargaining power over proprietary products and technologies.
Threat of substitutes: Low threat as there are limited alternatives that can provide similar cosmetic outcomes as aesthetic medicine. Some substitutes include personal care products, cosmetic surgeries, etc.
Competitive rivalry: High as the market consists of numerous global and local players. Players compete based on service quality, innovation, brand image and pricing.
Key Takeaways
The Global Aesthetic Medicine Market Size is expected to witness high growth, exhibiting CAGR of 14.5% over the forecast period, due to increasing medical tourism and rising awareness about aesthetic procedures.
Regional analysis: North America dominates the market and is expected to continue its dominance over the forecast period. However, Asia Pacific is expected to witness fastest growth owing to increasing medical tourism, rising disposable income and growing awareness about aesthetic procedures in the region.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it