by The increasing focus on physical appearance and growing disposable income have led to rising aesthetic procedures globally. Non-surgical procedures such as botulinum toxin injections, dermal fillers, and chemical peel are gaining immense popularity. The advancement and innovation in aesthetic devices and technologies have enabled clinicians to provide minimally invasive treatment options. Facial rejuvenation procedures aim to reduce signs of aging by diminishing wrinkles and lifting sagging skin. Botulinum toxin injections temporarily paralyze muscles responsible for lines and wrinkles while dermal fillers replenish lost volume for a more youthful appearance. Moreover, body contouring treatments help reshape specific body areas through non-invasive procedures like cryolipolysis.
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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the aesthetic medicine market is the growing adoption of minimally invasive and non-invasive aesthetic procedures. The increasing preference for minimally invasive treatments can be attributed to quicker recovery time, minimal downtime, and lower complications associated with non-surgical procedures. Moreover, the rising demand for non-invasive body contouring and skin tightening treatments is expected to propel market growth over the forecast period. Changing lifestyles and increasing health consciousness have shifted the consumer preference toward natural-looking results. This has encouraged manufacturers to develop technologically advanced devices focusing on minimal pain and faster healing. Other notable trends in the market include the incorporation of artificial intelligence in aesthetic devices and the emergence of combination aesthetic treatments.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the aesthetic medicine market requires high technology equipment and skills which is costly and difficult for new players to acquire.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many players in the market providing similar services at competitive prices. However, buyers have certain preferences for trusted brands.
Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials required are commonly available and there are many alternative suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as there are limited alternative treatment options available for aesthetic procedures.
Competitive rivalry: The competitive rivalry is high as the major players compete on service quality, advanced technologies, and marketing.
Key Takeaways
The Global Aesthetic Medicine Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 3.9% during this period and reach a size of US$ 147.9 Bn by 2023.
Regional analysis: North America is currently the dominant region in the aesthetic medicine market owing to high awareness levels and high disposable incomes in countries like the US and Canada. However, Asia Pacific is expected to witness the fastest growth during the forecast period led by emerging economies like China, India and Southeast Asian countries.
Key players: Key players operating in the aesthetic medicine market are John Deere, Vermeer Corporation, Kuhn Group, AGCO Corporation, Krone North America, New Holland Agriculture, Claas Group, Kubota Corporation, Fella Maschinenbau GmbH, Sitrex S.p.A., Deutz-Fahr, Enorossi, Tonutti, Galfre, Pottinger Agricultural Machinery. These players are focusing on developing advanced technologies and innovative solutions to serve the growing demand.
