Aesthetic Medicine Market by Procedure Type (Invasive Procedures, Non-invasive Procedures), Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Sept. 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aesthetic medicine market is expected to grow from USD 57.22 billion in 2019 and to reach USD 114.02 billion by 2027, growing at a CAGR of 9% during the forecast period 2020-2027.
The aesthetic medicine market is witnessing significant growth from the past years. This growth is attributed to the introduction of technically advanced products like non-invasive body contouring system, growing demand for aesthetic treatments, rising geriatric population in developing and developed countries for anti-wrinkle and skin volume increasing medicines, and increasing adoption of non-invasive procedures or invasive procedures. The increasing use of facial injectables, such as botulinum toxin, is one of the major factors driving the aesthetic medicine market. Advancement in topical drug delivery and development of new aesthetic agents like alpha hydroxyl acids, retinoid, and naturally resourced materials is expected to propel the market growth.
Aesthetic medicine is a medical procedure that is focused on improving the physical appearance and satisfaction of the patient, using non-invasive and minimally invasive cosmetic procedures. Aesthetic medicine is the most innovative branch of medicine and has become an important aspect of everyday life. Aesthetic medicine is mostly recommended for healthy individuals who are dissatisfied with minor deficiencies. Specialists focus on altering cosmetic appearance through conditions such as skin laxity, scars, wrinkles, liver spots, moles, excess fat, unwanted hair, skin discoloration, cellulite, and spider veins. Aesthetic medicine is also used to treat conditions like allergies, aczema, and acne. Aesthetic medical procedures are elective, as they significantly improve quality of life, social engagement, and psychological well-being. Aesthetic medicine also offers services to address the patient’s aesthetic needs and desires.
Global aesthetic medicine market is expected to witness significant growth, owing to the rising prevalence of obesity worldwide, increasing awareness regarding aesthetic procedures, improving employment rate in developing economies, and increasing demand for aesthetic medicine due to the rising number of target consumers. The presence of strict regulatory framework and efficacy, lack of skilled professionals required to perform surgical and minimally invasive procedures, and increasing cost of treatment will hamper the market growth. However, awareness of socio-economic wellness and rising demand for aesthetics to treat ageing and other skin related conditions provide market growth opportunities.
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Key players operating in global aesthetic medicine market are Johnson & Johnson, Allergan, Syneron candela, Galderma, Solta medical, Alma Laser, Hologic (cynosure), and Lumenis. To gain a significant market share in the global aesthetic medicine market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Johnson & Johnson and Allergan are some of the leading players in the aesthetic medicine market.
- For instance, in April 2017, ZELTIQ Aesthetic, a medical technology company, was acquired by Allergan. This acquisition helped Allergan expand the aesthetic medicine portfolio with ZELTIQ’s body contouring products and establish a leading industry position.
- In June 2020, Elite iQ platform was launched by Cynosure in Europe, U.S. and Australia. It is the next generation of Elite+ aesthetic workstation, and offers customized laser hair removal treatment and permanently reduces unwanted hair.
Non-invasive Procedures segment dominated the market and held the largest share of 52.19% in the year 2019
On the basis of procedure type, the global aesthetic medicine market includes invasive procedures and non-invasive procedures. The invasive procedures segment include breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck, others. The non-invasive procedures segment includes botox injections, soft tissue filters, chemical peel, laser hair removal, microdermabrasion, and others. Non-invasive Procedures segment dominated the market and held the largest share of 52.19% in the year 2019. This growth is attributed to a rise in minimally invasive cosmetic procedures like microdermabrasion, hair removal, and botox injections. Invasive procedures segment is expected to witness significant growth, owing to an increasing focus on invasive procedures like breast augmentation, liposuction, and nose reshaping.
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Regional Segment of Aesthetic Medicine Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aesthetic medicine market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the largest market share of 38.12% in the year 2019. This growth is attributed to well-developed healthcare infrastructure, increasing prevalence of skin disorders, adoption of cosmetic procedures, and the presence of board-certified and skilled cosmetic surgeons. Rising awareness regarding aesthetic appeal and rising consciousness regarding outward appearance is expected to propel the market growth. Asia-Pacific region is expected to witness significant growth, owing to large number of surgical procedures performed in Japan, South Korea, and China, advanced techniques, availability of skilled professionals, and cheap treatment costs. Rising disposable income and the presence of a large pool of working population is expected to propel the market growth for the aesthetic medicine market in the Asia-Pacific region.
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About the report:
The global aesthetic medicine market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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