Medical Aesthetics Market

According to MnM experts, the global medical aesthetics market is set to hit USD 25.9 billion by 2028 from USD 15.4 billion in 2023, increasing at a CAGR of around 11.0% during the forecast period. Additionally, there has been a significant shift during the last decade in how various aesthetic techniques (e.g., laser and ultrasound) are being utilized. For example, while ultrasound and lasers were traditionally utilized for anti-aging procedures, we have seen emerging startups (such as Tria Beauty, Braun, Mismon, SmoothSkin, Ulike, Xsoul, Fallmist, and Meukpe) introduce at-home or self-use laser/light therapy devices that sell for less than $500.

Furthermore, we noticed that the overall revenue is driven by prominent leaders (Cynosure, Galderma, Abbvie, and Alma Lasers) due to factors such as more patients embracing elective/aesthetic treatments, the continued rise in installation of multi-modal/multi-use platforms, rapid growth in the number of beauty clinics in developing countries. These trends are further accelerated by supportive government regulations/reimbursements in mature markets, increased patient awareness about the safety profile of available technologies, and companies’ continued investments in their development & innovations.

Medical Aesthetics Market Size, Dynamics & Ecosystem

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Medical Aesthetics Market: Market Dynamics

Driver: The increasing embrace of minimally invasive and non-surgical aesthetic treatments.

Minimally invasive and non-surgical aesthetic treatments are on the rise in cosmetic medicine, offering a convenient and lower-risk alternative to traditional surgery. These treatments, including Botox, dermal fillers, laser therapy, chemical peels, and microdermabrasion, address various aesthetic concerns with natural-looking results. Their appeal lies in minimal downtime, making them suitable for quick recovery and easy resumption of daily activities. They're gaining popularity across age groups due to accessibility and customizable options. Importantly, these treatments minimize scarring, making them a preferred choice for those concerned about surgical scars. However, qualified medical professionals should perform them for safe and effective outcomes, and consultation with healthcare providers is crucial for personalized treatment plans.

Restraint: Stringent regulatory compliance and safety standards in medical aesthetics

Medical aesthetics systems are stringent regulatory compliance and safety standards in the medical aesthetic devices market that serve as crucial safeguards for patient well-being and treatment effectiveness. However, they present various challenges. These include hindrances to new entrants due to resource-intensive compliance requirements, delays in product development and approvals, increased treatment costs, and extensive oversight, potentially leading to legal issues for non-compliant companies. Additionally, these regulations limit practitioner flexibility and can vary globally, adding complexity and requiring ongoing education and training. While these constraints exist, they ultimately prioritize patient safety, foster industry trust, and contribute to long-term market viability, rewarding companies that successfully navigate this regulatory landscape.

Opportunity: Substantial prospects await market participants in developing nations.

The medical aesthetics sector in emerging economies offers significant opportunities driven by several factors. With an expanding middle class and increased disposable income, more individuals can invest in cosmetic treatments. These countries can also attract medical tourists seeking cost-effective yet high-quality procedures. The relatively untapped markets in these regions create room for new entrants while technological advancements enhance treatment quality. Government support, shifting beauty standards, and local expertise further contribute to market growth. Collaboration and a diverse range of services tailored to local preferences are key strategies. However, businesses must navigate regulatory complexities, cultural differences, and economic fluctuations to succeed in these promising markets.

Challenge: The presence of alternative beauty and cosmetic products.

The presence of alternative beauty and cosmetic products presents challenges in the medical aesthetics market. Providers must compete for consumer attention against a wide array of over-the-counter options, emphasizing the benefits of professional treatments. Consumers often weigh economic factors and may choose more cost-effective beauty products over pricier procedures. Perceived convenience and the rise of non-invasive beauty products pose further challenges. To stand out, providers need robust marketing strategies and strong brand identities. Educating consumers about the benefits and safety of professional treatments is essential, as is navigating varying regulatory standards. In a saturated market, providers must emphasize personalized care, lasting results, and expertise to attract and retain clients.

Medical Aesthetics Market Segmentation & Geographical Spread

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By product, the facial aesthetic products segment accounted for the largest share of the medical aesthetics industry in 2023.

