Aesthetic Medicine Market is expected to exceed the market valuation of more than US$ -- million by 2027 expanding at a reasonable CAGR of around --% during the forecast period (2021-2027). People are increasingly adopting minimally invasive and non-invasive aesthetic procedures. The key reasons for the growth of aesthetic medicine market are rising middle age population, increasing awareness about the benefit and ease of cosmetic procedures, growing female workforce participation rate etc. The growing awareness among healthcare professional about the latest cosmetic treatments, is also impacting market growth. A few challenges in the market growth include the social stigma that is associated with aesthetic treatments. However, this is altering over the years.
Cosmetic Surgery is gaining popularity over the years and is popular among people who want to enhance certain features of their body. Aesthetic medicines can be given by invasive and non-invasive ways. In 2020, 2.3 million cosmetic surgical procedures were performed, a decline of 14% compared to 2019 in the US. In 2019, there were 2.67 million Cosmetic Surgical Procedures were performed in the US. In 2020, 13.3 million Cosmetic Minimally Invasive Procedures were conducted in the US alone. Bre.st augmentation was the top surgical procedure globally in 2019, followed by liposuction. The top non-surgical cosmetic procedure in 2019 was botulinum toxin (Botox) followed by hyaluronic acid (dermal fillers). Total expenditure on surgical procedures in 2019 was 3.8 times non-surgical procedures.
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The whole world economy came to a still during the coronavirus pandemic. Many industries suffered deep loss from the economic impact and will take some time to recover. A recent survey published by the American Society of Plastic Surgeons among 1,000 womes in the US, analyzed how the perceptions of American residents has changed about aesthetic medicines during the pandemic. This survey indicated that 11% of the respondent were more interested in plastic surgery or non-surgical procedures now than before the pandemic. This figure was even higher among women who had already undergone plastic surgery before. 35% of the women who had already had an aesthetic procedure before were willing to spend more on minimally invasive aesthetic treatments in 2021. This surge is demand is probably because the surgeons’ offices are closed sine a year or offered only limited services, thus causing a surge in the demand now.
Based on procedure type, the market is bifurcated into invasive (Bre.st augmentation, liposuction, nose reshaping, tummy tuck) and non-invasive procedures (botox injections, chemical peel, laser hair removal). Bre.st Augmentation was the most common cosmetic procedure in 2019. Other than Bre.st augmentation, the top 5 surgical procedures include liposuctions, eyelid surgery, abdominoplasty, and rhinoplasty. In 2020, there were 193,073 Bre.st augmentation procedure conducted in 2020, a decrease of 33% compared to 287,085 procedure conducted in 2019.
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Based on product, the aesthetic medicine market is fragmented into facial aesthetic products, body contouring devices, Bre.st implants, hair removal devices, skin aesthetic devices, and others. Bre.st augmentation is the most performed aesthetic treatment. Bre.st Implants are thus the most consumed products. Bre.st implants are most common among women who get it after mastectomies during Bre.st cancer or for cosmetic reasons. Typically, Bre.st implantation surgeries range from US$ 5,000 to 10,000, and because it is an aesthetic procedure, health insurance does not pay for it.
Based on end-user, the aesthetic medicine market is fragmented into clinics, hospitals, and medical spas, beauty centers and home care. Most aesthetic procedures are performed in clinics, hospitals, and medical spas as they are the best advertisers of these treatments. According to a top market research firm, US had the highest number of plastic surgeons in 2018 followed by Brazil. Furthermore, facial plastic surgeons saw an 72% increase in cosmetic surgeries in the age growup of 30 years and below in 2018.
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Additionally, the report provides detailed initiatives that are being taken in the field of Aesthetic Medicine, globally. The report provide a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with --% share. Allergan, Galderma Laboratories, Merz Pharmaceuticals, Alma Lasers, Johnson & Johnson, Anika Therapeutics, Lumenis, Cynosure, Cutera, and Solta Medical are some of the prominent players operating in the global Aesthetic Medicine market. Several M&As along with partnerships have been undertaken by these players to make Aesthetic Medicines as cost-effective and wide availability of the procedure.
Global Aesthetic Medicine Market Segmentation
Market Insight, by Procedure Type
Market Insight, by Product
Market Insight, by End-User
Market Insight, by Region
Top Company Profiles
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