The global medical aesthetics market is estimated to be over US$ 9.0 Bn in 2017. It is anticipated to grow at a CAGR of 10.8% from 2019 to 2030.
The continual growth of the medical aesthetic market can be attributed to several factors which have led to wide scale adoption of products and several devices, which are extensively used to improve physical appearance of patients. Moreover, the growing demand for cosmetic procedures and therapies across the globe is anticipated to further contribute to the substantial growth of the global medical aesthetic market between 2019 and 2030.To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. The Anglia Ruskin University, based in England, has entered into an agreement with Allergen Inc., a medical aesthetic company, to develop educational program for practicing physicians in the Asia Pacific region on facial aesthetics.
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The prominent players in the global medical aesthetics market are Cutera, Inc., Cynosure (Hologic), Alma Lasers, Ltd. (Fosun Pharmaceutical Co., Ltd.), Galderma, Mentor Worldwide LLC (Johnson & Johnson), Syneron Medical Ltd., Merz Pharma GmbH & Co. KGaA., Solta Medical, Inc., Lumenis Ltd., and El.En. S.P.A. among others.
Rise in Medical Tourism
Over the years, the emergence of medical tourism as a popular and profitable industry has played a vital role in contributing to the growth of the global medical aesthetic industry. Several countries, namely India, Turkey, Thailand, Brazil and other developing countries have emerged as essential contributors to global medical tourism industry. Multiple factors have been responsible for attracting patients to medical tourism. Cost effectiveness, availability of personalized and tailor-made services, better facilities, convenience, and advanced technologies have been vital in contributing to the medical travel facilities. In 2017, it was estimated that the total number of medical tourists across all countries was a staggering 14-16 million. It is further expected that the number of medical tourists travelling abroad seeking treatments and procedures will additionally increase at a rate of 25% every year. Cosmetic treatments have been one of the most lucrative therapy segments which have witnessed lucrative increment in terms of the number of medical tourist over the past few years. Attractive pricing coupled with availability of advanced technology has been a major driver for the global medical aesthetic market, which is further anticipated to grow in the coming years.
The report is divided into major categories comprising product, distribution channel, application, and end users. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the Telehealth report.
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Increasing Adoption of Minimally-Invasive Procedures
Since the advent of minimally-invasive procedures, the adoption of such procedures have witnessed substantial growth in recent times. Shorter hospital admittance time, lesser procedure associated pain and fewer complications have been pivotal in contributing to the growing adoption of minimally-invasive procedures. According to the American Society of Plastic Surgeons (ASPS), the numbers of Americans opting for minimally-invasive cosmetic procedures have witnessed a growth of nearly 200% since 2000. In 2017, the total number of cosmetic procedures performed in U.S. was nearly 1.8 million. Growing preference for minimally-invasive cosmetic procedures in anticipated to further propel the growth of the medical aesthetic market.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy, rising medical tourism and increasing awareness regarding cosmetic treatment and latest technologies is anticipated to present a lucrative growth scenario for the medical aesthetic market in this region. Furthermore, attractive procedure rates, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
The Queries answered by Medical Aesthetics Market Research Report include:
- What are the key producers, equipment suppliers, raw material suppliers, end users, distributors and traders in the Medical Aesthetics Market?
- What are the crucial factors impacting the Medical Aesthetics Market Growth?
- What are production processes, major problems or obstacles, and solutions to tone down the development risk?
- What is the contribution made by regional manufacturers to the overall market?
- What are the major market segment, influential trends, market potential, and key challenges that the market is witnessing?
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