Industry Outlook
The medical aesthetics market is set to reach US$ 30 billion by 2029 from above US$ 11.5 billion in 2019 promoting outstanding growth at a compounded annual growth rate (CAGR) of 9.9 % during the forecast period from 2021 to 2029. Approximately over 47 million surgical procedures take place in America alone and the potential in emerging countries is expanding. During the pandemic elective healthcare institutes prioritized emergency surgeries depending on patient’s current health status and potential of threat. Therefore, elective surgeries took a back seat and added to the waiting list of patient that was already waiting for surgeries. The elective surgeries, therefore have not yet resumed to the normal case scenario. However, with the introduction of vaccines in many countries, especially to healthcare workers has reduced the risk of Covid-19 infection. Therefore, healthcare institutes are expected to gradually normalize the elective surgery with effective precautions in place.
Most popular surgeries vary as per the gender. Women contribute approximately ten folds larger market than men for medical aesthetics market due to higher awareness levels among women.
Rhinoplasty, breast augmentation and gluteal implants are most popular among women. Liposuction, eyelid uplift and gynecomastia were preferred by men. While non surgical aesthetic solutions displayed no difference in trend by gender. Botulinum toxins, hyaluronic acids, chemical peels and laser skin resurfacing solutions topped the list of non surgical aesthetic solutions. Lack/limited reimbursement for many medial aesthetics surgeries is the largest challenges as the cost of these surgeries are also high. Frequent product recalls, perceived risk and social stigma have limited the growth of the market.
Highest Level of Aged Population than Ever before Boosting the Facial Aesthetics market
As per studies conducted by UN – the rate of population ageing in the 21 century will surpass the previous century. The number of people aged 60 years and above has tripled since 1950. It is estimated that senior and geriatric population will reach 2.1 billion by 2050. This trend is increasing the takers for facial aesthetics. Companies are increasing their investment in R&D to innovate new solutions to meet the demand. 3D technology is deployed for making facial prosthesis enabling higher level of precision in creating skeletal model of patients including bone defects if any. Molds are then created to perfectly fit the skeletal model by impressing biomaterial. Celebrity endorsed advertisements have led to increase in the use of facial care products such as anti-aging, anti-wrinkle, oxygenation, rejuvenation neurotoxin free botulinum and so on. Dental implants have been successful in treating dental deformities and congenital maxillofacial defects. Vascular lesions, dark tattoo removal and skin toning are performed through cosmetic lasers. Other minimally invasive procedure that was in demand is laser treatment for hair removal, scare, mole and acne treatment.
Rhinoplasty surgery, forehead lift, facelift, dermabrasion were surgeries in demand. Liposuction, abdominoplasty, gluteal implants undoubtedly have significant demand due to rising prevalence of obesity and increasing awareness. Other solutions such as photorejuenation, body contouring aesthetics are expected to evidence positive growth trends during the forecast period of 2021 to 2029. However, there are specific concerns when it comes to certain surgical solutions. For example: Many studies have found that breast augmentation do not cause or increase the chances of breast cancers, however, 1 in 50,000 women has acquired a rare kind of cancer called anaplastic large-cell lymphoma (ALCL). There are further studies to understand the long term impact of surgical implants in the human body. Such studies do have significant impact on market performance of solutions.
North America Witnesses the Highest Demand Driven by Increased Awareness Levels
North America contributes highest to the market revenues of medical aesthetics market. Increasing awareness level and access to novel technologies is enabling the market growth. Domestic market players are well equipped with latest technologies pertaining to minimally invasive procedures and laser therapies. Dental aesthetics are quite popular in Europe due to rising prevalence of dental deformities in Europe, additionally access to sophisticated technology is driving the market revenues in Europe. APAC region is expected to register highest growth rate during the forecast period. Increasing awareness, rise in per capita income; increasing influence of western countries and the beauty industry have led to strong demand in this region for medical aesthetics market. Other developing economies such as Middle East, Africa, Latin America are witnessing moderate to high growth, with a scope for new market players to establish themselves via chain of franchised chain of domestic and international players.
Key market players in the medical aesthetics market include Allergan, Plc., Dentsply Sirona, Establishment Labs, Galderma S.A., Implantech, Johnson & Johnson, Merz Pharma GmbH, SculpSure, and VENUSCONCEPT.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Aesthetics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
