The global aesthetic medicine market is a multi-billion-dollar industry catering to the growing demand for facial and body contouring treatments. Aesthetic medicine, also known as cosmetic medicine, involves various surgical and non-surgical procedures that enhance a person's appearance and boost their confidence and self-esteem. Non-surgical procedures are gaining traction as they offer similar results as invasive surgeries but require minimal downtime. Some popular non-surgical treatments include Botox, fillers, chemical peels, laser hair removal and body sculpting. Rising product innovation is also enabling improved outcomes with minimally painful procedures. Furthermore, an increasing focus on physical appearances and growing adoption of aesthetic treatments by millennials and young individuals are propelling the market growth.
The Global aesthetic medicine market is estimated to be valued at US$ 170.39 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the aesthetic medicine market are Johnson & Johnson Services, Inc., Teleflex Incorporated, Cooper Surgical, Inc., Genicon, Medtronic, B. Braun SE, Applied Medical Resources Corporation, LaproSurge, Purple Surgical, CONMED, Hangzhou Boer Medical Instruments Co., Ltd., Duomed, Changzhou Cheayoo Medical Devices Co., Ltd., and Tianjin Zhichao Medical Technology Co., Ltd. These players are focusing on new product launches and geographic expansions to strengthen their market position.
The rising desire for aesthetic treatments amongst millennial and generation Z consumers presents significant growth opportunities in the market. Market players can invest in innovative technologies and treatments catering to specific age groups.
Many players are expanding their footprint in emerging countries in Latin America, Asia Pacific and Middle East regions where the demand for aesthetic procedures is witnessing double digit annual growth. Global expansion enables companies to capitalize on the high-growth opportunities in new markets.
Market drivers:
1. Growing preference for minimally invasive procedures: Non-surgical treatments such as neuromodulators and dermal fillers offer comparable aesthetic results as cosmetic surgeries but require minimal downtime, pain and have lower risk. This is a major driver.
2. Increasing social media influence: Rising number of selfies and time spent on social media platforms has made people more conscious about their physical appearance. This influences them to undergo aesthetic treatments.
Market restrain:
1. High cost of aesthetic treatments: Certain surgical procedures and new high-end aesthetic devices and treatments are costly. This limits their adoption, especially in price-sensitive developing markets.
2. Lack of reimbursement: Majority of Aesthetic Medicine Market Size procedures are considered to be cosmetic in nature. Hence, related costs are not covered by medical insurers. This high out-of-pocket expense deters some customers.
Segment Analysis
The aesthetic medicine market is dominated by nonsurgical procedures sub segment. Nonsurgical procedures account for over 60% share of the global aesthetic medicine market owing to rising demand for minimally invasive procedures. Procedures such as botulinum toxin injections, dermal fillers, chemical peels are preferred more due to reduced risk of complication, quick recovery time and comparable results to surgical procedures. Within nonsurgical procedures, botulinum toxin injections hold the largest market share due to wide application in treatment of medical conditions such as excessive sweating, muscle spasm and aesthetic procedures like wrinkle reduction. Rising awareness about aesthetic procedures boosts the growth of the overall aesthetic medicine market.
Global Analysis
Geographically, North America dominates the global aesthetic medicine market with over 35% share attributing to high treatment costs affordability and rising medical tourism in the US and Mexico. The Asia Pacific region is expected to witness fastest growth in the forecast period with a CAGR of around 8% due to growth in medical tourism industry of Thailand, South Korea and China. Rising affluence, growing awareness and access to advanced treatment procedures further boosts the APAC aesthetic medicine market.
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