22 November 2023
Increasing awareness about aesthetic procedures and adoption of minimally invasive devices, rising demand for home-based aesthetic procedures, and technological advancements in aesthetic devices are key factors driving Medical Aesthetics market revenue growth.
The global medical aesthetics market is experiencing rapid growth, with a projected revenue CAGR of 11.0% during the forecast period. This surge can be attributed to several factors, including the increasing awareness of aesthetic procedures, the adoption of minimally invasive devices, a rising demand for home-based aesthetic treatments, and continuous technological advancements in aesthetic devices. These developments have revolutionized the field of medical aesthetics, providing patients with practical and risk-free alternatives to traditional surgical procedures.
Minimally Invasive Procedures Gain Popularity:
Minimally invasive and non-surgical aesthetic treatments have gained significant popularity in recent years. Procedures such as Botox, dermal fillers, laser therapy, chemical peels, and microdermabrasion offer patients minimal downtime and quick recovery, making them an attractive option for those seeking aesthetic enhancements. In 2021, the total number of non-surgical cosmetic operations increased by 44% compared to surgical procedures, with a substantial growth of 63% in body procedures. The accessibility, adaptability, and reduced scarring concerns associated with non-surgical treatments have contributed to this trend.
Rising Demand for Home-based Procedures:
The demand for home-based cosmetic procedures has witnessed a significant increase, driven by the growing prevalence of dermatological diseases such as acne, psoriasis, and skin cancer. Patients are seeking convenient and cost-effective solutions that can be performed in the comfort of their own homes. However, poor reimbursement conditions pose a challenge to market growth, as cosmetic procedures, equipment, and devices are often not covered by insurance providers. Nonetheless, recent trends such as medical aesthetics tourism, the destigmatization of aesthetic procedures, and the use of the internet to find the best providers have emerged to address these challenges.
Facial Aesthetic Products Lead the Market:
The facial aesthetic product segment currently holds the largest market share, driven by the increasing number of individuals seeking a youthful appearance and disposable financial resources. Notably, companies like Allergan Aesthetics have introduced innovative products such as the SkinMedica Even & Correct Collection, which focuses on lightening treatments and dark-spot reduction creams. The cosmetic implant segment is also expected to experience moderate growth, with clear regulatory requirements and the acceptance of bio-implants contributing to its expansion.
Non-Surgical Procedures and End-Use Segments:
The non-surgical procedures segment is anticipated to hold a significant revenue share in the medical aesthetics market. Lipolysis, in particular, has gained popularity due to technological advancements and growing awareness among the elderly population. Hospitals and clinics are expected to register fast revenue growth, driven by automated systems, early disease diagnosis, and the digitization of patient workflows. Beauty centers and medical spas, offering non-invasive skin rejuvenation procedures, are projected to account for the largest revenue share.
Regional Analysis:
North America currently dominates the medical aesthetics market, thanks to experienced cosmetic surgeons, increased adoption of cosmetic operations, and advanced healthcare infrastructure. The Asia Pacific region is poised for the fastest revenue growth, driven by rising awareness of anti-aging surgeries, medical tourism, improved healthcare infrastructure, and affordable treatment costs. Europe is expected to account for a substantial revenue share, driven by the demand for high-quality aesthetic procedures, established healthcare infrastructure, and an effective reimbursement system.
Conclusion:
The global medical aesthetics market is experiencing significant growth due to the increasing demand for minimally invasive treatments, rising interest in home-based procedures, and ongoing technological advancements. This growth has prompted market players to develop innovative products, contributing to the expansion of the industry. However, challenges such as poor reimbursement conditions and regulatory constraints must be addressed to ensure sustained growth and accessibility for patients seeking aesthetic enhancements. As the field of medical aesthetics continues to evolve, it is crucial for healthcare providers, manufacturers, and policymakers to collaborate and adapt to meet the changing needs and preferences of patients worldwide.
