Medical Aesthetics Market Overview
Medical aesthetic devices are commonly used for the treatment of impairments related to a person’s aesthetic appearance, like excessive fat, skin discoloration, skin laxity, scars, cellulite, wrinkles, moles, spider veins, liver spots and unwanted hair. Other than this, aesthetic medicines available in the market include surgical as well as non-surgical procedures, and in some cases, a combination of both is prescribed to improve the patient’s physical appearance. Replacement of missing/dysfunctional body parts resulting from trauma, accidents, and various other congenital disorders is also a possibility with the use of aesthetic implants.
According to the insightful report furnished by Market Research Future (MRFR), the Global Medical Aesthetics Market Is Exhibited to Display A Stunning CAGR of 11.0% During the Forecast Period (2018–2023).
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The surge in the demand for minimally invasive reconstruction surgeries, alarming growth in road accidents as well as trauma cases, mounting prevalence of congenital face and tooth deformities, technological innovations are some of the compelling reasons behind the strong market growth. Besides, increasing awareness programs like breast reconstructive awareness campaign that was launched in the United States (U.S.), rising incidence of breast cancer, and the boost in the number of cosmetology surgeons are additional crucial factors backing the growth of the medical aesthetic market.
Market Trends
Growth in the Demand for Holistic Treatment Options
World over, patients are focusing on looking their best, as a result of which aesthetic clinics are making continuous changes in terms of the kinds of services they offer. These aesthetic clinics now offer a wide range of solutions that address every concern of the patient. For instance, body contouring treatments are not the only medical aesthetic services provided but also consultations with a dietitian as well as a fitness expert are offered in order to lure in more customers.
Increase in Number of Non-Invasive Treatments
People across the globe are progressively opting for non-invasive treatments instead of surgical options. The main factors bringing about this change include cost effectiveness, lower treatment risks, and quicker results. Moreover, the growing acceptance as well as popularity of a vast range of corrective non-invasive treatments has resulted in the increasing penetration of this trend in the medical aesthetics market.
Key Players:
Some of the key players in the global medical aesthetics market are
- Allergan
- Alma Lasers Ltd. (A Division of Sisram Medical Ltd.)
- Anika Therapeutics Inc.
- Cutera Inc.
- Cynosure (A Wholly Owned Subsidiary of Hologic Inc.)
- En. S.P.A.
- Fotona D.O.O.
- Galderma (A Subsidiary of Nestlé)
- Johnson & Johnson
- Merz Aesthetics Inc. (A Division of Merz Pharma GmbH & Co. KGaA)
- Medytox Inc.
- Sientra Inc.
- Sinclair Pharma PLC
- Solta Medical (A Division of Valeant Pharmaceuticals International Inc.) and Syneron
- Medical Ltd. (A Part of Apax Partners).
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At the same time, the high cost of treatment associated with medical implants could potentially cripple the ongoing market growth. Having said that, the increasing medical tourism, growing preference for an improved quality of life, and the massive popularity of celebrities among the youth are slated to substantiate the market growth in the subsequent years.
Market Segmentation
The worldwide medical aesthetics market has been segmented into products and end users.
With respect to product, the market has been broken down into the segments of facial aesthetic products, body contouring devices, cosmetic implants, physician-dispensed cosmeceuticals and skin lighteners, aesthetic skin devices, physician-dispensed eyelash products, hair removal devices, tattoo removal devices, thread lift products, and nail treatment laser devices.
The types of end users include clinics, hospitals, medical spas, beauty centers, and home care settings.
Regional Outlook
Considering the geographical distribution of the global medical aesthetics market, Europe, Asia Pacific, North America and the Middle East and Africa are the regions where the market is expected to develop during the evaluation period.
Landing at the top spot, North America is expected to seize the largest market share on account of the early adoption of latest and sophisticated medical technologies. Also, the increasing adoption of minimally invasive as well as noninvasive aesthetic procedures, expanding geriatric population, rising awareness levels associated with cosmetic procedures, the availability of user-friendly products, and the elevated demand for aesthetic treatments among men will result in the invigorating growth of the market in North America.
Europe is projected to account for the second biggest share in the global medical aesthetics market. The vital factors backing the lucrative market growth include the rise in research expenses, technological development, declining human health, and the need for effective and innovative therapies. A survey conducted by the International Society of Aesthetic Plastic Surgery in Germany states that the total of head and face surgical procedures came to about 110.190, whereas the total breast augmentation surgeries reached 89.925 in the year 2017.
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Meanwhile, Asia Pacific is making a somewhat similar strides within the global medical aesthetics market, with the growing availability of optimal treatment facilities coupled with the rising government initiatives. Other supplementary factors driving the growth of the regional market include the presence of cutting-edge technology, growing adoption rate, and the elevated healthcare expenditure in the region. Countries in the region like India and China have become the hotspots for massive investments resulting from the rise in treatment and research activities, mounting number of partnerships, increasing success rate of diagnosis, and quality improvisations among others.
The Middle East and Africa market showcases abysmal sale figures, having managed to seize the least share of the global medical aesthetics market. The poor state of the healthcare industry, the scarcity of technical knowledge, and inferior medical facilities could be the main factors responsible for the substandard growth rate of the region.
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