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The global medical aesthetics market size is estimated to grow from USD 35 billion in 2023 to USD 102 billion by 2035, representing a CAGR of 9.4% during the forecast period 2023-2035.
In the recent years, the increased desire to achieve prolong youthfulness, influence of social media, technological advancements, celebrity endorsements and the hype bolstered by certain beauticians and medical professionals have led to a surge in the demand for medical aesthetic solutions. It is worth highlighting that COVID has also contributed significantly towards the increased number of annual aesthetic treatments. In fact, according to the American Academy of Facial Plastic and Reconstructive Surgery, the pandemic has led to a 10% increase in the number of cosmetic surgeries. Medical aesthetics is a well-established branch of modern medicine, which primarily focuses on enhancing the cosmetic appearance of an individual without clinical surgery. These treatments are mainly used for anti aging purposes by reducing fine lines and wrinkles, lifting flabby skin and skin rejuvenation. Additionally, medical aesthetic procedures can also help in reducing excess fat and cellulite, unwanted hair, and spider veins. Further, according to a study conducted by the International Society of Aesthetic Plastic Surgery (ISAPS), over 15 million invasive aesthetic procedures and 19 million non-invasive aesthetic procedures have been performed in 2022, globally. It is worth mentioning that nearly 90% of the industry clientele are women, however, these aesthetic procedures are also gaining popularity among men.
Owing to the widespread adoption of these procedures, medical aesthetics companies are actively pursuing the development of medical aesthetic products and devices, primarily focusing on the development of non-invasive or minimally invasive solutions. These treatments usually do not involve full-fledged surgical procedure, thereby causing lesser pain, minimal discomfort, fewer risks and short hospital stays, while offering long-lasting results. Popular minimally invasive medical aesthetic procedures include Botulinum toxin and aesthetic fillers that are mainly utilized for improving glabellar lines and skin tightening. It is worth highlighting that benefits of aesthetic procedures aren’t just limited to cosmetic appearance but also aid in addressing other commonly experienced healthcare concerns. For instance Botulinum toxin helps in limiting sweating and migraines. Further, some of the commonly performed non invasive procedures include body contouring, laser hair removal, tattoo removal and nail treatments. Body contouring devices are commonly employed for skin tightening, fat reduction and cellulite reduction purposes.
Medical aesthetic procedures can be performed at a medical aesthetic clinic and also at medical spas by various professionals, including dermatologists, plastic surgeons, physicians, nurse practitioners, registered nurses and even aestheticians. It is interesting to note that more than 70% of the today’s medical aesthetics market is dominated by hospitals, clinics and medical spas. In addition, South Korea, the plastic surgery capital, boasts the highest rate of cosmetic surgery per capita globally. This can be attributed to the well-established cosmetic surgery infrastructure and experienced medical professionals promoting aesthetics medical tourism within the country. However, the concern associated with medical aesthetic treatments is the violation of regulatory guidelines by certain medical professionals and medical aesthetic companies that can lead to side-effects. Therefore, it is crucial for the patient to undergo treatment by a licensed medical professional using certified aesthetic devices to avoid potential risks and complications. By overcoming these challenges and fulfilling the rising demand for medical aesthetic procedures, the medical aesthetics companies are likely to experience significant market growth over the forecast period.
The Medical Aesthetics Market: Distribution by Type of Product and / or Device Offered (Botox, Dermal Fillers, Chemical Peels, Body Contouring, Gluteal Implants, Hair Removal, Breast Implants and Other Products and / or Devices), Type of Procedure (Non-invasive, Minimally Invasive and Invasive), End User (Hospitals, Clinics / Med Spas and Dermatology / Cosmetology Centers, and Other end users), Gender (Male and Female), Distribution Channel (Direct Distribution and Indirect Distribution), and Key Geographical Regions (North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America): Industry Trends and Global Forecasts, 2023-2035 report features an extensive study of the current market landscape, market size and future opportunities associated with the medical aesthetics market, during the given forecast period. The market report highlights the efforts of medical aesthetics companies engaged in this growing segment of the cosmetic industry. Key takeaways of the medical aesthetics market report are briefly discussed below.
