The growing adoption of minimally invasive and noninvasive aesthetic procedures, rising adoption among geriatric individuals, increasing public awareness about cosmetic procedures, the availability of technologically advanced & user-friendly products, and the increasing demand for aesthetic treatments among men are the key factors driving the growth of this market.
What the Medical Aesthetics Market Looks Like?
Predicted to grow at a CAGR of 10.6% during the forecast period, the global medical aesthetics market is estimated to reach USD 17.07 Billion by the end of 2024. In 2018, North America held the largest market share, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to register the fastest growth over the forecast period.
Facial aesthetic products (dermal fillers, botulinum toxin, microdermabrasion, and chemical peels); body contouring devices (nonsurgical fat reduction devices, cellulite reduction devices, and liposuction devices); cosmetic implants [breast implants (silicone implants and saline implants), facial implants, and other cosmetic implants]; hair removal devices (laser hair removal devices and IPL hair removal devices); skin aesthetic devices (laser resurfacing devices, nonsurgical skin tightening devices, micro-needling products, and light therapy devices); tattoo removal devices; thread lift products; physician-dispensed cosmeceuticals and skin lighteners; physician-dispensed eyelash products; and nail treatment laser devices.
The facial aesthetic products segment is expected to hold the largest share of the medical aesthetics market in 2018. The large share of this segment is attributed to the growing patient demand for facial aesthetic treatments, increasing disposable income and spending capabilities, and the rising geriatric population across the globe.
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What Drives the Medical Aesthetics Market?
The growth of the global market for infection control is primarily influenced by the following factors:
+ Growing Adoption of Minimally Invasive and Noninvasive Aesthetic Procedures
+ Rising Adoption Among Geriatric Individuals
+ Increasing Public Awareness About Cosmetic Procedures
+ Availability of Technologically Advanced and User-Friendly Products
+ Increasing Demand for Aesthetic Treatments Among Men
On the other hand, market growth is limited to a certain extent by factors such as the clinical risks and complications associated with medical aesthetic procedures and the increasing availability and adoption of alternative beauty and cosmetic products.
Geographical growth scenario of Medical Aesthetics Market
Geographically, this market is divided into North America, Europe, Asia Pacific, and the RoW. North America is expected to account for the largest share of the global medical aesthetics market in 2018, and this trend is expected to continue during the forecast period. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. Rising consumer knowledge and interest in procedures, strong local economies, aggressive marketing by leading US and European companies in Asia, rising medical tourism, and increasing awareness about aesthetics are some of the key factors driving the growth of the market in the Asia Pacific.
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Leading market players and strategies adopted
Allergan, plc (Ireland), Alma Lasers, Ltd. (Israel), Anika Therapeutics (US), Cutera, Inc. (US), Cynosure (US), El.En. S.p.A. (Italy), Fotona d.o.o. (Slovenia), Nestlé S.A. (Switzerland), Johnson & Johnson (US), Merz Pharma GmbH & Co. KGaA (Germany), Medytox, Inc. (South Korea), Sientra, Inc. (US), Sinclair Pharma PLC (UK), Syneron Medical, Ltd. (US), and Valeant Pharmaceuticals International, Inc. (US) are some of the key players operating in the global medical aesthetics market.