Medical Aesthetics Market Overview
Medical aesthetics is a term describing a segment of medicine that primarily involves techniques and procedures to enhance the texture, contours, and appearance of the face, body, and skin. This segment comprises a number of treatment procedures with respect to moles, spider veins, excess fat, liver spots, skin laxity, wrinkles, cellulite, unwanted hair, skin discoloration and scars. Many of these procedures include oral and maxillofacial surgery, reconstructive surgery, dermatology, plastic surgery, to name a few. These procedures make use of several advanced aesthetic products that help improve the patient’s appearance, among other things.
With time, surgeons have undertaken high-technology procedures, which represent the combination of beauty as well as healthcare services. The medical aesthetics industry is marking a surge in the demand for innovative anti-aging procedures and products, especially since people are now more interested in looking young and attractive, particularly the age group of 50 years and above.
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Plastic surgeons use the best-in-class devices and technologies to carry out a series of aesthetic procedures that include liposuction technologies like Ultrasound assisted VASERlipo, radiofrequency assisted BodyTite and laser assisted Smartlipo Triplex. Considering the mushrooming demand for innovative medical aesthetic devices, manufacturers are putting in intense efforts to launch new products with enhanced features, in a bid to bolster sales. For instance, in January 2021, Candela, a renowned aesthetic medical device firm, designed Frax Pro system, an FDA-approved fractional non-ablative laser aesthetic device. This system is the first device ever to feature dual-depth skin resurfacing with Frax 1550 and novel Frax 1940 applicators. These applicators are used for targeting numerous layers of the skin to facilitate the growth of new collagen.
Medical Aesthetics Market Status Quo
Market Research Future (MRFR)’s latest extensive study reveals that the medical aesthetics market can continue to grow at a rate of 2.67% from 2020 to 2027. MRFR also expects the market size to touch USD 41,123.2 million by 2023-end.
Soaring number of surgical procedures to improve the personal appearance remains one of the major factors boosting the growth of the medical aesthetics industry. The International Society of Aesthetic Plastic Surgery reports that in the year 2015, women had undergone more than 20 million surgical as well as non-surgical procedures, which comes close to 85.6% of the overall aesthetic procedures conducted worldwide. The top procedures conducted on women in 2015 were liposuction, breast augmentation, abdominoplasty, rhinoplasty, and eyelid surgery. On the other hand, men underwent more than 3 million surgical as well as non-surgical procedures, making up to 14.4% of the overall number of surgeries. The top procedures conducted on men in 2015 were liposuction, eyelid surgery, rhinoplasty, gynecomastia surgery, ear surgery and fat grafting. The make population is emerging as a prominent end-user in the global market, with rising focus on undergoing medical aesthetic procedures that ensure successful results and reduced discomfort and downtime.
Some of the significant market trends include the increased preference for non-invasive procedures, augmentation and reconstructive surgeries, and the escalating use of laser-based devices during medical aesthetics surgeries. Reports confirm that liposuction procedure jumped by 5% in the year 2016 compared to the previous year. In recent years, dermatologists have been endorsing the benefits of minimally invasive surgeries, owing to their higher effectiveness, fewer side effects as well as complications as well as shorter recovery periods. On a dim note, the social stigma attached to medical aesthetic procedures paired with the strict regulations surrounding these procedures can mean slowed down market growth over the next few years.
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With respect to product, the medical aesthetics market can be considered for facial aesthetic, body contouring devices, cosmetic implants, hair removal devices, skin aesthetic devices, tattoo removal devices, and more.
The technologies generally used during medical aesthetics procedures are non-invasive, minimally invasive, and invasive. Invasive surgical technologies are extensively used for performing nose reshaping, liposuction, and breast augmentation, and therefore, are in the lead.
Top end-users in the global market are hospitals & clinics, dermatology & cosmetic centers, and others. Most of the medical aesthetics devices are used in hospitals & clinics where patients opting for these procedures are rising in number.
Medical Aesthetics Market Key Players
The Prominent Players in the Medical Aesthetics Market are Galderma Laboratories, L.P (US)., Allergan plc (Ireland), Merz Pharmaceuticals GmbH (Germany), Lumenis (Israel), and Bausch Health (US).
Some of the key strategies followed by players operating in the medical aesthetics market were FDA approvals, joint ventures, acquisitions, expansions, and collaborations, among others.
Medical Aesthetics Market Regional Framework
The American market is performing remarkably well, given the healthcare industry’s strong presence and the modern infrastructure available in the region. Surging burden of different skin disorders and the need to address these issues help elevate the market position in the region. Mounting popularity of modern cosmetic procedures paired with the extensive population of skilled and board-certified cosmetologists and surgeons also fortifies the market value. The American Society of Plastic Surgeons’s latest survey suggests that the United States houses world’s highest number of cosmetic surgeons. The American market’s elite position is also the result of the surge in FDA approvals for new products, which in turn encourages the players to focus more on innovative new devices and technologies.
The growth pattern of the European market for medical aesthetics has been somewhat similar to the American market, with robust contribution from highly developed economies such as Germany, France, the UK, Spain, and Italy. The region in general has a well-defined healthcare infrastructure along with supportive government and players that carry out exhaustive research and development activities, which work in the favor of the market.
The market in Asia Pacific is split into India, Japan, Australia, South Korea, and China, and MRFR expects the region to note the fastest growth over the coming years. Soaring number of skilled cosmetic surgeons and growing use of modern techniques available at cheap rates help attract a high number of patients. China and India are home to a burgeoning patient pool, specifically in the age group of between 30 and 65 years. Surging disposable income and the rising number of working women further accelerates the market expansion in the region.
Latest Medical Aesthetics Market Trends:
In January 2021, Allergan Aesthetics and Cypris Medical entered an agreement, which gives the former the right to acquire Cypris Medical’s Xact aesthetic device. The companies have teamed up to carry out a clinical trial to study the effectiveness and safety of the medical aesthetic device in the treatment of neck lifts and midface descent. Instead of using scalpel, Xact can be used for lifting and suturing the superficial muscular aponeurotic system while its minimally invasive nature is bound to be a strong appeal among surgeons.
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