Medical Aesthetics Market by Product (Botox, Filler, Peel, Implant, Liposuction, Microneedling, Hair Removal, Laser Resurfacing, RF, Phototherapy), Procedure (Surgical, Nonsurgical), End User (Hospital, Beauty Clinic, Spa), Region - Global Forecast to 2028
The global medical aesthetics market in terms of revenue was estimated to be worth $15.4 billion in 2023 and is poised to reach $25.9 billion by 2028, growing at a CAGR of 11.0% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The medical aesthetics market is poised for growth during the forecast period, primarily driven by two key factors. First, there is an uptick in grants and funding dedicated to research and awareness initiatives surrounding aesthetic treatments. This heightened awareness encourages more individuals to explore these procedures. Second, the market is benefiting from the growing popularity of minimally invasive devices. Patients increasingly prefer these devices due to their reduced risk, shorter recovery times, and more subtle results. This dual dynamic of increased awareness and the adoption of minimally invasive options is expected to be a significant driver of market expansion in the coming years.
Medical Aesthetics Market
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Medical Aesthetics Market: Market Dynamics
Driver: The increasing embrace of minimally invasive and non-surgical aesthetic treatments.
Minimally invasive and non-surgical aesthetic treatments are on the rise in cosmetic medicine, offering a convenient and lower-risk alternative to traditional surgery. These treatments, including Botox, dermal fillers, laser therapy, chemical peels, and microdermabrasion, address various aesthetic concerns with natural-looking results. Their appeal lies in minimal downtime, making them suitable for quick recovery and easy resumption of daily activities. They're gaining popularity across age groups due to accessibility and customizable options. Importantly, these treatments minimize scarring, making them a preferred choice for those concerned about surgical scars. However, qualified medical professionals should perform them for safe and effective outcomes, and consultation with healthcare providers is crucial for personalized treatment plans.
Restraint: Stringent regulatory compliance and safety standards in medical aesthetics
Medical aesthetics systems are stringent regulatory compliance and safety standards in the medical aesthetics market that serve as crucial safeguards for patient well-being and treatment effectiveness. However, they present various challenges. These include hindrances to new entrants due to resource-intensive compliance requirements, delays in product development and approvals, increased treatment costs, and extensive oversight, potentially leading to legal issues for non-compliant companies. Additionally, these regulations limit practitioner flexibility and can vary globally, adding complexity and requiring ongoing education and training. While these constraints exist, they ultimately prioritize patient safety, foster industry trust, and contribute to long-term market viability, rewarding companies that successfully navigate this regulatory landscape.
Opportunity: Substantial prospects await market participants in developing nations.
The medical aesthetics sector in emerging economies offers significant opportunities driven by several factors. With an expanding middle class and increased disposable income, more individuals can invest in cosmetic treatments. These countries can also attract medical tourists seeking cost-effective yet high-quality procedures. The relatively untapped markets in these regions create room for new entrants while technological advancements enhance treatment quality. Government support, shifting beauty standards, and local expertise further contribute to market growth. Collaboration and a diverse range of services tailored to local preferences are key strategies. However, businesses must navigate regulatory complexities, cultural differences, and economic fluctuations to succeed in these promising markets.
Challenge: The presence of alternative beauty and cosmetic products.
The presence of alternative beauty and cosmetic products presents challenges in the medical aesthetics market. Providers must compete for consumer attention against a wide array of over-the-counter options, emphasizing the benefits of professional treatments. Consumers often weigh economic factors and may choose more cost-effective beauty products over pricier procedures. Perceived convenience and the rise of non-invasive beauty products pose further challenges. To stand out, providers need robust marketing strategies and strong brand identities. Educating consumers about the benefits and safety of professional treatments is essential, as is navigating varying regulatory standards. In a saturated market, providers must emphasize personalized care, lasting results, and expertise to attract and retain clients.
Market Ecosystem/Map
By product, the facial aesthetic products segment accounted for the largest share of the medical aesthetics industry in 2023.
Based on product, the medical aesthetics market is segmented into facial aesthetic products, cosmetics implants, skin aesthetic devices, body contouring devices, physician-dispensed cosmeceuticals and skin lighteners, tattoo removal devices, thread lift products, physician-dispensed eyelash products, and nail treatment laser devices. In 2023, the facial aesthetic products segment accounted for the largest market share. The increasing adoption of advanced tools that enhance precise diagnostics and the growing demand for improved sensitivity are propelling the growth of this segment within the medical aesthetics market.
By procedure, the lipolysis segment of the non-surgical procedures market will register significant growth for the medical aesthetics industry in the near future.
Based on procedure, the medical aesthetics market is segmented into surgical procedures - breast augmentation, rhinoplasty, facelift and body lift, and other surgical procedures; non-surgical procedures – anti-aging and skin rejuvenation, tattoo and scar removal, hair removal, lipolysis, other non-surgical procedures. The lipolysis segment of the non-surgical procedures segment market by procedure registers the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of the primary drivers behind the segment's rapid growth are the increasing utilization of innovative devices enabling precise targeting of specific areas and facilitating real-time imaging in the field of medical aesthetics.
By end user, the clinics, hospitals, and medical spas segment accounted for the largest share of the medical aesthetics industry in 2023.
Based on end users, the medical aesthetics market market is segmented into clinics, hospitals, medical spas, beauty centers, and home care settings. In 2022, the clinics, hospitals, and medical spas segment accounted for the largest market share. The highest share of this segment is attributed to the rising utilization of automated systems. The dominant portion of this segment can be attributed to the growing adoption of automated systems in medical aesthetics clinics for early disease detection, driven by increased awareness. This surge is mainly a result of the digitization of patient workflows in aesthetic practices, the uptick in aesthetic procedures performed, and the heightened adoption of advanced systems within these clinics to enhance the quality of patient care.
