Market research company Fact.MR’s ongoing aesthetic wellness market study has forecasted a resurgence of aesthetic medicines in 2021, as non-essential medical services restart as the coronavirus pandemic comes to an end. The recovery of the market is expected to be steady but gradual, through the coming year. Research into technologies including microneedles and platelet-rich plasma is generating key opportunities for manufacturers for years ahead.
According to the International Society of Aesthetic Plastic Surgery, 2019 witnessed over 6.3 million and 18.5 million surgical and non-surgical aesthetic procedures respectively. Rhinoplasty, eyelid surgery, hyaluronic acid, and hair removal procedures have been the largest winners with double-digit percentage growth in comparison to 2018. On the other hand, photo rejuvenation procedures have witnessed a slump of over 10% during the same period.
“Increasingly easier access to advanced aesthetic medicine with benefits of minimally invasive and timesaving procedures, resulting in superior treatment outcomes are key factors that are expected to increase the product adoption rates. Further, market players are more focused on R&D initiatives, which will lead to innovations in aesthetic medicines, thereby bolstering long-term demand in the industry,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s Aesthetic Wellness Study
- Non-invasive procedures will account for relatively faster growth and larger market share, owing to faster results and lower pain.
- Facial procedures will witness a surge in sales owing to access to nose surgery, neck lift, eyelid surgery, and facelift facilities.
- Female consumer demographics will continue to dominate the market, driven by cultural influences.
- China, South Korea and India are high potential markets for aesthetic wellness procedures owing to growing focus towards physical appearance and access to tech advancements.
- The United States will hold the lead, driven by popularity of surgical procedures including breast augmentation and Botox injections.
- Germany and UK drive market with aesthetic wellness device production and sales.
Aesthetic Wellness Market- Prominent Drivers
- Technology advancements in terms of biotechnology and non-invasive procedures are supporting market growth.
- Increasing consumer awareness about aesthetic wellness procedures, particularly in emerging economies will aid market developments.
- Rising prevalence of obesity on a global scale and resultant demand for cosmetic solutions is driving market growth.
Aesthetic Wellness Market- Key Restraints
- High costs associated with aesthetic medical procedures is a key factor holding back adoption.
- Strict regulations associated to the industry and poor reimbursement policy options limit market growth.
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Competitive Landscape
IRevive Health & Wellness, Sincere Healthcare Group Pte Ltd., Florida Aesthetics and Wellness, esthetic & Wellness Solutions, Sage Aesthetics & Wellness LLC, Global Wellness Group, Nu Image Aesthetics & Wellness Institute, Global Wellness Group, Amethyst Wellness, SANTÉ Aesthetics and Wellness and Naples Aesthetics & Wellness Institute are some of the more prominent players operating in the global aesthetic wellness market.
Key manufacturers are looking towards entering commercialization agreements within the industry for specialized product launches. For instance, Collplant Biotechnologies announced its entrance into a worldwide exclusive commercialization and development agreement with Allergan Aesthetics in February 2021 for its plant-derived recombinant human collagen proprietary technology.
Manufacturers are also seeking to consolidate their market presence through strategic mergers and acquisitions. For example, Allergan Aesthetics announced an agreement to acquire Cypris Medical in January 2021, following the completion of a clinical trial to evaluate Cypris’ Xact device, aimed towards midface descent and neck lifts.
More Insights on the Aesthetic Wellness Market
In its latest report, Fact.MR offers unbiased analysis of the global aesthetic wellness market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of procedure type [surgical procedures (skin tightening and body contouring, facial contouring, facial rejuvenation, and others), non-surgical procedures (dermabrasion & microdermabrasion, dermal fillers, and botox), reconstructive procedures (breast enhancement, tissue expansion, burn repair surgery, and others), laser treatment, hair removal, and others] and end user (hospitals, dermatology clinics, spas & beauty centers, skin & laser surgery centers) across seven regions (North America, Latin America, Western Europe, Eastern Europe, Japan, APEJ and Middle East & Africa)
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