Global Aesthetic Medicine Market Is Estimated To Witness High Growth Owing To Increasing Demand For Non-Invasive Cosmetic Procedures
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:
Aesthetic medicine refers to a branch of medicine that focuses on improving physical appearance through various non-invasive cosmetic procedures. It encompasses a wide range of treatments such as botox injections, dermal fillers, laser hair removal, and chemical peels. These procedures are gaining popularity among individuals looking to enhance their overall appearance and boost their self-confidence. The market for aesthetic medicine is driven by the increasing demand for non-invasive procedures, advancements in technology, and the rising prevalence of skin disorders and aging population worldwide. Moreover, the growing influence of social media and the constant desire to maintain a youthful appearance are also contributing to the market growth.
Market Dynamics:
The Global Aesthetic Medicine Market is driven by two primary factors. Firstly, the increasing demand for non-invasive cosmetic procedures is boosting the market growth. Non-invasive treatments are preferred by patients due to their minimal downtime, less pain, and fewer risks compared to traditional surgical procedures. These treatments offer quick results and are cost-effective, leading to their high demand among individuals of all age groups.
Secondly, the rising geriatric population is a significant driver for the market. With advancing age, individuals experience various signs of aging, including wrinkles, sagging skin, and age spots. This has led to an increased demand for aesthetic procedures to reverse these signs and maintain a youthful appearance. Moreover, the growing awareness regarding the benefits of aesthetic medicine among the older population is further fueling market growth
SWOT Analysis:
Strength: The aesthetic medicine market is witnessing high growth due to the increasing demand for minimally invasive procedures and growing awareness about aesthetic treatments. The market is also driven by technological advancements in aesthetic devices and the availability of a wide range of treatments and services.
Weakness: One weakness in the aesthetic medicine market is the high cost associated with aesthetic treatments, which limits the affordability for some customers. Another weakness is the lack of regulatory standards in some regions, which can lead to issues with product quality and safety.
Opportunity: The aesthetic medicine market presents opportunities for expansion in emerging markets such as Asia-Pacific and Latin America, where there is a growing middle-class population and increasing beauty consciousness. Additionally, the rise of social media and the influence of celebrities are driving the demand for aesthetic treatments, providing an opportunity for market growth.
Threats: One threat in the aesthetic medicine market is the increasing competition among market players, which can lead to price wars and pressure on profit margins. Another threat is the possibility of adverse events or complications arising from aesthetic procedures, which can impact customer confidence and trust.
Key Takeaways:
The global Aesthetic Medicine Market Trend is expected to witness high growth, exhibiting a CAGR of 14.5% over the forecast period of 2023-2030, due to the increasing demand for minimally invasive procedures and technological advancements in aesthetic devices. Asia-Pacific is the fastest-growing and dominating region in the market, driven by the rising middle-class population and increasing beauty consciousness. The 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., among others.
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