The global Medical Aesthetics Market is estimated to be valued at US$ 13,350.0 Mn in 2021 and is expected to exhibit a CAGR of 11.8% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Medical Aesthetics Market provides various products and services that enhance a person's appearance by treating different conditions, such as wrinkles, scars, excess fat, skin discoloration, and hair loss, among others. These aesthetics procedures have gained popularity due to their non-invasive nature and ability to produce effective results without the need for surgeries. The market offers a wide range of options, including injectables, energy-based devices, skin rejuvenation treatments, and body contouring procedures, among others. The use of such products and services is driven by the need for self-enhancement and boosting self-confidence among individuals.
Market Key Trends:
The key trend driving the Medical Aesthetics Market is the increasing demand for non-invasive procedures. Patients are now opting for non-surgical treatments as they offer several benefits, such as minimal downtime, less pain, reduced risk of complications, and faster recovery. Non-invasive procedures also provide more natural-looking results without the need for major surgeries. Additionally, advancements in technology have led to the development of innovative energy-based devices and injectables, which offer effective results without the need for invasive procedures. Furthermore, the rising awareness about the availability and efficacy of non-invasive treatments is also contributing to the market growth.
Overall, the Medical Aesthetics Market is experiencing significant growth due to the increasing demand for non-invasive procedures, driven by the advantages and benefits they offer to patients. As technology continues to advance, the market is expected to witness further developments in innovative products and services, providing patients with more options for enhancing their appearance
PEST Analysis:
Political: The political factors influencing the medical aesthetics market include regulations and government policies related to healthcare and cosmetic procedures. For instance, changes in regulations regarding the approval and safety of medical aesthetic devices can impact the market. Additionally, government initiatives to promote medical tourism in certain countries can also have an effect on the market.
Economic: The economic factors affecting the medical aesthetics market involve the overall economic conditions of the countries and regions where these procedures are performed. The affordability of these procedures, healthcare expenditure, and disposable incomes are crucial economic factors influencing the market. The rising healthcare expenditure and increasing disposable incomes in developing economies are driving the growth of the medical aesthetics market.
Social: Changing social trends and cultural preferences towards beauty and appearance play a significant role in the demand for medical aesthetics. Increasing awareness about self-care and the desire to look youthful and attractive contribute to the growth of the market. The influence of social media and celebrities in promoting aesthetic treatments also impacts the market.
Technological: Technological advancements in medical aesthetics, such as laser treatments, non-surgical procedures, and innovative devices, are driving market growth. Advancements in treatments and devices that offer better results with minimal pain and recovery time are attracting more patients. Furthermore, digital platforms and telemedicine are increasingly being utilized in the medical aesthetics industry.
Key Takeaways:
The global Medical Aesthetics Market is expected to witness high growth, exhibiting a CAGR of 11.8% over the forecast period. This growth can be attributed to the increasing demand for minimally invasive cosmetic procedures and the growing adoption of advanced technologies in the field. Rising disposable incomes, especially in emerging economies, are also contributing to market growth.
Regionally, North America dominates the medical aesthetics market, driven by the presence of a large patient pool, high consumer awareness, and favorable reimbursement policies. Additionally, the Asia Pacific region is expected to be the fastest-growing market due to the rising demand for aesthetics procedures, increasing disposable incomes, and advancements in healthcare infrastructure.
Key players operating in the medical aesthetics market include Venus Concept Inc., El.En. (Asclepion Laser Technologies), Sciton Inc., Lumenis Inc., Cynosure, Inc., Cutera Inc., Syneron Candela, Johnson & Johnson, Galderma, Sisram Med (Alma Lasers), Abbive (Allergan Inc.), and Bausch Health Companies Inc. (Solta Medical Inc.). These companies are engaging in strategies such as mergers and acquisitions, partnerships, and new product launches to strengthen their market position and cater to the growing demand for medical aesthetics globally.
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