Medical Aesthetics Market Research, Industry Trends and Global Forecasts, 2035 - Surge in Demand Propelled by Social Media, Celebrity Endorsements, and COVID-19's Impact

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Mar 15, 2024, 11:00 ET

DUBLIN, March 15, 2024 /PRNewswire/ -- The "Global Medical Aesthetics Market, 2023-2035 - Distribution by Type of Product and/or Device Offered, Type of Procedure, End User, Gender, Distribution Channel, and Key Geographical Regions: Industry Trends and Forecasts" report has been added to ResearchAndMarkets.com's offering.

The global medical aesthetics market size is estimated to be $35 billion in 2023 and is anticipated to grow at a compounded annual growth rate (CAGR) of around 9.3% over the forecast period 2023-2035

One of the key objectives of the market report was to evaluate the primary growth drivers and estimate the future market growth potential associated with the medical aesthetics market, over the forecast period. The analyst has provided informed estimates on the likely evolution of the market size for the forecast period, 2023-2035.

In the recent years, the increased desire to achieve prolong youthfulness, influence of social media, technological advancements, celebrity endorsements and the hype bolstered by certain beauticians and medical professionals have led to a surge in the demand for medical aesthetic solutions. It is worth highlighting that COVID has also contributed significantly towards the increased number of annual aesthetic treatments. In fact, according to the American Academy of Facial Plastic and Reconstructive Surgery, the pandemic has led to a 10% increase in the number of cosmetic surgeries.

Medical aesthetics is a well-established branch of modern medicine, which primarily focuses on enhancing the cosmetic appearance of an individual without clinical surgery. These treatments are mainly used for anti aging purposes by reducing fine lines and wrinkles, lifting flabby skin and skin rejuvenation.

Owing to the widespread adoption of these procedures, medical aesthetics companies are actively pursuing the development of medical aesthetic products and devices, primarily focusing on the development of non-invasive or minimally invasive solutions. These treatments usually do not involve full-fledged surgical procedure, thereby causing lesser pain, minimal discomfort, fewer risks and short hospital stays, while offering long-lasting results. Popular minimally invasive medical aesthetic procedures include Botulinum toxin and aesthetic fillers that are mainly utilized for improving glabellar lines and skin tightening.

It is worth highlighting that benefits of aesthetic procedures aren't just limited to cosmetic appearance but also aid in addressing other commonly experienced healthcare concerns. For instance Botulinum toxin helps in limiting sweating and migraines. Further, some of the commonly performed non invasive procedures include body contouring, laser hair removal, tattoo removal and nail treatments. Body contouring devices are commonly employed for skin tightening, fat reduction and cellulite reduction purposes.

Medical aesthetic procedures can be performed at a medical aesthetic clinic and also at medical spas by various professionals, including dermatologists, plastic surgeons, physicians, nurse practitioners, registered nurses and even aestheticians. It is interesting to note that more than 70% of the today's medical aesthetics market is dominated by hospitals, clinics and medical spas. In addition, South Korea, the plastic surgery capital, boasts the highest rate of cosmetic surgery per capita globally. This can be attributed to the well-established cosmetic surgery infrastructure and experienced medical professionals promoting aesthetics medical tourism within the country.

However, the concern associated with medical aesthetic treatments is the violation of regulatory guidelines by certain medical professionals and medical aesthetic companies that can lead to side-effects. Therefore, it is crucial for the patient to undergo treatment by a licensed medical professional using certified aesthetic devices to avoid potential risks and complications. By overcoming these challenges and fulfilling the rising demand for medical aesthetic procedures, the medical aesthetics companies are likely to experience significant market growth over the forecast period.

Current Market Landscape of the Medical Aesthetics Companies

Presently, more than 200 medical aesthetics companies are engaged in offering various products and devices to fulfil aesthetic requirements of clients. The landscape of medical aesthetics features a mix of large, mid-sized, small and very small firms. These players offer numerous products and / or devices, including Botulinum toxin, aesthetic fillers, chemical peels, microdermabrasion devices, microneedling devices, nose lifting products, thread lift products, aesthetic implants, facial aesthetics devices, gluteal implants, body contouring devices, laser hair removal devices, intense pulsed light (IPL) hair removal devices, breast implants, breast lifting / reconstruction devices, nail treatment devices and tattoo removal devices.

These products and / or devices can be used for several aesthetic purposes, such as skin resurfacing, skin lightening, skin tightening, fat reduction, cellulite reduction and breast augmentation. Additionally, medical aesthetic companies offer all types of invasive, non invasive and minimally invasive solutions to address the requirements of all end users, such as hospitals, medical aesthetic clinic and individuals in home care settings.

