AESTHETIC MEDICINE MARKET ANALYSIS

The global aesthetic medicine market was valued at US$ 129.1 Bn in 2022 and is forecast to reach a value of US$ 381.5 Bn by 2030 at a CAGR of 14.5% between 2023 and 2030. The global aesthetic medicine market is experiencing strong growth due to the increasing demand for aesthetic treatments and increasing adoption of minimally invasive treatments around the world. Moreover, increasing awareness among people about overall appearance or aesthetic procedures and growing geriatric population is expected to propel the growth of the market. However, factors such as high cost of aesthetic procedures and social stigma and poor reimbursement are expected to hamper the growth of the global aesthetic medicine market.

Global Aesthetic Medicine Market: Regional Insights

Based on geography, the global aesthetic medicine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the rise in adoption of minimally invasive treatments, increasing number of aesthetic procedures, and increasing awareness among people about overall appearance in this region. For instance, according to the survey released in March 2022 by American Academy of Facial Plastic and Reconstructive Surgery, over 1.4 Billion surgical and non-surgical procedures were performed in the United States in 2021, increase of 40% over the procedures performed in 2020. This in turn is expected to increase demand for aesthetic medicine in the U.S.

Europe and Asia Pacific are also expected to witness robust growth in the global aesthetic medicine market due to the increasing number of aesthetic procedures, rise in adoption of minimally invasive treatments, and increasing awareness among people in these regions. For instance, the demand for cosmetic surgeries is increasing, with liposuction and eyelid surgeries being popular procedures in Europe (Germany, Italy, and Spain), as per the International Society of Aesthetic Plastic Surgery (ISAPS). Moreover, increasing awareness among people about overall appearance is expected to increase demand for aesthetic medicine/devices in the Europe.

Figure 1. Global Aesthetic Medicine Market Share (%), by Region, 2023

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Global Aesthetic Medicine Market Drivers:

High demand for aesthetic treatments to propel market growth

One of the key factors expected to augment growth of the global aesthetic medicine market during the forecast period is the high demand for aesthetic treatments worldwide. For instance, aesthetic or cosmetic treatments are non-surgical procedures designed to combat signs of ageing, rejuvenate and refresh skin. In April 2022, Sinclair Pharma announced that Perfectha Lidocaine has received European CE mark for wrinkle repair, facial contouring, & volume restoration, offering immediate natural-looking and long-lasting result. The approval also paves the way for the launch of Perfectha Lidocaine in the U.K. and all major European markets.

Rise in adoption of minimally invasive treatments to drive market growth

Another factor which is driving the growth of the global aesthetic medicine market is the increasing adoption of minimally invasive treatments across the globe. For instance, in August 2020, Lumenis Ltd. launched new non-invasive aesthetic body treatment, NuEra Tight with FocalRF technology. Body Sculpting takes on a whole new meaning with NuEra Tight offering a personalized solution for Fat Reduction, Skin Tightening, Cellulite and Wrinkle Reduction, all in one device. A platform introduces the breakthrough in personalized non-invasive RF body treatments to match the unique needs of every patient. It is also fit for all body types.

Global Aesthetic Medicine Market Opportunities:

Increasing awareness among people about overall appearance or aesthetic procedures is expected to offer significant growth opportunities for players in the aesthetic medicine market. For instance, with the increasing awareness among people, the number of aesthetic procedures and the use and demand for aesthetic devices or medicine is also increasing. In January 2023, Galderma announced the launch of FACE, an augmented reality application. The app gives patients a real-time, realistic before and after view of possible results. This helps address concerns about end results, ultimately leading to greater patient satisfaction.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the aesthetic medicine market. For instance, aesthetic fillers are crucial in anti-aging treatments and particularly used to stop sign of early aging and hyperpigmentation. Thus, the use and demand for aesthetic fillers is also increasing. Dermal fillers, lip and facial fillers, soft tissue fillers, and wrinkle fillers are approved by the Food & Drug Administration (FDA) to help create a smoother and fuller appearance in the face. According to the World Health Organization (WHO), by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).