By region, North America is expected to be the largest market of the medical aesthetics industry during the forecast period.
North America, comprising the US and Canada, accounted for the largest market share of the medical aesthetics market in 2023. The North American region is experiencing growth in the medical aesthetics market due to factors like expanding applications within the healthcare sector, favorable reimbursement policies, and the prominent presence of key industry players. Additionally, the market is being further propelled by the rapid increase in the elderly population and the substantial establishment of aesthetic imaging centers in the region.
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As of 2023, prominent players in the market are AbbVie Inc. (US), Alma Lasers (Israel), Cynosure (US), and Galderma ( Switzerland), among others.
Scope of the Medical Aesthetics Industry:
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$15.4 billion |
|
Estimated Value by 2028 |
$25.9 billion |
|
Revenue Rate |
Poised to grow at a CAGR of 11.0% |
|
Market Driver |
The increasing embrace of minimally invasive and non-surgical aesthetic treatments |
|
Market Opportunity |
Substantial prospects await market participants in developing nations |
This report has segmented the medical aesthetics market to forecast revenue and analyze trends in each of the following submarkets:
By Product
- Facial Aesthetic Products
- Cosmetics Implant
- Skin Aesthetic Devices
- Body Contouring Devices
- Physician-dispensed cosmeceuticals And Skin Lighteners
- Hair Removal Devices
- Tattoo Removal Devices
- Thread Lift Products
- Physician- Dispensed Eyelash Products
- Nail Treatment Laser Devices
By Procedure
- Surgical Procedures
- Breast Augmentation
- Rhinoplasty
- Facelift And Body Lift
- Other Surgical Procedures
- Other Surgical Procedures
- Anti-Aging And Skin Rejuvenation
- Tattoo And Scar Removal
- Hair Removal
- Lipolysis
- Other Non-Surgical Procedures
By End User
- Clinics, Hospitals, And Medicals Spas
- Beauty Centers
- Home Care Settings
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- Thailand
- South Korea
- Indonesia
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
Recent Developments of Medical Aesthetics Industry
- In March 2023, Galderma introduced "FACE by Galderma," an augmented reality (AR) tool that empowers both aesthetic professionals and patients to preview injectable treatment results before the actual procedure, enhancing the treatment planning process.
- August 2022, AbbVie Inc. launched SkinMedica Firm & Tone Lotion for Body, the first product from the professional-grade skincare line formulated to prevent and address visible signs of the body.
- March 2021, Bausch Health Companies Inc. and its Solta Medical business announced the US launch of the Clear + Brilliant Touch laser, a next-generation product that delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global medical aesthetics market?
The global medical aesthetics market boasts a total revenue value of $25.9 billion by 2028.
What is the estimated growth rate (CAGR) of the global medical aesthetics market?
The global medical aesthetics market has an estimated compound annual growth rate (CAGR) of 11.0% and a revenue size in the region of $15.4 billion in 2023.
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The study involved four major activities in estimating the current size of the medical aesthetics market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial medical aesthetics market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the medical aesthetics market. The primary sources from the demand side include medical OEMs, CDMOs, and service providers. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2021, Tier 1 = >USD 1,000 million, Tier 2 = USD 500–1,000 million, and Tier 3 = <USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Estimation Methodology
In this report, the size of the medical aesthetics market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value. This process involved the following steps:
- Generating a list of major global players operating in the medical aesthetics market.
- Mapping annual revenues generated by major global players from the product segment (or nearest reported business unit/category)
- Revenue mapping of major players to cover a major share of the global market share as of 2022
- Extrapolating the global value of the medical aesthetics market industry
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global medical aesthetics market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the medical aesthetics market was validated using top-down and bottom-up approaches.
Market Definition
The medical aesthetics market covers a broad spectrum of non-surgical and minimally invasive treatments and products that enhance aesthetic appearance. These procedures target skin, body, and dental concerns, which are tailored to individual preferences. By employing cutting-edge technologies, medical aesthetics procedures achieve rejuvenation, body contouring, and dental improvements.
The applications of medical aesthetics include facial aesthetics, body shaping, skin rejuvenation, hair removal, scar reduction, and pigmentation correction. The market serves a diverse range of end users, including dermatology and cosmetic clinics, hospitals, beauty centers, medical SPAs, and home device users.
Key Stakeholders
- Senior Management
- End Users
- R&D Department
- Finance/Procurement Department
Objectives of the Study
- To define, describe, and forecast the size of the medical aesthetics market based on product, Procedure, end user, and region
- To provide detailed information regarding the major factors influencing the growth potential of the global medical aesthetics market (drivers, restraints, opportunities, challenges, and trends)
- To analyze the micro markets with respect to individual growth trends, prospects, and contributions to the global medical aesthetics market.
- To analyze key growth opportunities in the global medical aesthetics market for key stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Spain, Italy, and the RoE), Asia Pacific (Japan, China, India, Australia, South Korea, Indonesia, Thailand and the RoAPAC), Latin America (Brazil, Mexico, RoLA), and Middle East and Africa.
- To profile the key players in the medical aesthetics market and comprehensively analyze their market shares and core competencies
- To track and analyze the competitive developments undertaken in the global medical aesthetics market, such as product launches, agreements, expansions, and mergers & acquisitions.
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present medical aesthetics market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe medical aesthetics market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others
- Further breakdown of the Rest of Asia Pacific diagnostic imaging market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
Generating Response ...
Growth opportunities and latent adjacency in Medical Aesthetics Market