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The Medical Aesthetics Market size is estimated to grow by USD 29.67 billion between 2022 and 2027 accelerating at a CAGR of 8.6% during the forecast period. The growth of the market depends on several factors, including increasing global awareness about medical aesthetics, a growing geriatric population, and rising demand for medical aesthetic procedures among men.
This market report extensively covers market segmentation by type (body contouring procedures, botox and dermal filler procedures, and other procedures), end-user (hospitals and clinics, medical spas and beauty centers, and home use), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the market is the increasing global awareness of medical aesthetics. Medical aesthetics is a growing trend across the globe, as it has become a part of regular treatments among individuals who want to enhance their appearance. Aesthetic clinical treatments are now gaining popularity due to their rapid results. Vendors contribute to the growth of the global market by organizing awareness programs about skin diseases and thereby increasing their product awareness in the market. Vendors are also partnering with renowned celebrities who share their experiences of minimally invasive procedures, and in turn, help reduce the inhibitions of consumers who want to undergo such procedures. Therefore, increasing global awareness about skin health is prompting an increase in the number of medical aesthetic procedures, which will drive the aesthetic medicine market growth throughout the forecast period.
The advances in technology is a market trend that is expected to have a positive impact in the coming years. With the introduction of Laser-based medical technologies such as transdermal focused ultrasound, low-level laser, high intensity focused ultrasound, and monopolar radiofrequency gained popularity as non-invasive methods for fat reduction. The continuous research in dentistry, particularly in materials used for surface coating of implants, has given rise to new products, which in turn has allowed consumers to select and customize tooth replacement procedures.
Further, advances in computer-aided design (CAD) and computer-aided manufacturing (CAM) technology have enabled vendors to produce dental implants that are superior compared to conventional dental implants. The main advantage of CAD/CAM technology is that it allows the customization of implants according to the patient’s oral anatomy and supports the correct placement of implants through minimally invasive procedures, which results in shortened recovery periods. These surgeries offer rapid recovery, shorter hospital stays, and limited risk of complications. Thus, the growing advances in technology will create more demand for medical aesthetic products in the coming years.
The high cost of treatment will be a major challenge for the market during the forecast period. Although many people are opting for medical aesthetic procedures, the high cost of such treatments is hindering the wide-scale adoption of these procedures. At present, middle and lower-middle-income groups cannot afford medical aesthetic procedures due to high treatment costs, which is a deterrent, especially in developing countries. The expenses of medical aesthetic procedures like implantation surgeries include the cost of screening tests, implants, surgical procedures, replacement or recurrence surgeries, and physicians' fees.
Apart from the high cost, the lack of reimbursements for these procedures is also compounding the problem of affordability. Despite reforms for medical devices and pharmaceuticals, developed countries such as the US, the UK, Germany, France, and Japan do not have proper reimbursement policies for these procedures. Most medical insurance offered across the US does not cover the cost of these procedures, except for a few managed care organizations (MCOs). The limited coverage for medical aesthetic procedures and the high cost of treatment will hinder the growth of the aesthetic medicine market, especially in developing countries during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Aesthetics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the aesthetic medicine market.
AbbVie Inc. - The company offers medical aesthetics such as volite, volux, tropoelastin. Under this segment, the company conducts research and development, manufacturing, commercialization, and sale of innovative medicines and therapies to allocate resources and assess business performance on a global basis in order to achieve established long-term strategic goals.
The medical aesthetics market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The aesthetic medicine market share growth of the body contouring procedures segment will be significant during the forecast period. Minimally invasive and non-invasive body contouring methods include different technologies such as laser, radiofrequency, cryolipolysis, ultrasound, and heat. The global body contouring market is expected to grow steadily throughout the forecast period owing to the increasing adoption of non-invasive and minimally invasive procedures. As these methods result in minimal scars and changes to the natural skin texture, these methods are preferred over invasive procedures. These advantages will drive the segment market growth during the forecast period.
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The body contouring procedures segment was valued at USD 37.09 billion in 2017 and continue to grow until 2021. Companies are focusing on the development of body contouring solutions that are less invasive to achieve high patient satisfaction. The patient satisfaction rate is directly related to factors such as minimal or no procedural downtime, reduced soreness in the procedural areas, reduced cost, minimal or no incision during the procedures, and better efficacy in fat reduction. These factors will raise the demand for non-invasive and minimally invasive body contouring procedures worldwide and will continue to propel the market growth during the forecast period.
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North America is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is the highest revenue contributor in the global aesthetic medicine market due to the presence of two key vendors, namely Johnson and Johnson Inc. and Bausch Health Companies Inc. Surgeons and physicians, the key consultants for medical aesthetical procedures for consumers, are being increasingly employed in the region due to the growing demand for medical aesthetic solutions. According to the Bureau of Labor Statistics in the US, the overall employment of physicians and surgeons is projected to grow by more than 17% between 2019 and 2026, much faster than the average for all other occupations. Further supporting that, there is a growing demand for medical solutions in the region.
The US accounts for the major share of the revenue generated in the medical aesthetic market in North America. Several vendors, such as Cutera Inc., Hologic Inc., and Candela Corp, that offer medical aesthetic devices are based in the US, which will contribute to an increase in demand for medical aesthetic products during the forecast period.
The outbreak of COVID-19 severely impacted the aesthetic medicine market in North America, especially in the first half. However, the rising number of video meetings, online educational lectures, and concerns regarding the aesthetic appearance of an individual is expected to stabilize the demand for medical aesthetic products??????.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Medical Aesthetics Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.6% |
Market growth 2023-2027 |
USD 29.67 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.92 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 28% |
Key countries |
US, Brazil, Turkey, Germany, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., AbbVie Inc., Adin Dental Implant Systems Ltd., Anika Therapeutics Inc., Bausch Health Co Inc., BioHorizons Inc., Candela Corp., Danaher Corp., Dentsply Sirona Inc., Galderma SA, Hologic Inc., Huadong Medicine Co. Ltd., Johnson and Johnson, Merz Pharma GmbH and Co KGaA, Shanghai Fosun Pharmaceutical Group Co. Ltd., Sientra Inc., Zimmer Biomet Holdings Inc., Boston Scientific Corp., Cutera Inc., and Venus Concept Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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