Global Aesthetic Medicine Market Trends:

Breast augmentation is a recent trend

Breast augmentation, also known as augmentation mammoplasty, is surgery to increase breast size. Augmentation can be from the placement of an implant, or less commonly, through the fat transfer. Breast augmentation is one of the most commonly performed plastic surgery in the United States. According to the American Society of Plastic Surgeons report, breast augmentation is one of the top five cosmetic surgical procedures in the U.S., over 193,073 procedures were performed in the U.S. in 2020, and this trend is expected to continue over the forecast period.

Technological advancements is another trend

The use of advanced technologies, such as laser and ultrasound technologies, for skin rejuvenation and body contouring has revolutionized the industry. As more people become aware of the benefits of non-invasive aesthetic treatments, the demand for such procedures is growing with a rapid pace. Moreover, several government initiatives are helping in creating awareness regarding non-invasive aesthetic procedures among people. This trend is also expected to continue over the forecast period, driving the growth of the global aesthetic medicine market.

Global Aesthetic Medicine Market Restraints:

High cost of aesthetic procedure to hamper market growth

Another factor which is hampering the growth of the aesthetic medicine market is the high cost of aesthetic procedures. For instance, the top cosmetic surgeries are breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck, and facelift. In India, cost of the plastic surgery ranges from INR 15,000 (US$ 188) to INR 250,000 (US$ 3,133) or even more. The average cost of breast augmentation surgery is around US$ 4,516, according to the American Society of Plastic Surgeons. However, the cost can vary depending on type of surgery.

Social stigma and poor reimbursement to hinder market growth

One of the key factors expected to hamper growth of the global aesthetic medicine market is the social stigma and poor reimbursement. Social stigma concerns are expected to hamper the growth of the market, as social stigma acts as a barrier to aesthetic procedures. For instance, there is still stigma that such aesthetic procedures are only for female population, although the number of male undergoing aesthetic procedures has been increasing over the years. Moreover, Mediclaim policies are not designed/developed to cover the cost of cosmetic surgeries, as well as such procedures are not covered by most insurance companies.

Figure 2. Global Aesthetic Medicine Market Share (%), by Procedure, 2023

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Global Aesthetic Medicine Market Segmentation:

The global aesthetic medicine market report is segmented into Procedure and Region.

Based on Procedure, the market is segmented into Invasive Procedures (Breast Augmentation, Liposuction, Nose Reshaping, Eyelid Surgery, Tummy Tuck, and Others) and Non-Invasive Procedures (Botox Injections, Soft Tissue Fillers, Chemical Peel, Laser Hair Removal, Microdermabrasion, and Others). Out of which, Invasive Procedures Segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of breast augmentation surgeries across the globe.

Non-Invasive Procedures Segment is also expected to witness significant growth in the near future and this is owing to the rise in demand for non-invasive aesthetic treatments.

Global Aesthetic Medicine Market: Key Developments

In June 2023, BoomerangFX teamed up with health technology pioneer DrFirst to offer clients the unified medication management platform to maximize clinical workflows and patient engagement and to launch e-prescribing for aesthetic medicine practices across North America.

In May 2023, MedShift announced the launch of software-as-a-service (SaaS) solution for medical aesthetic businesses. The new Velocity Technology Suite includes sales acceleration and business automation features designed for dermatology, plastic surgery, and other aesthetic businesses.

In April 2023, PatientFi launched new, first-and-only-of-its-kind, aesthetics membership platform, PRIVI. PRIVI’s turnkey membership platform allows patients to pay monthly for annual recurring treatment plan through their aesthetic provider of choice.  

Global Aesthetic Medicine Market: Key Companies Insights

The global aesthetic medicine market is highly competitive. This is attributed to the increasing awareness among people about aesthetic procedures, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.

*Definition: Aesthetic medicine is a branch of modern medicine that focuses on altering cosmetic appearance through the treatment of conditions including wrinkles, skin laxity, skin discoloration, moles, scars, liver spots, cellulite, excess fat, spider veins, and unwanted hair.