Medical Aesthetics Market Overview
Additionally, improvements that have occurred in the aesthetic products and procedures are increasingly encouraging their uptake. Also, factors such as the growing population that is increasingly inclined to the wellness and good looks, increasing geriatric populaces, and rapid urbanization, worldwide substantiate the market demand. Improving economic conditions across the globe provides a massive impetus to market growth, enabling access to the quality of life. On the other hand, inadequate reimbursements for medical aesthetics procedures, especially in the developed economies, are impeding the market growth. Also, the cost of cosmetic procedures obstructs market growth, especially in the developing regions.
The medical aesthetics market is expanding invariably, mainly due to the growing numbers of cosmetic procedures across the world. Growing wellness concerns pushed by the increasing consciousness towards aesthetic looks, worldwide, are increasing the uptake of medical aesthetics in various regions. Moreover, the strong economic background of aesthetic medicine accelerates the market on the global platform.
According to Market Research Future (MRFR), the valuation of the global Medical Aesthetics Market is expected to reach around USD 39.1 billion by 2030. In its recent market analysis, MRFR also asserts that the market would register a double-digit CAGR of 11.1% throughout the assessment period (2022 – 2030). Various researches have shown that medical aesthetics are proven to be a safe and effective way to replace physical appearance.
Competitive Landscape
The aesthetics market research predicts that the medical aesthetics market growth is a result of the collective efforts put in by the global market players. medical aesthetics market Players are as follows:
- Allergan-AbbVie (US)
- Medytox, Inc. (South Korea)
- Galderma (Switzerland)
- Alma Lasers, Ltd. (Israel)
- Merz Pharma GmbH Co. KGaA (Germany)
- Cynosure (US)
- Fotona d.o.o. (Slovenia)
- Anika Therapeutics (US)
- Johnson Johnson (US)
- Cutera, Inc. (US)
- p.A. (Italy)
Market Segmentation
The worldwide medical aesthetics market has been segmented into products and end users.
With respect to product, the market has been broken down into the segments of facial aesthetic products, body contouring devices, cosmetic implants, physician-dispensed cosmeceuticals and skin lighteners, aesthetic skin devices, physician-dispensed eyelash products, hair removal devices, tattoo removal devices, thread lift products, and nail treatment laser devices.
The types of end users include clinics, hospitals, medical spas, beauty centers, and home care settings.
Regional Analysis
North America may retain its dominance over the global medical aesthetics market. The significant market share attributes to the growing demand for beauty treatments and other anti-aging related cosmetic procedures. Being a well-developed region, North America has the highest GDP in the world, which gives it an advantage over other regions in terms of technology, healthcare, or wellness.
Additionally, growing numbers of aesthetic surgeries are fostering the market in North America. Moreover, the presence of leading players operating in the aesthetic services market and aesthetic implants market in the region influence the market growth positively. Also, the presence of the vast aesthetician population in the region acts as a key force for regional market growth, impacting the aesthetic industry trends and facial aesthetics market.
Europe stands second in the market. The market is predominantly driven by the presence of a large aesthetician populace, fostering the demand for the medical aesthetic devices. Besides, the economic growth in the region propels the market, allowing access to quality life by increasing consumer purchasing power. The penetration of the beauty devices market is another major driving force behind the regional market growth, contributing to the development of the aesthetic thread market.
The Asia Pacific region is emerging as a lucrative market for medical aesthetics. The burgeoning media entertainment industry, especially in India, drives the significant growth in the market in the country as well as in the region. Improving economic conditions in the region acts as a significant driving force for the growth of the market in the region, increasing consumer purchasing power.
Vietnam, Thailand, and Malaysia among the other southeast Asian countries are estimated to contribute significantly to the growth of the regional market. Due to the growing medical tourism markets in Malaysia and India, the APAC region will register a substantial growth rate over the assessment period.
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