Aesthetic Medicine Market to Witness Significant Growth driven by Increasing Consumer Spending on Cosmetic Procedures
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 5.7% over the forecast period 2023 to 2030.
SWOT Analysis
Strength: The aesthetic medicine market has seen significant advancements in technology that have expanded treatment options and driven industry growth. Non-invasive procedures allow patients to resume regular activities soon after treatment with minimal downtime. There is also growing social acceptance of aesthetic treatments which helps increase demand.
Weakness: High costs of aesthetic procedures remain a key limitation for many consumers. Procedures also carry risks if not performed by qualified professionals. Dependence on discretionary consumer spending means the market is vulnerable to economic downtime.
Opportunity: A rising emphasis on physical appearance and self-care in developing countries presents major opportunities for market expansion. New product innovation is expanding the consumer base. The growing geriatric population increases the target market for age-defying treatments.
Threats: Stringent regulations can increase compliance costs and temporarily disrupt the market. The entry of low-cost alternatives and do-it-yourself beauty products takes away some customers. Public perceptions of risks from certain procedures pose reputational threats.
Key Takeaways
The Global Aesthetic Medicine Market Demand is expected to witness high growth. 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 5.7% over the forecast period 2023 to 2030.
Regional analysis shows North America currently dominates due to early adoption of new treatments and medical technologies. However, Asia Pacific is poised to be the fastest growing region as acceptance of aesthetic procedures rises in countries like China, Japan and South Korea. Growing medical tourism in Asia also strengthens the regional market.
Key players operating in the aesthetic medicine market include Allergan, Alma Lasers, Anthropic, Bausch Health Companies, Cutera, Cynosure, Fotona, Galderma, Hologic, Lumenis, Merz Pharma, and Sinclair Pharma. These companies have strong geographic presence and continuous investments in new product development. Consolidation trends have also been observed with major players acquiring smaller entities to gain technologies and offerings.
Strong investments from industry players to expand indication areas and drive innovation is expected to support market growth over the forecast period to 2030. Wider social acceptance and affordable new treatments opening up opportunities in Tier 2 and Tier 3 cities particularly in Asia represent major opportunities over the coming years.
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