Presently, more than 200 medical aesthetics companies are engaged in offering various products and devices to fulfil aesthetic requirements of clients. The landscape of medical aesthetics features a mix of large, mid-sized, small and very small firms. These players offer numerous products and / or devices, including Botulinum toxin, aesthetic fillers, chemical peels, microdermabrasion devices, microneedling devices, nose lifting products, thread lift products, aesthetic implants, facial aesthetics devices, gluteal implants, body contouring devices, laser hair removal devices, intense pulsed light (IPL) hair removal devices, breast implants, breast lifting / reconstruction devices, nail treatment devices and tattoo removal devices. These products and / or devices can be used for several aesthetic purposes, such as skin resurfacing, skin lightening, skin tightening, fat reduction, cellulite reduction and breast augmentation. Additionally, medical aesthetic companies offer all types of invasive, non invasive and minimally invasive solutions to address the requirements of all end users, such as hospitals, medical aesthetic clinic and individuals in home care settings.
According to a study conducted by the International Society of Aesthetic Plastic Surgery (ISAPS), in 2022, Botulinum toxin was the most popular minimally invasive medical aesthetic procedure with over nine million procedures performed worldwide. The cost of the treatment usually ranges from USD 400-500, making it a cost-efficient alternative as compared to surgical approaches while providing immediate results. This is followed by dermal filler procedures, which constitute 25% of the total number of non-surgical procedures. Further, breast implants are the most commonly performed surgical procedures, globally. This can be attributed to increased incidences of breast cancer and constant innovations occurring in the field of breast implants. It is interesting to note that several innovations are going on to provide natural looking results to people seeking breast augmentation procedures. In fact, researchers in this field are working in developing micro-implants. These breast implants are designed in such a way that they can be inserted into the breast tissue by making small incisions and thus providing more natural looking results and ensuring maximal comfort. Additionally, some studies are also investigating the potential of stem cell breast implants, which involve removal of stem cells from the stomach and injecting them into the breasts that may result in one cup increase in size. Further, some plastic surgeons are also working on developing lightweight silicone aesthetic implants, wherein they are trying to reduce the weight of weight by 30%. The increasing efforts of researchers will significantly accelerate the growth of breast implants market.
In recent years, several partnerships have been inked by various stakeholders in order to consolidate their presence and enhance their capabilities / product portfolio to meet the growing demand for medical aesthetic procedures. In fact, the partnership activity has witnessed a CAGR of ~15% in the past few years. It is worth mentioning that acquisitions and mergers emerged as the most common type of partnership model adopted by stakeholders in this domain. For instance, Reveal Lasers acquired NEOconcepts (July 2023) to gain their extensive medical aesthetic devices portfolio, particularly intended for facial aesthetic purposes. Further, the partnerships signed in the medical aesthetics market have been primarily focused on distribution of different products and devices across multiple geographies. In addition, some medical aesthetic companies have also collaborated for product / technology integration purposes to advance the development of innovative aesthetic devices. We expect the medical aesthetic companies to continue to partner with other firms, hospitals and medical aesthetic clinic to expand their product portfolio in order to meet the rising demand of global clientele and drive the medical aesthetics market growth during the forecast period.
Over the years, monetary assistance from angel investors, venture capitalists, and funding schemes of various public and private organizations / funds, along with assistance from regulatory authorities, have allowed medical aesthetic companies to progress their R&D efforts related to the development of medical aesthetic products / devices. It is important to highlight that over USD 3.6 billion has been invested in this domain, since 2018. Examples of the players that have raised more than USD 30 million capital in 2023 include (in decreasing order of capital raised) Galderma (USD 1,000 million), Aeon Biopharma (USD 125 million) and Establishment Labs (USD 90 million). It is worth noting that most of the funding instances reported within this industry were venture capital rounds indicative of the emergence of the new players in this domain.
Presently, close to 40% of the medical aesthetics market is captured by companies based in North America. Driven by the rising interest in advanced medical aesthetic solutions and increasing demand of medical aesthetic treatments in the cosmetic industry, the market size for medical aesthetic solutions in North America is anticipated to grow at a CAGR of 12%, during the forecast period, 2023-2035. A number of factors contribute to the region’s dominance in this industry which include the presence of several well-established companies with extensive manufacturing capabilities that foster innovation and drive the demand for medical aesthetic products and devices. It is worth highlighting that maximum number of medical aesthetic procedures were performed in the US, in 2022. This can be attributed to the increase in disposable income due to money saved on other things, such as travel and dining out during the pandemic. Additionally, in terms of market growth, the medical aesthetics market in Asia-Pacific is likely to grow at a relatively faster pace in the long term. It is worth highlighting that nearly 40% of the Asian medical aesthetics market is dominated by China and South Korea. This can be attributed to growing aesthetic awareness amongst the population and increasing aesthetics medical tourism in the region. Moreover, developing healthcare infrastructure and affordable price of treatments in this region is likely to propel the market.
