Global Medical Aesthetics Market Size & CAGR (2021 to 2026)
The size of the global medical aesthetics market is forecasted to be growing at a CAGR of 11.2% from 2021 to 2026 and worth USD 17.8 billion by 2026.
Impact of COVID-19 on the global medical aesthetics market:
The COVID-19 pandemic has had a significant impact on the medical aesthetics industry. The beauty and luxury industry deals with issues in its manufacturing and supply chain, such as getting products to end-users on time and dealing with irregular demand for products and services. In addition, the advent of vaccinations in several countries, particularly for healthcare professionals, has lowered the danger of infection with Covid-19. As a result, healthcare institutions are expected to gradually mainstream elective surgery while implementing adequate protection. The COVID-19 pandemic had a significant impact on the aesthetic medicine business. Initially, the market was negatively impacted by social alienation and a dramatic drop in consumer income. Due to decreased product demand, limited operations, temporary closures of beauty centers, and disruptions in the manufacturing and supply chain, the market experienced a period of short-term negative growth.
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KEY DRIVING FACTORS:
Y-O-Y growth in the popularity of minimally invasive and non-invasive aesthetic procedures is expected to promote the growth rate of the global medical aesthetics market.
Body contouring and cellulite removal technologies have seen tremendous technological advancements in recent years due to the introduction of minimally invasive techniques. Body contouring is a set of procedures that uses laser technology to boost collagen production and reduce cellulite look. It also tightens loose skin and decreases overall volume. Minimally invasive/nonsurgical techniques have advantages over typical surgical procedures, including minor discomfort, scars, and recovery time. In addition, these techniques are less expensive than standard surgical procedures.
Growing investments for technological advancements are expected to be a big plus for the global medical aesthetics market’s growth rate.
Companies are boosting their R&D spending to develop innovative solutions and meet demand. For example, the use of 3D technology in the creation of face prostheses allows for a higher level of precision in creating skeletal models of patients, including any bone deformities that may exist. Molds are then imprinted with biomaterial to fit the skeletal model properly.
The clinical risks and complications associated with medical aesthetic therapies are expected to showcase a negative impact.
Aesthetic medical procedures are becoming increasingly popular. Unfortunately, medical cosmetic procedures are linked to a variety of potential adverse effects. Aesthetic treatment patients may experience several risks and consequences after or during the surgery.
The high cost of the devices and limited reimbursement policies are further estimated to hamper the market’s growth rate.
The lack of reimbursement for many medical aesthetics surgeries is one of the most significant issues, given the high cost of these procedures. In addition, the market’s growth has been hindered by frequent product recalls perceived risk, and social stigma. However, social stigma, particularly a reluctance to use medical cosmetic operations, limits the market’s growth.
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KEY MARKET INSIGHTS:
- The facial aesthetics segment is expected to account for the most significant proportion of the entire market based on the product type. The growing geriatric population worldwide needs numerous aesthetic operations to maintain and improve their physical appearance, which accounts for the majority of this market. The ever-increasing availability of improved products for facial aesthetic treatments and the rising demand for aesthetic operations fuel expansion in the facial aesthetics industry.
- Based on the end-user, clinics, hospitals, and medical spas are expected to hold the most significant proportion of the global medical aesthetics market. This segment is expected to grow at the fastest rate, owing to the growing number of clinics and medical spas and the high availability of financial and infrastructural resources with hospitals, such as technologically advanced devices, trained staff, and skilled professionals to perform aesthetic procedures.
- Based on region, North America held the most significant proportion of the aesthetic medicine market. Some of the primary reasons driving the growth of the aesthetic medicine market in this region are advanced healthcare infrastructure, adoption of cosmetic operations, rising prevalence of skin problems, and the existence of board-certified and skilled cosmetic surgeons. In addition, some of the essential drivers driving the growth of the medical aesthetics market are increased consumer understanding and interest in procedures, strong local economies, active marketing by prominent US companies, expanding medical tourism, and increased awareness about aesthetics.
- International corporations are rapidly expanding into different parts of the country, increasing business for both global and indigenous players. Alma Lasers (Sisram Medical Ltd), Cutera, Bausch Health Companies Inc. (Solta Medical Inc.), and Lumenis are some of the prominent players in the Indian medical aesthetics market.
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RECENT MARKET DEVELOPMENTS:
- AbbVie (US) purchased Allergan (Ireland) in November 2020 to develop a global subsidiary called Allergan Aesthetics to boost its medical aesthetics product line.
- ClearSkin PRO, an advanced applicator with twice the strength of earlier solutions, was launched in February 2020 by Sisram Medical Ltd (Alma Lasers), resulting in visibly younger-looking skin.
- Jeuveau, a Botox-like treatment less expensive than Botox, was approved by the FDA in 2019.
SEGMENTS COVERED IN THE REPORT:
- Facial Aesthetic Products
- Dermal Fillers
- Botulinum Toxin
- Chemical Peels
- Body Contouring Devices
- Nonsurgical Fat Reduction Devices
- Cellulite Reduction Devices
- Liposuction Devices
- Cosmetic Implants
- Breast Implants
- Silicone Implants
- Saline Implants
- Facial Implants
- Gluteal Implants
- Breast Implants
- Hair Removal Devices
- Laser Hair Removal Devices
- IPL Hair Removal Devices
- Skin Aesthetic Devices
- Laser Resurfacing Devices
- Nonsurgical Skin Tightening Devices
- Micro-needling Products
- Light Therapy Devices
- Tattoo Removal Devices
- Thread Lift Products
- Physician-dispensed Cosmeceuticals and Skin Lighteners
- Physician-dispensed Eyelash Products
- Nail Treatment Laser Devices
By End User:
- Clinics, Hospitals, and Medical Spas
- Beauty Centers
- Home Care
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
BROWSE RELATED REPORTS:
- North America Medical Aesthetic Devices Market
- Europe Medical Aesthetic Devices Market
- APAC Medical Aesthetic Devices Market
- Latin America Medical Aesthetic Devices Market
- MEA Medical Aesthetic Devices Market
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