April 23, 2024

Aesthetic Medicine Market to Witness High Growth Owing to Rising Focus on Non-Invasive Cosmetic Procedures

Aesthetic medicine procedures include botox injections, soft tissue fillers, medical aesthetic devices, and aesthetic combination therapies. These procedures help reduce wrinkles, reshape body contours, and improve skin appearance by tightening skin tone. Non-invasive procedures are gaining prominence as they minimize pain, recovery times and risks associated with invasive surgeries. The growing desire for aesthetic appeal and youthful looks has bolstered the demand for aesthetic medicine worldwide.

The global aesthetic medicine market is estimated to be valued at US$ 170.39 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Aesthetic Medicine Market Size include Johnson & Johnson Services, Inc., Teleflex Incorporated, Cooper Surgical, Inc., Genicon, Medtronic, B. Braun SE, Applied Medical Resources Corporation, LaproSurge, Purple Surgical, CONMED, Hangzhou Boer Medical Instruments Co., Ltd., Duomed, Changzhou Cheayoo Medical Devices Co., Ltd., and Tianjin Zhichao Medical Technology Co., Ltd. These leading players are focusing on new product launches and strategic collaborations to strengthen their market position.

The growing cosmetic treatments industry and rising medical tourism offer significant opportunities in the aesthetic medicine market. Many countries in Asia Pacific and Latin America regions have emerged as hotspots for medical tourism owing to availability of procedures at affordable costs.

Major players are expanding their geographic footprint to capitalize on the growing demand for aesthetic medicine in developing nations. Increasing investment in aesthetic clinics and the launch of low-cost products suitable for price-sensitive markets will further aid market expansion globally over the forecast period.

Market Drivers

The increasing prevalence of age-related skin issues and rising consumer spending on personal care is a key factor driving the aesthetic medicine market. Additionally, the availability of easy payment options and financing schemes have further increased the affordability of aesthetic procedures. The COVID-19 pandemic has also triggered greater focus on self-care and appearance enhancement through non-surgical procedures, thereby propelling market revenue. Growing social media influence and celebrity endorsements are encouraging people to undergo aesthetic treatments, thus supplementing market growth.

PEST Analysis
Political: The aesthetic medicine market is affected by regulations related to medical devices and procedures. Stringent regulations and lengthy approval process can delay market entry of new products and services.

Economic: Growing disposable incomes and willingness to spend on aesthetic treatments have been fueling market growth. However, economic slowdowns can negatively impact discretionary spending on beauty treatments.

Social: Rising emphasis on physical appearance and acceptance of cosmetic procedures have boosted this market. Growing use of social media for showcasing visual looks is another factor driving interest in aesthetic treatments.

Technological: Adoption of minimally invasive and non-invasive treatments are gaining popularity over surgical procedures. Advancements are helping expand treatment options while reducing risks and recovery times. Developments in laser, radio frequency, and ultrasound technologies are improving outcomes.

Geographical Regions of Concentration
North America currently holds the largest share of the aesthetic medicine market in terms of value, led by the United States. High awareness about aesthetic treatments, presence of major players, advanced healthcare infrastructure and high discretionary spending power in the region are some key factors for its large market size.

Fastest Growing Region
Asia Pacific is poised to grow at the fastest pace over the forecast period due to increasing medical tourism, rising middle class, growing awareness and acceptance of aesthetic treatments in countries like China, India and South Korea. Booming cosmetic industry and rising influence of Western beauty standards are bolstering regional growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it