Aesthetic Medicine Market
In the last few years, the manufacturers have created novel aesthetic gadgets, resulting in a rise in demand for aesthetic treatments. In the next few years, technologically sophisticated goods such as non-invasive body sculpting devices that employ fat freezing technology, for example, are likely to generate profitable prospects. These innovations in the beauty industry are expected to propel the global aesthetic medicine market forward.
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The outbreak of global pandemic, COVID-19, had a huge impact on the aesthetic medicine business. At first, the market was adversely damaged by social distancing norms and a significant drop in consumer income. Due to reasons such as temporary closures of beauty salons, decreased product demand, and limited operations, the industry experienced a period of short-term negative growth. On the other hand, remote working or work from home has increased the amount of time spent on Zoom calls. People are very concerned about their aesthetic appearance. This has resulted in a rise in cosmetic surgery demand, with Botox emerging as one of the most popular treatments. Cosmetic operations are also becoming more popular among patients due to the ease with which they may heal while staying at home. As a result, during the lockdown, the market for cosmetic medicine grew significantly resulting in increased demand in the global aesthetic medicine market.
In developing countries, there is a growing desire to seem youthful and fit, which has raised demand for cosmetic treatments. In nations like South Korea and India, cosmetic treatments including Botox injections, nose reshaping, and liposuction are gaining popularity.
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Aesthetic Medicine Market: Introduction
- Aesthetics has been gaining importance in all aspects of everyday life in the last few years. It is a highly innovative branch of medicine. The aim of aesthetic medicine is to improve physical appearance and satisfaction of a patient by using minimally invasive or non-invasive procedures. Aesthetic medicine is recommended to healthy individuals who are dissatisfied with some minor deficiencies. Aesthetic medicine is also utilized to treat conditions such as eczema, allergies, and acne. Moreover, aesthetic treatment includes dermal fillers, microdermabrasion, venous treatment, body countering, cellulite treatment, and chemical peels.
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Key Drivers, Restrains, and Opportunities of Global Aesthetic Medicine Market
- Demand for cosmetic procedures across the world is increasing. It is estimated to further propel the aesthetic medicine market. Demand for various non-invasive or minimally invasive services such as laser resurfacing, aesthetic injectable, and other services is increasing alongside an increased consumer interest in skin texture and tone improvement.
- Rise in awareness and demand for preventative procedures meant to offer anti-aging benefits of injectable products in early life is further anticipated to boost the aesthetic medicine market. Moreover, focus of market players on R&D investments is projected to lead to innovations in aesthetic medicines, thereby boost their demand. However, unfavorable reimbursement policies and the high cost of aesthetic procedures are estimated to hamper the market during the forecast period.
- The COVID-19 pandemic has significantly affected the aesthetic medicine industry. The COVID outbreak may have positive implications for the industry long-term regardless of causing reduced demand from primary end-users, limited operations, and closures of major end-user facilities. The market has witnessed the negative impact of COVID for the short-term due to widespread shutdowns, leading to significant challenges in manufacturing and the supply chain.
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North America to Capture Major Share of Global Aesthetic Medicine Market
- North America is anticipated to account for a major share of the global aesthetic medicine market during the forecast period owing to availability of advanced healthcare infrastructure, adoption of cosmetic procedures, and rising prevalence of skin disorders
- The aesthetic medicine market in Asia Pacific is likely to expand at a rapid pace during the forecast period. This is attributed to rising consumer knowledge and increased interest in cosmetic procedures, rising medical tourism, and widened acceptance of aesthetic medicines.
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Key Players Operating in Global Aesthetic Medicine Market
The global aesthetic medicine market is highly fragmented, with the presence of large number of key players. These players hold major share in their respective regions.
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