Global Medical Aesthetics Market Size is expected to register a CAGR of 8.30% during the assessment period, to reach USD 38,850.89 Million by 2027.
Market Dynamics
The growing obese and geriatric population worldwide is leading to an increased demand for aesthetic procedures such as liposuction, hair transplantation, and others. Moreover, the growing demand for beauty treatments and other anti-aging-related cosmetic procedures are accelerating the growth of the global medical aesthetics market. The rising need to appear younger and visible positive effects of these treatments are increasing the popularity of aesthetic procedures across the globe.
In 2016, according to the International Society of Aesthetic Plastic Surgery, an estimated 18,447 liposuction procedures were performed in Taipei, accounting for 1.3% of the total surgical liposuction procedures across the globe. Moreover, it was determined that India stood third in liposuction procedures, representing 5.0% of the total liposuction procedures performed in the world. According to the American Society for Aesthetic Plastic Surgery, 414,335 liposuction procedures were performed in the US in 2016.
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Segmentation
Medical Aesthetics Market Share is segmented based on Product, Technology, and End User.
Global Market based on the product has been segmented into facial aesthetic, body contouring devices, cosmetic implants, hair removal devices, skin aesthetic devices, tattoo removal devices, others. The global medical aesthetics industry, by technology, has been segmented into invasive, non-invasive, minimally invasive. The invasive segment is held the largest market share in 2019. Invasive procedures, such as liposuction, breast augmentation, and nose reshaping, among others, are some of the trending invasive aesthetic procedures. The rise in a number of men and women wanting to improve their aesthetic appearance has been fueling the demand for liposuction procedures, which is fueling the market growth. The global medical aesthetics market, by end user, has been segmented into hospitals & clinics, dermatology & cosmetic centers, others. The hospitals & clinics segment dominated the market. The increasing patient pool in the hospitals & clinics also raises the demand for medical aesthetics, which is propelling the market growth of this segment.
Regional Analysis
Global Medical Aesthetics Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. The Americas spearheaded the market in 2019 and is likely to continue to command during the assessment period. Well-developed healthcare infrastructure, adoption of cosmetic procedures, increasing prevalence of skin disorders, and presence of board-certified and skilled cosmetic surgeons in the region are some of the major factors contributing to the market growth. According to the American Society of Plastic Surgeons (ASPS), the U.S. is reported to top the list of countries with the maximum number of cosmetic surgeons globally in 2017.
The European market has been divided into Western Europe and Eastern Europe. The Western Europe market has further been classified into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. Europe would follow the Americas in terms of value during the forecast. Europe accounts for the second-largest market for global aesthetics owing to the increasing support from the government, the presence of the target population, and high healthcare spending. According to the report published by the European Union, the healthcare expenditure in European nations was around 9.6% of the total gross domestic product.
The medical aesthetics industry in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific. Asia-Pacific is expected to witness the highest growth rate during the study period. Growing awareness about aesthetics among the young population, rapid development in technology, and the presence of huge opportunities for the development of the market drive the growth of the medical aesthetics in Asia-Pacific market. The government of this region is also looking forward to availing better treatment options from developed nations to improve the quality of life of their citizens. Additionally, the increasing acceptance of facial aesthetics is also fueling the market for medical aesthetics in this region.
The Middle East & Africa market is segmented into the Middle East and Africa. The Middle East is expected to dominate the market owing to the presence of a well-developed healthcare sector. The growth of the market is majorly attributed to the developing healthcare infrastructure, untapped market in this region, and increasing demand for products. These factors are driving the market growth in this region.
Key Players
The Prominent Players in the Global Medical Aesthetics Market are Galderma Laboratories, L.P (US)., Allergan plc (Ireland), Merz Pharmaceuticals GmbH (Germany), Lumenis (Israel), and Bausch Health (US).
Some of the key strategies followed by players operating in the global medical aesthetics market were FDA approvals, joint ventures, acquisitions, expansions, and collaborations, among others.
In October 2020, Alma, a Sisram Medical Company, launched Alma Hybrid to enable endless options of ablative, non-ablative, and thermal treatments for skin rejuvenation and scar revision.
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