Medical Aesthetics Market Analysis and Forecast to 2031: By Product (Facial Aesthetics Products, Body Contouring Devices, Cosmetic Implants, Hair Removal Devices, Skin Aesthetic Devices, Tattoo Removal Devices, Thread Lift Products, Physician Dispensed Cosmeceuticals and Skin Lighteners, Physician Dispensed Eyelash Products, Nail Treatment Laser Devices), End User (Clinics, Hospitals & Medical Spas, Beauty Centers, Home Care), and Region
Published Date : June, 2022 Report Code : GIS20503 Number of Pages: 167
Industry : Medical Devices Publication Status : Published
The medical aesthetics market was valued at USD 10.2 billion in 2021 and it is anticipated to grow further up to USD 32.4 billion by 2031 at a CAGR of 12.3% during the forecast period (2022-2031).
The medical aesthetic is used to treat and improve the aesthetic appearance of a person by treating various conditions, like skin laxity, excessive fat, cellulite, scars, moles, wrinkles, unwanted hair, liver spots, spider veins, and skin discoloration. Conventionally, it comprises dermatology, oral & maxillofacial surgery, reconstructive surgery, and plastic surgery. Aesthetic medicine comprises surgical & non-surgical procedures and a combination of both can be used to enhance an individual’s physical appearance. Additionally, deformities caused due to accidents, trauma, and other congenital disorders are rectified by the use of aesthetic devices (particularly implants). Moreover, aesthetic procedures help reverse the aging process to a certain extent. Adding to that, the importance of physical appeal is on the rise and people across the globe are attracted to products and treatments that will help them retain their youth and beauty.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size in 2021 | $10.2 bn |
| Market Size in 2031 | $32.4 bn |
| Growth Rate (2021-31) | 12.2% |
| Historic Period | 2015-2020 |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Segments Covered | By Product, By End User, and By Region |
| Key Companies | Allergan-AbbVie, Alma Lasers, Ltd., Anika Therapeutics, Cutera, Inc., Cynosure, El.En. S.p.A., Fotona d.o.o., Galderma, Johnson & Johnson, Merz Pharma GmbH & Co. KGaA, Medytox, Inc., SIENTRA, INC., |
| Regional Scope | North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
| Analysis Coverage | Market Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments |
Market Drivers
Growing adoption of minimally invasive and non-invasive aesthetic procedures
There has been a significant increase in the inclination for minimally invasive and non-invasive aesthetic procedures over traditional surgical procedures in the past decade. Minimally invasive/nonsurgical alternatives offer various advantages over traditional surgical procedures, like fewer pain, minimized scarring, and quicker recovery. These procedures are also more economical than traditional surgical procedures. As per the International Society of Aesthetic Plastic Surgery (ISAPS), there was an overall increase of 5.4% in the number of plastic and cosmetic procedures during 2017 and 2018.
Market Opportunities
Growing demand from emerging markets
Emerging countries like China, Brazil, Mexico, and India offer significant opportunities for players operating in the medical aesthetics market. The demand for medical aesthetic devices in these countries is rising owing to rapid growth in medical tourism, the growing adult (aged 20 and above) population, rising disposable incomes, and increasing awareness about aesthetic specialties. The presence of a greater number of surgeons in these emerging countries is also contributing to the growth of the medical aesthetics market.
Market Restraints
Clinical risks and complications linked with medical aesthetic procedures
During the past two decades, medical aesthetic procedures have become increasingly popular. The market has witnessed significant growth in the demand for aesthetic treatments due to the rise in the number of doctors and surgeons providing safe and effective medical aesthetic treatments coupled with the launch of technologically advanced products for the same. However, medical aesthetic procedures are associated with various possible side effects. Patients undergoing aesthetic treatments may face several risks and complications after or at the time of the procedure.
COVID-19 Impact on Global Medical Aesthetics Market
The COVID-19 pandemic has significantly affected the medical aesthetics market. The beauty and luxury sector are facing challenges in its manufacturing and supply chain, such as delivering products to end-users promptly as well as attending to an uneven demand for products and services. The market is facing a phase of short-term negative growth, which can be attributed to factors like a decline in the product demand from major end-users, limited operations in most of the industries, temporary closure of major end-user facilities (comprising beauty centers and spas), disrupted supply chain, and challenges in terms of providing essential/post-sales services owing to the lockdown.
Market Segmental Analysis
The global medical aesthetics market is segmented into product and end-users.
Global Medical Aesthetics Market by Product
The various products such as facial aesthetic products, body contouring devices, cosmetic implants, hair removal devices, tattoo removal devices, thread lift products, physicians-dispensed cosmeceuticals & skin lighteners, physician-dispensed eyelash products, and nail treatment laser devices. The facial aesthetic product is also sub-segmented into dermal fillers, botulinum toxins, microdermabrasion, and chemical peels. Also, body contouring devices are sub-segmented into non-surgical fat reduction devices, cellulite reduction devices, and liposuction devices. Likewise, the cosmetic implant is sub-segmented into breast implants, facial implants, and gluteal implants. Also, hair removal device is sub-segmented into laser hair removal devices and IPL hair removal devices. Moreover, skin aesthetic device is also sub-segmented into laser resurfacing devices, nonsurgical skin tightening devices, micro-needling products, and light therapy devices.
The facial aesthetic segment is likely to dominate the market. The key factors such as growing patient demand for facial aesthetic treatments coupled with increasing disposable income and spending capabilities, and the increasing geriatric population across the globe are likely to boost the growth of the segment during the forecast period.
The various end-users such as clinics, hospitals & medical spas, beauty centers, and home care are comprised in the global medical aesthetic market.
The clinics, hospitals & medical spas segment is likely to dominate the market. The key factors such as increasing number of medical spas and clinics combined with the high availability of financial and infrastructural resources in hospitals, comprising technologically advanced devices, trained staff, and skilled professionals to perform aesthetic procedures.
The global medical aesthetic market is studied for key countries of various regions such as North America, Europe, Asia Pacific, and the Rest of the World.
North America is anticipated to dominate the market during the forecast period. The key factors such as increasing consumer knowledge and interest in procedures and strong local economies, aggressive marketing by leading companies are boosting the growth of the region in the market.
Market Players of the Global Medical Aesthetic Market
The key players in the global medical aesthetic market are Allergan-AbbVie, Alma Lasers, Ltd., Anika Therapeutics, Cutera, Inc., Cynosure, El.En. S.p.A., Fotona d.o.o., Galderma, Johnson & Johnson, Merz Pharma GmbH & Co. KGaA, Medytox, Inc., SIENTRA, INC., HUADONG MEDICINE CO. LTD. and BAUSCH HEALTH COMPANY, INC. among others.
Key Developments in Global Medical Aesthetic Market
- May 2020: AbbVie announced the acquisition of Allergan plc following receipt of regulatory approval from all government authorities required by the transaction agreement and approval by the Irish High Court.
- May 2019: HRA Pharma acquired the Mederma brand from Merz Pharmaceutical GmbH.
