Growing association between socio-economic status and physical beauty remains a key driver of medical Aesthetics globally. According to the International Society of Aesthetics Plastic Surgery, breast augmentation, and liposuction remained two top elective surgeries globally in 2019. While 1,795,551 individuals opted for breast augmentation, 1,704,786 individuals opted for liposuction. Furthermore, demand for non-surgical correction of eye-disorder for eye contact, or minor procedures like wrinkle removal remains high. For example, despite the global covid-19 pandemic, and economic slowdown, 6,271,488 individuals opted for the botulinum toxic procedure in 2019. The procedure witnesses high promise among all age groups including individuals below 18 years. Growing demand for Aesthetics enhancements, increased importance of socio-economic status, and growing association of the two remain key drivers of growth for the Aesthetics industry.
Medical Aesthetics Market: An Overview
The US region remains holds an important promise for growth for global players in the medical Aesthetics market. According to the American Society of Plastic Surgeons, 2.3 million cosmetic surgical procedures were performed in the US alone in 2020. Furthermore, the US was also home to 13.2 million minimal-invasive cosmetic procedures in 2020. Furthermore, despite the coronavirus pandemic, over 6.2 million reconstructive surgeries were performed in the US in 2020. Growth in reconstructive surgeries in 2020 included key procedures like tumor removal (up 4%), laceration repair (1%), maxillofacial surgery (up 24%), and hand surgery (up 1%). Increased trustworthiness, efficacy, and lowered costs also drive growth of new Aesthetics services like nose jobs. In 2020, the US witnessed a trend among young population to get rhinoplasty, which has been on the rise for a while. Among young people (under 18 years of age) there were 53, 998 incidences of rhinoplasty, with the total procedures accounting for 352,555. The increasing appeal of cosmetic surgery among young people remains a major future promise for the Aesthetics industry.
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According to Brandessence Market Research, the medical Aesthetics market size is set to grow at 11.37% CAGR during 2020-2028 period. The global medic Aestheticss market size is set to grow above USD 28 billion by 2028 end. Growing penetration of minimally-invasive surgeries, increased new Aesthetics procedures like rhinoplasty, and rising adoption of plastic surgery among the elderly remain key drivers of projected growth. In key regions like North America, middle- aged individuals between 40-54 years of age make up for 57% of botulin toxin procedure patients. On the other hand, procedures like breast augmentation remains more equally divided among individuals from various age groups. The growing availability of minimal-invasive procedures, and growing trustworthiness of procedures remain key driver for appeal of Aestheticss industry.
Medical Aesthetics Market: Key Trends
- According to the American Society for Aesthetics Plastic Surgery or ASAPS, breast augmentation procedure incidences increased by 4.1 during 2012-2027, while liposuction increased by 58%, and eyelid surgery by 33.5%. Furthermore, tummy tuck by 27.8%, and breast lift by 57.5%.
- According to the ASAPS, the surgery remains a gold standard for long-term Aesthetics improvements with revisits for implant removals going down, as surgeries become more effective. Furthermore, Americans continue to increase their spending on Aesthetics procedures with total individual spending rising to $6.6 billion in 2017. Also, while women make up over 90% of cosmetic surgeries, with great demand for breast augmentation, men continue to show more acceptance of surgery procedures like liposuction. According to the ASAPS, social network, self-esteem, personality traits, and psychopathology remained key drivers for Aesthetics procedures on individual level. Furthermore, lower body mass, social media, body and appearance dissatisfaction also remained great predictors of cosmetic surgeries.
- American Society of Plastic Surgeon reports that consumer preferences for minimal-invasive surgery with no downtimes and pain is the brightest prospect for growth. The segment promises revenue growth of 10 to 15% as per the estimates of the ASAPS. Furthermore, this is in line with revenue growth from 2000-2010, wherein revenues rose by nearly 200%. Furthermore, the ASAPS also estimates a tremendous increase in revenue share for these procedures.
- Conventional saline implants are increasingly being replaced by silicone implants in the medical Aesthetics market. Today, silicone implants count for more than 3 times the saline implants, while implants in other body parts including face continue to grow. The implant replacement, and implant removal were more common with breast implants. However, this continues to decline as saline implants promise a far better application. Growing demand for chin implants also remains a new venue for growth for the Aesthetics industry.
- PRP or platelet-rich plasma remains an increasingly important trend globally, as its acceptance among both women, and men continues to increase. The protocol has also gained tremendous visibility in recent years with celebrities like the Kardashian documenting their experience. The procedure remains a firmly rooted in medical expertise of implanting hair follicles from patient’s own body onto his or her scalp to repair damaged hair follicles.
- Increased demand for minimal-invasive surgery has led to tremendous growth for products like skin-fillers. The increased investment in this arena has led to growth of soft tissue fillers, which are growing in demand in North America, Europe, and Asia alike. The increased product approvals in this category by the FDA remains a major promise for growth for the Aesthetics industry.
- Increased advancement in technologies like laser have decreased downtimes for patients, making procedures more efficient, and increasing productivity for cosmetic surgeons. New lasers continue to expand core applications with new features like skin brightening, skin rejuvenation, targeted treatment of melisma, brown scars, fine lines, and even unwanted tattoos. The increased use of laser technology to keep exposure to the minimum also remains a major promise for growth in the Aestheticss industry. The increased efficacy of laser treatments, and new procedures like robotic laser surgery promises tremendous revenue increase for Aesthetics medical device companies. The high costs of initial investments remains a challenge for Aesthetics medical device companies.
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Medical Aesthetics Market: Competitive Analysis
The medical Aesthetics market is a fragmented, competitive, and innovative landscape. Growing improvements in medical Aestheticss, growing use of natural products, and increased integration of technology like robot assisted laser surgeries remain key highlights of the global medical Aestheticss market. Some key players in the global medical Aestheticss market are Alma Lasers Ltd., Allergan, Cutera Inc., Anika Therapeutics Inc., El. En S.P.A, Cynosure, Galderma, Fotona D.O.O, Merz Aestheticss Inc., Johnson & Johnson, and Medytox Inc
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