Global Medical Aesthetics Market is accelerating—Projected to Reach Worth USD 17.14 Billion in 2027
Published | 23 June 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global medical aesthetics market was worth USD 8.93 billion in 2020 and is further projected to reach USD 17.14 billion by 2027, at a CAGR of 9.7% during the forecast period (2021-2027). The availability of technologically advanced and user-friendly products, and shifting male consumer preference towards the aesthetics treatment is among the key factors driving the growth of the medical aesthetics market.
Furthermore, the worldwide medical aesthetics market is growing due to the increasing acceptance of novel procedures such as noninvasive and invasive treatments. Additionally, because of the increasing development and application of advanced technology for equipment creation, surgeons and doctors can now deliver surgeries in a timely manner using safe and effective processes.
Increasing demand for Aesthetics Treatments Among men
Male consumers have been drawn to aesthetic treatments as a result of the major rise and adoption of modern technology for the manufacturing of equipment that allows surgeons and doctors to deliver surgeries on time and with safe and effective techniques. Aesthetic treatments are being embraced by men to preserve a well-groomed appearance in society. Medical aesthetics surgery is no longer feared by guys. Moreover, men are now increasingly realizing the importance of looking more vital, masculine, and appealing in general.
Additionally, a lot of men are picking skin rejuvenation procedures such as microneedling, vampire facials, dermaplaning, liposuction, and other procedures. In the year 2020, liposuction was the most popular surgical procedure among men. According to The Aesthetics Society, in 2019, men received 34.8% of all ear surgery, 16.6% of all eyelid surgery (blepharoplasty), 16.4% of all neck lifts, 12.7% of all nose surgery (rhinoplasty), 12.1% of all liposuction procedures, and 6.2% of lower body lifts. The global medical aesthetics market is expanding due to an increase in the number of aesthetic treatment surgeries for males.
Rising Adoption of Aesthetics Procedures among Geriatric Individuals
The growth of the medical aesthetics industry has been aided by a growing number of geriatric consumers. According to the United Nations’ World Population Prospects 2019. by 2050, 1 out of 6 people in the world will be over the age of 65. Also, according to the WHO by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. The aging population is shifting their preference towards Blepharoplasty or eyelid surgery. Blepharoplasty is a cosmetic procedure that corrects flaws, deformities, and disfigurements in the eyelids. The shifting preferences towards medical aesthetics procedure among the geriatric population is driving the overall market.
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Cosmetic Implants to be the Fastest Growing Segment in the Market by Product
Cosmetic implants segment is projected to be the fastest-growing segment in the global medical aesthetics market in terms of product. Cosmetic implants include breast implants, facial implants, and gluteal implants. Breast implants are the highly preferred by females across the globe. Breast implants are also known as breast augmentation or augmentation mammoplasty. In this surgical procedure, the aim is to increase breast size, shape, and fullness of the breast. The surgery is done by placing silicone, saline, or some other alternative breast implants under the muscles chest, or tissues. According to The Aesthetics Society in America, breast augmentation was the leading procedure or surgery which was performed in 2019. A total of 280,692 breast augmentation procedures were done in 2019.
Impact of COVID-19
The impact of COVID-19 has hampered the expansion of almost all industries, including the global medical aesthetics marklet. The medical aesthetics procedure is a lengthy process in which the customer must schedule visits and undergo doctor checks prior to the final surgery. As a result of COVID-19, the worldwide medical aesthetics market suffered a setback. Furthermore, limited access to clinics, combined with regulations established by regulatory authorities to adhere to all regulatory rules, has had a severe impact on the worldwide medical aesthetics business. People were afraid to visit hospitals or surgeons for the fear of contracting the virus.
Global Medical Aesthetics Market: Regional Insights
Geographically, the global medical aesthetics market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The Asia-Pacific is likely to be the fastest-growing region over the forecast period owing to the increase in the film and entertainment industry. The growth is also primarily supported by the increasing number of geriatric patients in the region, especially in India, China, and Japan. Additionally, increased male preference for adopting medical aesthetics procedures has further fueled the demand in the Asia-Pacific region.
The medical aesthetics market is growing due to shifting consumer preference and development of user-friendly products owing to which the key players are investing extensively in research and development of user-friendly products to win a competitive share and to increase brand portfolio in the global medical aesthetics market. Some of the key players include Allergan-AbbVie, Alma Lasers, Ltd, Anika Therapeutics, Cutera, Inc., Cynosure, El.En. S.p.A., Fotona d.o.o., Galderma, Johnson & Johnson, Merz Pharma GmbH & Co. KGaA, Bausch Health Companies Inc, and others. To improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers.
- In May 2021, AbbVie’s Allergan Aesthetics proposed acquisition of Soliton for USD 550 million. This proposition by AbbVie’s Allergan Aesthetics will help expand its body contouring treatment portfolio.
- In February 2021, Galderma announced that the U.S. Food And Drug Administration Administration (FDA) had authorized Restylane Defyne for the augmentation and repair of mild to moderate chin retrusion in adults over the age of 21.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global medical aesthetics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the medical aesthetics market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Global Medical Aesthetics Market, By Product (Facial Aesthetics [Botulinum Toxin, Dermal Fillers, Chemical Peels, and Microdermabrasion Products], Body Contouring Devices [Nonsurgical Fat Reduction Devices, Cellulite Reduction Devices, and Liposuction Devices], Cosmetic Implant [Breast Implants, Facial Implants, and Gluteal Implants], Skin Aesthetics Devices [Laser Skin Resurfacing Devices, Nonsurgical Skin Tightening Devices, Micro-Needling Products, Hair Removal Devices, and Others], and Others); By End-Users (Clinics, Hospitals, and Medical Spas, Beauty Centers, and Home Care Settings); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: June 2021
All medical therapies aimed at enhancing patient's cosmetic appearance are classified as medical aesthetics. Plastic surgery and beauty industry combines together to form medical aesthetics. Medical aesthetics is a specialized, licensed profession.
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