Aesthetic Medicine Market Research Analysis 2023
- Published Date: December, 2023 | Report ID: CLS-2023 | No of pages: 250 | Format:
Aesthetic Medicine Market by Procedure Type (Invasive Procedures and Non-invasive Procedures), by Invasive Procedures (Breast Augmentation, Liposuction, Nose Reshaping, Eyelid Surgery, Tummy Tuck, and Others), by Non-invasive Procedures (Botox Injections, Soft Tissue Fillers, Chemical Peel, Laser Hair Removal, Microdermabrasion, and Others) By Gender (Male and Female) By End-use (Hospitals, Beauty Centers & Medical Spas, Dermatology Clinics, and Home Settings): Global Opportunity Analysis and Industry Forecast, 2022-2031
The Aesthetic Medicine market was valued at $112.7 billion in 2022. It is projected to grow at a CAGR of 14.9% from 2023 to 2031 and reach more than $374.78 billion by the end of 2031.
Analysts’ Viewpoint by Cognate Lifesciences
According to industry analysts, the global Aesthetic Medicine market is expected to see significant growth in the coming years. This growth is being driven by several factors, including an increasing demand for aesthetic procedures, fueled by heightened awareness and a societal shift toward embracing cosmetic treatments. This trend is further amplified by evolving beauty standards, with individuals seeking to enhance their appearance in response to changing perceptions.
In addition to increasing demand, the market is also being driven by technological advancements. Ongoing innovations in medical technologies and the introduction of less invasive procedures contribute to the market's dynamism. Moreover, the aging global population plays a pivotal role, with an increasing number of individuals seeking anti-aging treatments to maintain a youthful aesthetic. Furthermore, supportive regulatory environments, the popularity of non-surgical options, and the proliferation of aesthetic clinics globally further underline the multifaceted growth of the Aesthetic Medicine market. This comprehensive amalgamation of factors paints a compelling picture of sustained expansion in the years to come, positioning the industry at the forefront of transformative global healthcare trends.
Aesthetic Medicine Overview
The surge in demand for aesthetic treatments in recent years is closely tied to manufacturers' initiatives in developing innovative aesthetic devices. Notably, the market has witnessed a notable upswing with the introduction of cutting-edge products, exemplified by the emergence of non-invasive body contouring systems leveraging advanced fat-freezing technology. This technological leap is poised to unlock lucrative opportunities in the foreseeable future. The Aesthetic Society in the United States underscores this trend, citing non-invasive body fat reduction as a prominent player among the top 5 non-invasive procedures in 2020. A substantial 140,314 procedures were conducted, signalling the growing popularity and acceptance of such technologies in the market. This paradigm shift towards technologically sophisticated aesthetic solutions signifies a strategic advantage for manufacturers in meeting consumer demands. As the landscape evolves, businesses can leverage this trend to capitalize on emerging opportunities, aligning their product portfolios with the evolving preferences and inclinations of the aesthetic treatment market.
The market experienced a significant impact from the COVID-19 pandemic, initially facing challenges such as reduced consumer income levels and adherence to social distancing measures. These factors led to a short-term contraction marked by decreased product demand, operational limitations, temporary closures of beauty centers, and disruptions in manufacturing and supply chains. However, the landscape has since evolved. The paradigm shift to remote work, characterized by increased time spent on virtual platforms like Zoom, has brought about a notable change. Adults, now more attuned to their physical appearance, have fueled a surge in demand for cosmetic surgeries, with Botox emerging as a particularly popular procedure. The trend leans toward heightened interest in non-invasive procedures, while invasive ones have experienced a decline.
This recent market growth is expected to persist throughout the forecasted period, propelled by a growing consciousness about fitness and appearance, particularly in developing countries. Countries like India and South Korea are witnessing increased consumer interest in aesthetic treatments such as liposuction, nose reshaping, and Botox injections. According to the International Society of Aesthetic Plastic Surgery (ISAPS), India secured a position among the top 5 global performers in non-surgical procedures in 2021. This underscores promising growth opportunities for industry stakeholders in the country.
