Medical Aesthetics Market - Forecast (2022 - 2027)

The Medical Aesthetics Market size is estimated to reach $18.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 9.2% over the forecast period of 2022-2027. The market focuses on procedures and techniques which help in improving and enhancing the aspects of skin-face and other bodily appearances. The facial aesthetics cover the treatment of scars-moles-spots and even skin discoloration by the use of non-invasive plastic surgery. Furthermore, various reconstructive surgery faced heat owing to the pandemic in the years 2020 and 2021, however, around 5.1 million tumor removal were performed, using methods such as radio frequency ablation, and around 386,710 laceration repairs. Additionally, around 23% growth was observed in maxillofacial surgery in 2020, a very few procedures that were resilient to the pandemic. Dermatology as a medical field has been growing at a rapid pace owing to the increasing social media presence coupled with the growing inclination for people to feel and look good. Additionally, a major proportion of surgeries took place, and the technique of radio frequency skin tightening was used, which allows the skin to loosen by stimulating the production of collagen.

The growing geriatric population along with the existential need for making oneself look attractive are some of the key driving factors for the Medical Aesthetics Industry in the projected period of 2022-2027.

Report Coverage

The report: “Medical Aesthetics Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Medical Aesthetics Market.

• By Product/Service: Facial Aesthetic Products, Cosmetic Implants, Body Contouring Devices, Hair Removal Devices, Skin Aesthetics Devices, Thread Lift Products, Nail Treatment, Mesotherapy, Tattoo removal, and Others
• By Service Provider: Beauty Centers, Clinical-Hospitals-Medical SPAs, Home Care, and Others.
• By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

• Geographically, North America’s medical aesthetics market held a dominant market share in the year 2021. It is owing to the presence of a robust infrastructure that allows supporting various procedures and devices. Further, technological advancements within the devices sphere allow preparing products with maximum efficiency. However, Europe is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027 owing to the growing cosmetic infrastructure.
• The growing geriatric population along with the existential need for making oneself look attractive are some of the key driving factors for the market. However, the high costs associated with such treatments and no medical insurance are some of the key barriers to market growth.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Medical Aesthetics Market Report.

Medical Aesthetics Market Segmentation Analysis- By Product/ Service

The medical aesthetics market based on product/ service can be further segmented into Facial Aesthetic Products, Cosmetic Implants, Body Contouring Devices, Hair Removal Devices, Skin Aesthetics Devices, Thread Lift Products, Nail Treatment, Mesotherapy, Tattoo removal, and Others. Cosmetic Implants held a dominant market share in the year 2021. Around 2.3 million such procedures were being performed in 2020 within the US. Breast Augmentation related procedures in the year 2019 were close to 288,000, which dipped down to 193,000 in 2020 due to COVID-19. Moreover, cheek implants or malar augmentation grew by around 938% from 2000 to 2020 owing to the wide-service availability and easy access to social media.

However, Facial Aesthetic Products are estimated to be the fastest-growing, with a CAGR of 10.6% over the forecast period of 2022-2027. It is owing to the wide usage of such products in the home-care settings or in various clinics. Chemical Peels, dermal fillers, botulinum toxins, and microdermabrasion are some of the common forms of products/ services delivered or performed. Around 4.4 million procedures pertaining to BOTOX were performed within the US. The figures for 2019 were close to 5 million, however, the industry veterans believe that in the near term (2022-23), the levels of pre-pandemic can be touched, following which it would grow at a rapid pace.

Medical Aesthetics Market Segmentation Analysis- By Service Providers

The medical aesthetics market based on service providers can be further segmented into Beauty Centers, Clinical-Hospitals-Medical SPAs, Home Care, and Others. Beauty Centers held a dominant market share in the year 2021 and would continue to dominate in the projected period of 2022-2027. Beauty Centers are the preferred place for various medical aesthetic procedures owing to their wide-spectrum knowledge of various disciplinary fields, which allows them to perform various minimally invasive surgeries.

Additionally, beauty centers are estimated to be the fastest-growing, with a CAGR of 10.9% over the forecast period of 2022-2027. For example, dermal fillers also known as soft-tissue fillers or wrinkle fillers have been approved by the FDA to create smoother and fuller-looking skin. The following have been immensely adopted by the people between the age groups of 40-54 years and also between 55-69 years. As per an association analysis, around 6.1 million medical aesthetic procedures were performed for those between 40-54, while around 3.9 million were for those between 55-69 years. The population is turning old and thereby would help in segment growth.

Medical Aesthetics Market Segmentation Analysis- By Geography

The medical aesthetic market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 38% as compared to the other counterparts in 2021. It is owing to the knowledge prevailing within the likes of the USA and Canada for the availability of such procedures and products. As per the American Society of Plastic Surgeons, around $16.7 billion is spent on cosmetic procedures and medical aesthetics, of which around 92% were spent on females.