Non-surgical procedures capture the largest current market share and are likely to dominate the future market as well. This can be attributed to the immediate results that can be provided with these procedures while ensuring patient safety. Moreover, these procedures are cost effective when compared with surgical aesthetic procedures. The most commonly performed minimally aesthetic procedures include botulinum toxin and aesthetic fillers employed for skin rejuvenation and skin tightening. It is worth noting that botulinum toxin constitutes nearly 49% of the total non-surgical procedures performed in the year 2022, contributing significantly towards medical aesthetics industry growth. Companies, such as Merz Pharma offers uniquely purified botulinum toxin that can improve the facial appearance by reducing moderate to severe lines in an effective manner.
In the last few years, several factors have contributed towards the transformation of the medical aesthetics market. The increasing geriatric and obese population, lower treatment costs and fewer risks have contributed to the popularity of these procedures. Moreover, employment of effective marketing strategies in future is likely to drive the market growth in the coming years. It is interesting to note that COVID-19 pandemic has also contributed to the rising demand for these procedures. This is due to the shift in the global work culture, with more people frequently working from their homes and attending online meetings. While most of the online applications provide options to apply various filters and effects, platforms, such as Zoom does not offer any such functionalities making people feel insecure about their appearance. This self-consciousness among people, popularly termed as “Zoom Effect” has led to an increased interest in medical aesthetic procedures, contributing to overall medical aesthetics industry growth.
Examples of the key companies engaged in the medical aesthetics market (the complete list of players is available in the full report) include (in alphabetic order) ADSS, Allergan Aesthetics, Astiland, Beijing Kes Biological Technology, BTL Aesthetics, Candela Medical, Classys, Croma Pharma, Cynosure, Daeyang Medical, Establishment Labs, Galderma, Guangzhou Itech Aesthetics, IBSA, Lumenis, Lutronic, MedicalZone, Mentor, Sanhe Medical, Shanghai Haohai Biological Technology, Sinclair Pharma, Sincoheren, Skin Tech Pharma, Wontech and Zesay Beauty. This market report also includes an easily searchable excel database of all the medical aesthetic companies worldwide.
Several recent developments have taken place in the field of medical aesthetics over the past few years. Some of these recent initiatives have been mentioned below. These developments, even though took place post the release of our market report, substantiate the overall market trends that we have outlined in our analyses.
The market report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in providing medical aesthetic solutions. The different industry segments are highlighted in the below table:
|Key Report Attribute
Market Size 2023
Type of Product and / or Device Offered
|Type of Procedure
Key Geographical Regions
|Key Companies Profiled
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Amongst other elements, the market report includes:
One of the key objectives of the market report was to evaluate the primary growth drivers and estimate the future market growth potential associated with the medical aesthetics market, over the forecast period. We have provided informed estimates on the likely evolution of the market size for the forecast period, 2023-2035. Our year-wise projections of the current and future opportunity for medical aesthetics market have been segmented based on relevant parameters, such as number of surgical and non-surgical medical aesthetic procedures performed annually and cost of each procedure. The market report also features the likely distribution of the current and forecasted opportunity across type of product and / or device offered (botox, dermal fillers, chemical peels, body contouring, hair removal, breast implants, gluteal implants and other products and / or devices), type of procedure (non-invasive, minimally invasive and invasive), end user (hospitals, clinics / med spas and dermatology / cosmetology centers, and other end users), gender (male and female), distribution channel (direct distribution and indirect distribution) and key geographical regions (North America, Europe, Asia-Pacific, Middle East and North Africa and Latin America). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
The opinions and insights presented in the market report were influenced by discussions held with stakeholders in the industry. The report features detailed transcripts of interviews held with the following stakeholders:
Further, all actual figures have been sourced and analyzed from publicly available information forums and secondary research inputs. Financial figures mentioned in this report are in USD, unless otherwise specified.