New product launches to flourish in the market
The Aesthetic Medicine market is expected to see several new product launches in the coming years. Some of the key product launches expected in the Aesthetic Medicine market are:
- Sculptra - Galderma, a pharmaceutical company, announced changes to their Sculptra product in 2021 December, Sculptra is dermal filler made of poly-L-lactic acid (PLLA), which is a biocompatible material that stimulates the production of collagen. Sculptra is used to treat facial wrinkles, such as smile lines, and to add volume to the face. Galderma has developed new injection techniques for Sculptra that are designed to improve the results of the treatment. For example, the new injection techniques focus on injecting Sculptra into the deeper layers of the skin, where it can be more effective at stimulating collagen production.
PicoSure Pro from Cynosure - In March 2022, Cynosure launched PicoSure Pro, this device is the first FDA-cleared 755nm picosecond laser on the market. It utilizes pressure instead of heat to offer the same effective treatment for unwanted pigmentation and skin revitalization for all skin types
Segment Overview:
By Procedure Type: The Aesthetic Medicine market is divided into invasive procedures and non-invasive procedures. The non-invasive procedures segment dominated the market with a share of more than 55% in 2022 and is expected to grow at the fastest CAGR over the forecast period. This surge is underpinned by factors like minimal discomfort, immediate results, and cost-effectiveness, collectively fueling the global demand for non-invasive procedures. Prominent examples include the widespread popularity of botox injections, soft tissue fillers, and chemical peels. In June 2020, Allergan Aesthetics, a subsidiary of AbbVie Inc. (U.S.), achieved FDA approval for JUVÉDERM® VOLUMA™ XC, specifically designed for chin augmentation in adults aged 21 and above. Additionally, a noteworthy development in 2019 was the FDA approval of Jeuveau, a Botox-like product available at a more economical price point. Demonstrating efficacy in wrinkle reduction, this approval signifies a strategic move to address cost considerations in the market.
By Invasive Procedures: The Aesthetic Medicine market is segmented by breast augmentation, liposuction, nose reshaping,
eyelid surgery, tummy tuck, and others. Liposuction is the popular invasive procedures. Liposuction is a widely performed invasive procedure aimed at removing excess fat from various body areas. It remains popular for body contouring and achieving a more sculpted physique. Moreover, the popularity of these procedures can also vary depending on factors such as age, gender, and cultural preferences. For example, liposuction is more popular among women, while rhinoplasty is more popular among men. Breast augmentation is also a popular procedure among women, particularly in certain cultures where large breasts are considered to be more desirable.
By Non-invasive Procedures: The Aesthetic Medicine market is segmented by botox injections, soft tissue fillers, chemical peel, laser hair removal, microdermabrasion, and others. The botox injections segment dominated the market with a considerable share in 2022 and is expected to grow at the fastest CAGR over the forecast period. Botox is a neurotoxin that is injected into muscles to temporarily paralyze them. This can be used to reduce the appearance of wrinkles, especially around the forehead, eyes, and mouth. The population is aging, and older adults are more likely to seek out cosmetic treatments to improve their appearance. Botox injections are a popular choice for older adults because they can effectively reduce the appearance of wrinkles and fine lines. Moreover, technological advancements have made Botox injections safer and more effective. This has made the procedure more appealing to people who are considering cosmetic treatments.
By Gender: The Aesthetic Medicine market is segmented by male and female. In 2022, the female segment held a dominant position, accounting for over 79% of the market revenue. This dominance is attributed to the increasing popularity of facial surgeries, particularly rhinoplasty, blepharoplasty, and breast augmentation procedures among women. Additionally, the rising trend of breast augmentation procedures among women aged 19-34 is expected to fuel the demand for breast aesthetics. The female segment's dominance is driven by a combination of evolving beauty standards, increasing accessibility, emphasis on self-confidence, social media influence, and technological advancements. As aesthetic medicine continues to evolve and become more integrated into mainstream culture, it is likely that this market segmentation will remain a prominent feature.