However, Europe is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027 owing to the development of various infrastructural capabilities and people’s preferences. As per various manager interviews posted on secondary sources, it can be ascertained that French people opt for a thread lift than a full-face lift, further non-invasive treatments hold a great promise for the people living. Contouring has been seen from which various parts of fat are taken from the excess and are injected into breasts and other deficient areas, to make one look more appealing. As per recent findings, around one in thirty women in Russia opt for some form of plastic surgery throughout their life.

Medical Aesthetics Market Drivers

A growing inclination towards making one feel self-confident and socially acceptable has been a key driver for the market

Social stigma pertaining to looks still is prominent in societies around the globe. Hence, the market for aesthetics is majorly driven because of the said reason. Procedures such as facelifts and other non-invasive techniques play a pivotal role in market growth. Within the US, around $16.7 billion is spent on cosmetic procedures. Furthermore, appearance aspects matters, even though after a lot of heated dilemmas around physical beauty shouldn’t be the sole factor for judging someone. People on the other hand develop complexes, which results in social anxiety and other problems. As per a recent survey, around 58% of women and 63% of women feel that they have a negative aspect when they find someone obese in front of them. Additionally, around 63% of women have opinionated that they are more critical of their own looks than people are of theirs, while the numbers for the men are close to 53%. The point of affirmation goes further down the lane when in a survey it was found that 41% of millennials feel better when the other person of the race is of inferior looks. Owing to such staggering numbers, the market is positioned favorably.

Service availability augmented by the presence of digital media has allowed the market to grow manifold

Digital media has been of ready aid to the market. The advertising agency finds just the right spot for those present, by not being overly pushy or nasty, but at the same time communicating the product/ service option availability. Owing to such trends, various trends can be analyzed, which rightly shows the growth of certain procedural tendencies. Along the line, non-invasive cosmetic surgery operations help in appealing to the pupil about various benefits. For example, breast lift or mastopexy saw an increment in the procedures performed over the timeframe of two decades by nearly 65%. Similarly, buttock lift grew by around 92% from 2000 to 2020. Additionally, malar augmentation grew by 808% from 2000 to 2020. The following trends rightly reflect how social media presence and other appealing factors have helped the market.

Medical Aesthetics Market Challenges

Non-availability of medical insurance coverage supplemented by high cost have impeded the overall market growth

The answer regarding the availability of medical insurance for medical aesthetics remains in the grey area. Additionally, since it is a voluntary procedure, COVID-19 made a strong negative impact on the entire industry. Furthermore, insurance policy providers most often do not consider procedures that are entirely cosmetic. For example, patients wanting a facelift would not get insurance coverage simply owing to their skin showing signs of aging. However, a scenario where blepharoplasty can be considered medically necessary if the issue is creating vision problems and hampering operational efficiency. Further, around 325,112 procedures pertaining to blepharoplasty were performed in 2020 within the US, which was around 8% less than in 2019, while 3% more than in 2000.

Medical Aesthetics Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Aesthetics Market. The top-10 Medical Aesthetics Market companies are-

-Allergan-AbbVie

• Alma Lasers, Ltd.

-Anika Therapeutics

• Cutera, Inc.

-Cynosure

• El.En. S.p.A.

-Fotona d.o.o

-Galderma

-Johnson & Johnson

• Merz Pharma GmbH & Co.

Recent Developments

• In January 2022, Illume Cosmetic Surgery and MedSpa opened their new Glendale practice center. Formerly it was known as the Clinic of Cosmetic Surgery. The center is 10,000 square feet, opened at 6002 N . Port Washington Road. It would have two operating rooms, clinical suites, and a full-service med-spa. Illume Cosmetic Surgery and MedSpa were founded by Milwaukee plastic surgeons Mark Blake, Thomas Korkos, and Christopher Hussussian. Five board-certified plastic surgeons supervise the medspa to ensure safe and advanced care, including an offering of injectable, laser, and non-invasive cosmetic surgery procedures, the release said.
• In June 2021, Restylane Contour has gained FDA approval in the month of June 2021. The product is FDA approved method for cheek augmentation and also for the correction of midface contour deficiencies. Additionally, the product can be used as a temporary alternative for those considering permanent surgical options such as face-lifting or others. The lifespan/ effectiveness is between 12-18 months, and the efficacy of results was close to 98% in a clinical trial of 270 patients. The technology used is XpresHAn Technology.
• In January 2020, Alma- A Sisram Medical Company launched the breakthrough Clear Skin PRO: which doubles the power of previous solutions, providing a visibly younger-looking skin. The product was unveiled at IMCAS World Congress in Paris. The said technology provides up to 3000 mJ of non-ablative laser energy per pulse, which is interestingly double the power of existing products. ClearSkin PRO's unique features include zero downtime, year-round treatments, and superior procedure safety for all skin types.

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