Aesthetics Market Overview
The Aesthetics Market is estimated to grow at a CAGR of 13.92% and be worth USD 320 billion by 2030. In medical aesthetics, a variety of issues can be addressed, including skin elasticity, excessive fat, cellulite, scars, moles, wrinkles, unwanted hair, liver spots, spider veins, and skin discoloration. There have been plastic surgeries, reconstructive surgeries, oral and maxillofacial surgeries, and dermatology performed in the past. In aesthetic medicine, surgical and non-surgical techniques can be used to improve a person’s physical appearance. In addition, aesthetic devices can be used to correct abnormalities due to trauma, accidents, and congenital diseases.
Due to the rise in demand for minimally invasive and noninvasive reconstruction surgeries, the medical aesthetic market size is anticipated to experience considerable expansion during the forecast period. Congenital facial and dental malformations are becoming more common, and awareness of aesthetic appearance is rising. These are the main drivers fueling the expansion of the aesthetic market.
The COVID-19 pandemic has harmed the cosmetics industry. Following the epidemic, the luxury and beauty industry has experienced difficulties with supply and production chains, including slower product delivery to consumers and an unequal supply and demand ratio. Global SARS-CoV-2 cases are increasing, and the lockdown has decreased demand for non-essential goods and services, halting market expansion. Weakened demand from critical end users, interrupted business operations, and temporary shutdowns of production facilities like spas and beauty salons, are some of the difficulties that have appeared since the novel Coronavirus emerged.
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- By procedure
Based on procedure, the non-surgical segment currently has a majority of the medical aesthetic market share and is anticipated to do so during the projection period since it is more widely available and less expensive than surgical procedures.
- By End User
Depending on the end user, the hospitals and clinics segment now controls the market and is anticipated to continue doing so during the projection period. This is because hospitals and clinics provide a wide range of cosmetic operations.
The largest market share for medical aesthetics is projected to be in North America, and this trend is expected to persist in the upcoming years. However, the medical aesthetics market in the Asia-Pacific is anticipated to grow at the fastest rate in the coming years due to factors including rising medical tourism, aggressive marketing campaigns by the top US and European companies in the region, and rising consumer awareness and interest in these procedures.
2020 November Sciton Inc., a well-known producer in the medical aesthetics industry recognized for its wide array of light and laser source technologies, established its operations in Ireland and the UK.
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To establish itself in the Spanish market for aesthetic devices, Clinique La Prairie opened a new spa with a 600 sq m medical aesthetic facility in Madrid in February 2020. The brand-new spa, Clinique La Prairie, has two consultation rooms and four treatment rooms and offers a variety of non-invasive aesthetic procedures.
AbbVie purchased Allergan in November 2020 to expand its selection of medical aesthetics devices and create a global category dubbed Allergan Aesthetics.
Merz was acquired by HRA Pharma in January 2019 to expand its line of surgical medical aesthetics products.
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