Based on product, the medical aesthetics market is segmented into facial aesthetic products, cosmetics implants, skin aesthetic devices, body contouring devices, physician-dispensed cosmeceuticals and skin lighteners, tattoo removal devices, thread lift products, physician-dispensed eyelash products, and nail treatment laser devices. In 2023, the facial aesthetic products segment accounted for the largest market share. The increasing adoption of advanced tools that enhance precise diagnostics and the growing demand for improved sensitivity are propelling the growth of this segment within the medical aesthetic devices market.

By procedure, the lipolysis segment of the non-surgical procedures market will register significant growth for the medical aesthetics industry in the near future.

Based on procedure, the medical aesthetics market is segmented into surgical procedures - breast augmentation, rhinoplasty, facelift and body lift, and other surgical procedures; non-surgical procedures – anti-aging and skin rejuvenation, tattoo and scar removal, hair removal, lipolysis, other non-surgical procedures. The lipolysis segment of the non-surgical procedures segment market by procedure registers the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of the primary drivers behind the segment's rapid growth are the increasing utilization of innovative devices enabling precise targeting of specific areas and facilitating real-time imaging in the field of medical aesthetics.

By end user, the clinics, hospitals, and medical spas segment accounted for the largest share of the medical aesthetics industry in 2023.

Based on end users, the medical aesthetics market market is segmented into clinics, hospitals, medical spas, beauty centers, and home care settings. In 2022, the clinics, hospitals, and medical spas segment accounted for the largest market share. The highest share of this segment is attributed to the rising utilization of automated systems. The dominant portion of this segment can be attributed to the growing adoption of automated systems in medical aesthetics clinics for early disease detection, driven by increased awareness. This surge is mainly a result of the digitization of patient workflows in aesthetic practices, the uptick in aesthetic procedures performed, and the heightened adoption of advanced systems within these clinics to enhance the quality of patient care.

By region, North America is expected to be the largest market of the medical aesthetics industry during the forecast period.

North America, comprising the US and Canada, accounted for the largest market share of the medical aesthetics market in 2023. The North American region is experiencing growth in the medical aesthetics market due to factors like expanding applications within the healthcare sector, favorable reimbursement policies, and the prominent presence of key industry players. Additionally, the market is being further propelled by the rapid increase in the elderly population and the substantial establishment of aesthetic imaging centers in the region.

Medical Aesthetics Market Key Players

As of 2023, prominent players in the market are AbbVie Inc. (US), Alma Lasers (Israel), Cynosure (US), and Galderma ( Switzerland), among others.

Scope of the Medical Aesthetics Industry:

This report has segmented the medical aesthetics market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Facial Aesthetic Products
• Cosmetics Implant
• Skin Aesthetic Devices
• Body Contouring Devices
• Physician-dispensed cosmeceuticals And Skin Lighteners
• Hair Removal Devices
• Tattoo Removal Devices
• Thread Lift Products
• Physician- Dispensed Eyelash Products
• Nail Treatment Laser Devices

By Procedure

• Surgical Procedures
• Breast Augmentation
• Rhinoplasty
• Facelift And Body Lift
• Other Surgical Procedures
• Other Surgical Procedures
• Anti-Aging And Skin Rejuvenation
• Tattoo And Scar Removal
• Hair Removal
• Lipolysis
• Other Non-Surgical Procedures

By End User

• Clinics, Hospitals, And Medicals Spas
• Beauty Centers
• Home Care Settings

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Thailand
  • South Korea
  • Indonesia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa

Recent Developments of Medical Aesthetics Industry

• In March 2023, Galderma introduced "FACE by Galderma," an augmented reality (AR) tool that empowers both aesthetic professionals and patients to preview injectable treatment results before the actual procedure, enhancing the treatment planning process.
• August 2022, AbbVie Inc. launched SkinMedica Firm & Tone Lotion for Body, the first product from the professional-grade skincare line formulated to prevent and address visible signs of the body.
• March 2021, Bausch Health Companies Inc. and its Solta Medical business announced the US launch of the Clear + Brilliant Touch laser, a next-generation product that delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths.

Frequently Asked Questions (FAQ):

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