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The Medical Aesthetics Market is estimated to be valued at US$ 13,350.0 Million in 2021 and is expected to exhibit a CAGR of 11.8% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Medical Aesthetics Market includes a wide range of non-invasive procedures that are used to enhance a person’s physical appearance. These procedures are primarily focused on improving the aesthetic appeal of the face, body, and skin. Some of the commonly performed procedures in this market include botox injections, dermal filler treatments, laser hair removal, and skin rejuvenation therapies. These procedures are gaining popularity among individuals looking for quick and effective solutions to enhance their appearance. Moreover, the increasing disposable income and changing lifestyles have led to a growing demand for medical aesthetics procedures worldwide.
Market Dynamics:
The medical aesthetics market is driven by two key factors – the growing demand for non-invasive procedures and the increasing disposable income of consumers. Non-invasive procedures offer several advantages over invasive surgeries, including shorter recovery time, minimal pain, and lower risk of complications. Additionally, these procedures provide immediate results, attracting a larger customer base. Furthermore, the rising disposable income of individuals allows them to invest in aesthetic treatments, driving the market growth. The increasing awareness about the latest aesthetic technologies and the desire to maintain a youthful appearance are also contributing to the market expansion.
Segment Analysis
The medical aesthetics market can be segmented based on product type, procedure type, end-user, and region.
In terms of product type, the dominating segment in the medical aesthetics market is the facial aesthetics segment. This segment includes products such as botulinum toxins, dermal fillers, and chemical peels, among others. The facial aesthetics segment is dominating due to the increasing demand for procedures like Botox and dermal fillers for facial rejuvenation. Factors such as the rising aging population, increasing disposable income, and growing awareness about aesthetic procedures contribute to the dominance of this segment.
Other segments in the medical aesthetics market include body shaping and contouring, hair removal, tattoo removal, and skin rejuvenation. These segments also witness significant growth due to the rising demand for non-invasive and minimally invasive cosmetic procedures.
PEST Analysis
Political: The medical aesthetics market is influenced by government regulations related to the approval and marketing of aesthetic products and procedures. Stringent regulations and safety standards ensure the quality and effectiveness of these products.
Economic: The economic factors affecting the medical aesthetics market include healthcare expenditure, disposable income, and insurance coverage. Increasing disposable income and insurance coverage drive the demand for aesthetic procedures.
Social: Societal factors such as changing beauty standards, increasing awareness about self-care and grooming, and the desire to look youthful contribute to the growth of the medical aesthetics market.
Technological: Technological advancements in medical aesthetic devices and procedures, such as laser technology and minimally invasive techniques, have revolutionized the industry. These advancements offer safer, faster, and more effective treatment options.
Key Takeaways
The global Medical Aesthetics Market is expected to witness high growth, exhibiting a CAGR of 11.8% over the forecast period. This growth can be attributed to the increasing demand for minimally invasive cosmetic procedures, rising disposable income, and advancements in aesthetic devices and products.
In terms of regional analysis, North America is the fastest-growing and dominating region in the medical aesthetics market. The region has a well-established healthcare infrastructure, high adoption of advanced aesthetic technologies, and a large target population. Additionally, the presence of key market players in the region contributes to its dominance.
Key players operating in the medical aesthetics market include Venus Concept Inc., El.En. (Asclepion Laser Technologies), Sciton Inc., Lumenis Inc., Cynosure, Inc., Cutera Inc., Syneron Candela, Johnson & Johnson, Galderma, Sisram Med (Alma Lasers), Abbvie (Allergan Inc.), and Bausch Health Companies Inc. (Solta Medical Inc.). These companies focus on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