By End-use: The aesthetic medicine market is segmented into hospitals, ambulatory surgical centers, beauty centers and medical spas, dermatology clinics, and home settings. Hospitals are the largest segment, accounting for 40% of the market in 2022. This is due to the high level of expertise and resources available in hospitals, as well as the growing demand for aesthetic procedures. Ambulatory surgical centers are the second largest segment, accounting for 25% of the market. This is due to their convenience and affordability. Beauty centers and medical spas are the third largest segment, accounting for 15% of the market. This is due to their focus on non-surgical procedures. Dermatology clinics and home settings are the smallest segments, accounting for 10% of the market each. This is due to the popularity of minimally invasive procedures.
By Region:
In 2022, North America asserted its dominance in the global aesthetic medicine market by capturing the largest share, accounting for more than 35% of the total market revenue. This leading position is attributed to several key factors that collectively contribute to the region's robust market growth. One significant driver is the advanced healthcare infrastructure prevalent in North America. The region boasts sophisticated medical facilities and technological advancements, facilitating the seamless delivery of aesthetic procedures. Additionally, the high adoption rate of cosmetic procedures among the population contributes significantly to the market's expansion. The cultural acceptance of aesthetic enhancements and the pursuit of personalized beauty ideals contribute to the region's sustained demand for cosmetic treatments.
The prevalence of skin disorders further fuels the market's growth, as individuals seek both therapeutic and aesthetic solutions for dermatological issues. The presence of numerous certified and skilled cosmetic surgeons in North America is a pivotal factor, ensuring the delivery of high-quality services and contributing to the overall growth of the aesthetic medicine sector. According to data from the American Society of Plastic Surgeons (ASPS), there has been a discernible growth in the rates of cosmetic surgery procedures from the year 2000 to 2018. This trend underscores the enduring popularity and increasing societal acceptance of cosmetic interventions, shaping the landscape of aesthetic medicine in North America. The region's leadership in market revenue is likely to persist, driven by a combination of factors that position it at the forefront of the global aesthetic medicine market.
The Asia Pacific region registered substantial growth in the aesthetic medicine market, with a projected Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period. This robust expansion is strengthened by several factors, positioning the region as a key player in the global aesthetic medicine landscape. Prominent countries like China, India, and South Korea play a pivotal role in propelling the growth of the aesthetic medicine market in the Asia Pacific. These countries boast dynamic economies, contributing to increased consumer spending on aesthetic procedures. The availability of technologically advanced products further enhances the appeal of aesthetic treatments in the region, providing individuals with access to cutting-edge and innovative solutions.
Competitive analysis and profiles of the major players in the Aesthetic Medicine market, such as Allergan, Johnson & Johnson, Galderma, Lumenis, Cynosure, Evolus Inc., Revance Therapeutics, Inc., Solta Medical, Syneron Candela, and Alma Laser. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the Aesthetic Medicine market.
Market Scope and Structure Analysis
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Report Metric |
Details |
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Market Size Available for Years |
2021–2031 |
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Base Year Considered |
2022 |
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Forecast Period |
2023–2031 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
By procedure type, invasive procedures, non-invasive procedures, gender, end-use, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Companies Covered |
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Key Segments Covered
Procedure Type
- Invasive Procedures
- Non-invasive Procedures
Invasive Procedures
- Breast augmentation
- Liposuction
- Nose reshaping
- Eyelid Surgery
- Tummy tuck
- Others
Non-invasive Procedures
- Botox injections
- Soft tissue fillers
- Chemical peel
- Laser hair removal
- Microdermabrasion
- Others
Gender
- Male
- Female
End-use
- Hospitals
- Ambulatory Surgical Centers
- Beauty Centers & Medical Spas
- Dermatology Clinics
- Home Settings
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Israel
- Rest of Middle East & Africa