Market Trends: Medical Aesthetics Companies Partnering to Expand their Product Portfolios

In recent years, several partnerships have been inked by various stakeholders in order to consolidate their presence and enhance their capabilities / product portfolio to meet the growing demand for medical aesthetic procedures. In fact, the partnership activity has witnessed a CAGR of ~15% in the past few years. It is worth mentioning that acquisitions and mergers emerged as the most common type of partnership model adopted by stakeholders in this domain.

In addition, some medical aesthetic companies have also collaborated for product / technology integration purposes to advance the development of innovative aesthetic devices. The analyst expects the medical aesthetic companies to continue to partner with other firms, hospitals and medical aesthetic clinic to expand their product portfolio in order to meet the rising demand of global clientele and drive the medical aesthetics market growth during the forecast period.

North America to Hold the Largest Market Share, While Asia-Pacific to Witness Highest Market Growth

Presently, close to 40% of the medical aesthetics market is captured by companies based in North America. Driven by the rising interest in advanced medical aesthetic solutions and increasing demand of medical aesthetic treatments in the cosmetic industry, the market size for medical aesthetic solutions in North America is anticipated to grow at a CAGR of 12%, during the forecast period, 2023-2035.

A number of factors contribute to the region's dominance in this industry which include the presence of several well-established companies with extensive manufacturing capabilities that foster innovation and drive the demand for medical aesthetic products and devices. It is worth highlighting that maximum number of medical aesthetic procedures were performed in the US, in 2022. This can be attributed to the increase in disposable income due to money saved on other things, such as travel and dining out during the pandemic.

Additionally, in terms of market growth, the medical aesthetics market in Asia-Pacific is likely to grow at a relatively faster pace in the long term. It is worth highlighting that nearly 40% of the Asian medical aesthetics market is dominated by China and South Korea. This can be attributed to growing aesthetic awareness amongst the population and increasing aesthetics medical tourism in the region. Moreover, developing healthcare infrastructure and affordable price of treatments in this region is likely to propel the market.

Medical Aesthetics Market: Key Growth Drivers

In the last few years, several factors have contributed towards the transformation of the medical aesthetics market. The increasing geriatric and obese population, lower treatment costs and fewer risks have contributed to the popularity of these procedures. Moreover, employment of effective marketing strategies in future is likely to drive the market growth in the coming years. It is interesting to note that COVID-19 pandemic has also contributed to the rising demand for these procedures.

This is due to the shift in the global work culture, with more people frequently working from their homes and attending online meetings. While most of the online applications provide options to apply various filters and effects, platforms, such as Zoom does not offer any such functionalities making people feel insecure about their appearance. This self-consciousness among people, popularly termed as "Zoom Effect" has led to an increased interest in medical aesthetic procedures, contributing to overall medical aesthetics industry growth.

Medical Aesthetics Market: Report Attribute / Market Segmentation

Base Year: 2022
Forecast Period: 2023-2035
Historical Trends: 2018-2022
Market Size 2023: $35 Billion
CAGR: 9.3%
Type of Product and / or Device Offered
- Botulinum toxin
- Dermal Fillers
- Chemical Peels
- Body Contouring
- Gluteal Implants
- Hair Removal
- Breast Implants
- Other Products / Devices
Type of Procedure
- Non Invasive
- Minimally Invasive
- Invasive
End User
- Hospitals
- Clincs / Med Spas and Dermatology / Cosmetology Centers
- Other end users
- Gender
- Male
- Female
Distribution Channel
- Direct Distribution
- Indirect Distribution
Key Geographical Regions
- North America
- Europe
- Asia-Pacific
- Middle East and North Africa
- Latin America
Key Companies Profiled
- ADSS
- Allergan Aesthetics
- Astiland, Beijing Kes Biological Technology
- BTL Aesthetics
- Candela Medical
- Classys
- Croma Pharma
- Cynosure
- Daeyang Medical
- Establishment Labs
- Galderma
- Guangzhou Itech Aesthetics
- IBSA
- Lumenis
- Lutronic
- MedicalZone
- Mentor
- Sanhe Medical
- Shanghai Haohai Biological Technology
- Sinclair Pharma
- Sincoheren
- Skin Tech Pharma
- Wontech
- Zesay Beauty

(Full list of ~200 companies captured in the market landscape analysis of the report)

Excel Data Packs (Complimentary)
- Market Landscape Analysis
- Company Competitiveness Analysis
- Partnerships and Collaborations
- Funding and Investments Analysis
- Market Forecast and Opportunity Analysis

For more information about this report visit https://www.researchandmarkets.com/r/47wwbs

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