The global aesthetic medicine market is estimated to be valued at US$ 129.1 Bn in 2022 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The aesthetic medicine market refers to the field of medical practice that focuses on improving the cosmetic appearance through various non-surgical and surgical procedures. These procedures include body contouring, facial rejuvenation, breast enhancement, hair restoration, and others. The market is driven by the increasing demand for non-invasive and minimally invasive procedures, as they offer several advantages such as shorter recovery time, fewer complications, and natural-looking results. The aesthetic medicine market is expected to witness high growth in the coming years due to the rising emphasis on physical appearance and the increasing number of people opting for cosmetic procedures to enhance their overall aesthetic appeal.
Market Key Trends:
One key trend in the aesthetic medicine market is the growing adoption of advanced technologies and techniques in cosmetic procedures. Technological advancements such as laser therapy, ultrasound-based treatments, radiofrequency devices, and injectable fillers have revolutionized the field of aesthetic medicine, providing more effective and precise results. These advanced technologies offer benefits such as targeted treatment, minimal downtime, and long-lasting outcomes, which are driving their demand in the market. Moreover, the increasing focus of manufacturers on developing innovative products and expanding their product portfolios has further contributed to the market growth. For instance, Alma Laser, Hologic, Inc., Abbvie (Allergan), and other key players in the market are continuously launching new products and techniques to cater to the growing consumer demand for aesthetic procedures.
PEST Analysis:
Political: The political landscape plays a significant role in the aesthetic medicine market. Government regulations and policies regarding healthcare can impact the market. For example, stricter regulations for cosmetic procedures can affect the demand for aesthetic medicine products.
Economic: The economic factors influencing the aesthetic medicine market include the overall economic growth of a country, disposable income, and healthcare expenditure. With increasing disposable income and a growing middle-class population, the demand for aesthetic treatments is expected to rise.
Social: Societal factors such as changing beauty standards and an increasing emphasis on physical appearance contribute to the growth of the aesthetic medicine market. Moreover, the aging population seeking non-surgical procedures to maintain a youthful appearance is another social factor driving the market.
Technological: Technological advancements play a crucial role in the aesthetic medicine market. Innovations in laser technology, cosmetic injectables, and non-invasive procedures have expanded the options available for consumers. Advancements in technology also improve the safety and efficacy of treatments, boosting the market.
Key Takeaways:
The global Aesthetic Medicine Market Trend is expected to witness high growth, exhibiting a CAGR of 14.5% over the forecast period (2023-2030). The market size for 2022 was estimated to be US$ 129.1 billion, reflecting the growing demand for cosmetic procedures worldwide.
Regionally, North America is the dominating region in the aesthetic medicine market. Factors such as a high disposable income, advanced healthcare infrastructure, and rising awareness about aesthetics contribute to the region's market dominance. Moreover, the presence of key market players in North America further fuels the growth.
Key players operating in the aesthetic medicine market include Alma Laser, Hologic, Inc. (Cynosure), AbbVie (Allergan), Solta Medical, Candela Medical, Merz Pharma GMBH, Revance Therapeutics Inc., Lumenis, Galderma Pharmaceuticals S.A., and Johnson & Johnson Services, Inc. These key players have a strong market presence and continue to drive the market through innovations and strategic partnerships.
In conclusion, the aesthetic medicine market is expected to witness substantial growth in the coming years due to political, economic, social, and technological factors. North America leads the market, and key players play a vital role in shaping the industry.
