The global Aesthetic Medicine Market is estimated to be valued at US$ 147.9 Bn in 2023 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aesthetic medicine refers to non-surgical and minimally invasive cosmetic medical procedures that enhance and alter the appearance of an individual. Such procedures help enhance or restore the quality of an individual's appearance and help boost self-confidence and esteem. Procedures like skin rejuvenation, hair removal, scar removal, spider veins removal and fat reduction are performed using lasers, intense pulse light technology, radiofrequency and injections of botulinum toxins or dermal fillers.
Market key trends:
One of the key trends driving the aesthetic medicine market growth is the increasing preference for non-invasive and minimally invasive aesthetic procedures over traditional cosmetic surgeries. These procedures offer faster recovery time, minimal pain and lower costs. For instance, procedures like laser hair removal provides a convenient solution for long term hair reduction with just a few sittings. Similarly, injections of botulinum toxins and dermal fillers performed by trained practitioners provide natural looking results with minimal downtime. Furthermore, advancement in technologies is allowing previously invasive procedures like skin tightening to be performed non-invasively using laser, radiofrequency and ultrasound technologies. This has boosted the demand and adoption of aesthetic medicine.
Segment Analysis
The global aesthetic medicine market is segmented by procedure type, end-user and region. Based on procedure type, the market is divided into invasive procedures and non-invasive procedures. The non-invasive procedures segment accounts for the largest market share currently owing to the minimal risk of complications and shorter downtime associated with them. Some of the commonly performed non-invasive procedures include botox injections, soft tissue fillers and chemical peel which help reduce signs of aging like wrinkles, acne scars and blemishes.
Key Takeaways
The Global Aesthetic Medicine Market Size is expected to witness high growth, exhibiting a CAGR of 14.5% over the forecast period, due to increasing consumer awareness about aesthetic procedures and a rapidly growing medical tourism industry.
Regional analysis
North America currently dominates the global market due to early adoption of novel aesthetic technologies and a high prevalence of obesity and skin conditions in the region. The Asia Pacific region is expected to grow at the fastest rate over the next few years owing to rising medical tourism in countries like India and Thailand coupled with an expanding middle class population with higher spending power and rising awareness about aesthetic treatments.
Key players
Key players operating in the aesthetic medicine market are 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. Alma Laser and Cynosure hold a significant share currently due to their extensive portfolios of energy-based aesthetic devices.
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