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The medical aesthetics industry includes a wide range of minimally-invasive and non-invasive cosmetic medical procedures that enhance or alter a person’s appearance and physical features that are deemed medically necessary or elective. Some of the major treatment types offered in medical aesthetics include botulinum toxin injections, dermal fillers, laser skin resurfacing, chemical peels, and more. These aesthetic procedures are typically non-surgical in nature and provide patients with ways to reduce signs of aging, improve skin laxity, treat scars and pigmentation issues, and enhance specific body parts without extensive surgical downtime. With growing social acceptance of cosmetic enhancement and improving technology, more people are opting for medical aesthetics as a way to boost their confidence and self-esteem. Furthermore, the advent of novel products and new generation lasers, radiofrequency devices, cannulas and injectables have expanded the scope of aesthetic services that physicians can offer to their patients.
The global Medical Aesthetics Market is estimated to be valued at US$ 15.2 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the major trends driving growth in the medical aesthetics market is the rising popularity of nonsurgical and minimally invasive cosmetic treatments over traditional surgical procedures. Procedures like botox injections, dermal fillers and chemical peels provide aesthetic improvements with less downtime, scars and risks involved compared to surgeries. Furthermore, rising disposable incomes and greater knowledge about these procedures have resulted in more people opting for aesthetic treatments as part of their regular skincare regimens. Additionally, manufacturers are focusing on innovating new device technologies, treatment modalities and formulations of dermal fillers, lasers and body sculpting devices to expand treatment applications and provide natural looking results. This is expected to further fuel market expansion during the forecast period.
Porter’s Analysis
Threat of new entrants: The medical aesthetics market requires high initial investments for infrastructure and equipment. The existing key players have established their brand names which create barriers for new entrants.
Bargaining power of buyers: Individual consumers have low bargaining power due to less volume purchases whereas large hospitals and clinics have moderate bargaining power due to high volume purchases.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many equipment and product manufacturers in this market.
Threat of new substitutes: There exists a moderate threat from alternative non-surgical aesthetic treatments.
Competitive rivalry: The medical aesthetics market is highly competitive with major global players dominating the market.
Key Takeaways
The global medical aesthetics market is expected to witness high growth. The global Medical Aesthetics Market is estimated to be valued at US$ 15.2 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global medical aesthetics market owing to high awareness and technological advancements in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising medical tourism and increasing awareness.
Key players: Key players operating in the medical aesthetics market are Cynosure, Inc., Allergan, Inc., Alma Lasers, Ltd., Mentor Worldwide LLC, Lumenis Ltd., ZELTIQ Aesthetics, Inc., PhotoMedex, Inc., Galderma S.A., Syneron Medical, Ltd., and Solta Medical, Inc. Cynosure, Inc. and Allergan, Inc. are the leaders in the global medical aesthetics market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
