The Aesthetics market is growing pervasively mainly due to the growing cosmetic treatment market. Growing wellness concerns led by the increasing consciousness towards aesthetic looks, worldwide, are fuelling the market growth to an extent. Increasing awareness among people about the total wellness and well-being plays a major role in fostering the market growth.
Acknowledging the rapid expansions the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global aesthetics market will reach USD 18,417.2 Mn. by 2023 with 10.9% CAGR during the review period (2017 – 2023). In 2016, the market had valued at 8,975.5 Mn. USD which means, the market will witness a double fold growth in just six years.
Additional factors substantiating the market growth include the growing population that is increasingly inclining towards wellness and good looks, the geriatric populace, and rapid urbanization, worldwide. Improving economic conditions across the globe provide impetus to the market growth, enabling access to the quality of life. Substantial amounts and seminal efforts invested by the market players to develop innovative technologies, advanced implants, drugs, and treatments, are paying off well, fostering the uptake and the market growth of aesthetics.
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Furthermore, cultural and social factors like influential media, fashion and film industry, alongside the peer pressure for appearance and beauty, and changing consumer preferences, etc. are fuelling the market growth to an extent.
On the other hand, factors such as inadequate reimbursements for aesthetics surgery, especially in the developed economies are impeding the market growth. Nevertheless, recent technological progress took place in the field are expected to influence the market growth, by bringing about cost-competitive aesthetic products.
Global Aesthetics Market – Segmentations
MRFR has segmented its analysis into four Key dynamics for an easy grasp;
By Products : Implants, Injectables and Energy Based Devices among others.
By Treatments : Phototherapy Treatments, Chemical Peels, Liposuction, and Laser resurfacing among others.
By Applications : Body Shaping / Skin Tightening, Sub-Dermal Skin Treatment, and Epidermal Skin/Hair Treatment among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Global Aesthetics Market – Geographical Analysis
Geographically, North American region accounted for the leading market for medical aesthetics, capturing a significant market share in 2016, followed by the markets of Europe & Asia Pacific, respectively. This market had valued at USD 4,686.6 Mn. in 2016. Being a well-developed region that has the highest GDP worldwide North America has the edge over other regions in terms every aspect be it healthcare, technology or wellness.
Certainly, the high economy allows access to the quality life for the people. Naturally, North American demographic has an aesthetical approach towards every aspect of life. The presence of the huge aesthetician population is a key force driving the market growth in the region.
The market is accruing owing to the significant contributions from the burgeoning market of the US which is led the high per capita income and high spending on wellness. Moreover, augmenting demand for the aesthetic products drives the market growth. The North America aesthetics market is projected to create a larger revenue pocket in the global market by 2023, continuing with the same trends.
On the other hand, Europe, the second-largest aesthetics market, globally, is predominantly driven by the presence of large aesthetician populace. The resurging economy in the region is playing a vital role in the market development, allowing access to quality life by increasing consumer purchasing power.
The well-established healthcare penetration in the region is another key driving force contributing to the market growth. The colossal growth in the markets in the countries like Germany & France drives the regional market growth at large scale. With the increasing investment in medical aesthetics and a rising number of enthusiasts of aesthetics, the market is estimated to register a phenomenal CAGR during the review period.
The Asia Pacific region is rapidly emerging as a lucrative market for aesthetics. Burgeoning media and entertainment industry in India acts as a major driving force to substantiates the aesthetics market in the country and in the region. Improving economic conditions especially in India and China support the growth of the regional market, increasing consumer purchasing power.
Vietnam, Thailand, and Malaysia among the other South East Asian countries are projected to contribute significantly to the regional market growth. With the growing medical tourism markets in India & Malaysia, the APAC region will register a CAGR of 11.5% during the review period.
Global Aesthetics Market – Competitive Landscape
The global aesthetics market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
Some of the eminent leaders of the market include Allergan, Galderma, Merz Pharma, Integra Lifesciences, Valeant Pharmaceuticals, Sanofi, and Sinclair.
Industry/ Innovation/ Related News:
September 19, 2018 – Allergan plc. (Ireland), a leading global pharmaceutical industry company announced the expansion of its already successful Botox medical aesthetics business with the acquisition of Bonti (US), a clinical-stage biotechnology company focused on the development and commercialization of novel, fast-acting neurotoxin programs for aesthetic and therapeutic applications.
The acquisition of Bonti is a strategic investment for the future of Allergan’s Medical Aesthetics business, enhancing its best-in-class Medical Aesthetics pipeline with the global rights to Bonti's pipeline consisting of two botulinum neurotoxin serotype E (BoNT/E) programs currently in Phase II development, EB-001A (aesthetic) and EB-001T (therapeutic).
September 20, 2018 – Radium Medical Aesthetics (Singapore), a leading medical aesthetic launched a new combination laser program - called Skin Illumination Pico Program that can treat people with acne scars and dull skin. The combination of lasers with Pico will deliver superior anti-aging results. The program allows the doctor to mix and match and customize a unique skin brightening, rejuvenating experience for patients.
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