Aesthetic medicine, also known as cosmetic medicine, refers to a broad range of medical disciplines that focuses on enhancing physical appearance without surgical procedures. Various non-invasive aesthetic treatments target issues related to aging, skin laxity, acne, wrinkles, hyperpigmentation, body contouring, and other aesthetic concerns. Key non-invasive aesthetic treatments include Botox, dermal fillers, chemical peels, laser hair removal, photorejuvenation and non-surgical fat reduction. With rapid advancements, state-of-the-art technologies have enabled quick, painless and long-lasting results with minimal downtime. Growing social acceptance and popularity of aesthetic procedures have led to proliferation of medical spas and practitioners worldwide.
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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for non-invasive body contouring procedures is expected to be a key driver for the growth of the aesthetic medicine market over the forecast period. Overweight and obesity have become a major health issue across the globe. According to the World Health Organization, approximately 2.0 billion adults are overweight and over 650 million are obese worldwide. Excessive body fat accumulation can have detrimental health consequences leading to increased risks of developing chronic diseases like diabetes, cardiovascular disorders and certain cancers. While bariatric surgeries are invasive and carry potential health risks, non-invasive body contouring procedures like cryolipolysis, low-level laser therapy and high-intensity focused ultrasound offer effective fat reduction with minimal downtime or discomfort. Rapid advancements have enabled achievement of sculpted and youthful appearance through pain-free contouring techniques. Growing popularity of home and office-based aesthetic treatments also offers convenience to time-pressed consumers. The demand for anti-aging procedures is expected to supplement growth of the market over the forecast period as lifestyle changes, media influence and rising health consciousness have made age gracefully an aspiration across all demographics.
Segment Analysis
- Non-invasive procedures: This segment dominates the global aesthetic medicine market and accounts for over 70% of the total market share. Non-invasive procedures such as Botox, dermal fillers, and laser hair removal are preferred by consumers owing to their minimally invasive nature and faster recovery time. The non-invasiveness of these procedures has boosted their popularity in recent years.
PEST Analysis
Political: Regulations regarding aesthetic medicine procedures vary widely in different countries and regions. More developed healthcare infrastructure has enabled standardized regulations in developed regions.
Economic: Growth in disposable income levels globally is driving demand for aesthetic procedures. Growth of medical tourism also supplements market growth in developing regions.
Social: Rising influence of social media and emphasis on physical appearance among consumers is increasing the acceptance of aesthetic medicine. Demand for anti-aging treatments is high among middle-aged consumers.
Technological: Advances in technologies related to energy-based devices, injectables, and aesthetic biotechnology are expanding treatment options. Novel procedures such as non-surgical liposuction and needle-free injections are gaining traction.
Key Takeaways
The Global Aesthetic Medicine Market Size was valued at US$ 147.9 Bn in 2023 and is projected to grow at a CAGR of 3.9% during the forecast period.
Regional analysis :The North America region currently dominates the global aesthetic medicine market and accounts for over 30% revenue share owing to the high adoption of aesthetic procedures in countries like the US and Canada. Asia Pacific is estimated to be the fastest growing region during the forecast period. Countries like China, South Korea, and India are witnessing rapid growth aided by medical tourism and rising medical expenditures.
Key players: Key players operating in the aesthetic medicine market are Allergan plc, Alma Lasers, Anika Therapeutics, Cutera, Cynosure, El.En. S.p.A., Fotona, Galderma, Merz Aesthetics, Sientra, and Sinclair Pharma. Allergan plc leads the botulinum toxin (Botox) market with over a 55% share globally due to its expansive geographic presence and strong brand equity.
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