The global aesthetic medicine market reached a valuation of US$ 75.6 billion in 2023.
The global aesthetic medicine market reached a valuation of US$ 75.6 billion in 2023. The global market is projected to hit a market valuation of US$ 212.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.17% during the forecast period from 2024 to 2032.
The aesthetic medicine market is undergoing remarkable expansion due to the demand for easily accessible procedures that enhance youthfulness. Advancements in technology present safer and more efficient options, while social media displays outcomes and stimulates interest. Tailored treatments are crucial, with combined procedures becoming increasingly common. In terms of geography, Europe presently holds a leading position in the global aesthetic medicine market, claiming a significant market share of more than 27.7%.
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The International Society of Aesthetic Plastic Surgery (ISAPS) released the results of its annual Global Survey on Aesthetic/Cosmetic Procedures, indicating a significant rise in aesthetic surgery worldwide. The report shows an 11.2% overall increase in procedures performed by plastic surgeons in 2022, with more than 14.9 million surgical and 18.8 million non-surgical procedures performed worldwide.
This represents a 41.3% increase over the last four years. Both surgical and non-surgical procedures showed increases since the last survey, with a significant increase of 57.8% in non-surgical procedures in the last four years. The report also highlights a 16.7% increase in surgical procedures and a 7.2% increase in non-surgical procedures since the previous survey.
In 2021, liposuction surpassed breast augmentation as the most common surgical procedure, with over 1.9 million procedures performed worldwide, marking a 24.8% increase from the previous year. The top five surgical procedures were liposuction, breast augmentation, eyelid surgery, rhinoplasty, and abdominoplasty.
Rise of Non-Invasive Procedures: A Consumer Favorite in the Aesthetic Medicine Market
The most popular non-surgical procedures included botulinum toxin, hyaluronic acid, hair removal, chemical peel, and non-surgical fat reduction. Chemical peel entered the top five, replacing non-surgical skin tightening. Botulinum toxin remained the most common non-surgical procedure for both men and women, with over 9 million procedures performed by plastic surgeons worldwide, representing a 26.1% increase. Hyaluronic acid procedures decreased to 4.3 million, securing the second position among non-surgical procedures.
The non-invasive procedures hold more than 50% revenue share of the global aesthetic medicine market. This segment is likely to maintain its impressive growth trajectory, with a forecasted CAGR of 12.39% in the coming years. The dominance of non-invasive procedures can be due to the increasing demand for aesthetic enhancements without the complications and recovery associated with surgery, which has driven the popularity of these treatments. Patients, particularly the aging population, seek non-invasive options to address concerns like wrinkles, fine lines, and skin rejuvenation.
The US, China, Brazil, South Korea, and Japan are some of the top countries using these treatments, indicating a global trend towards non-invasive aesthetic procedures. Dermal fillers that mostly have hyaluronic acid as a base are a popular choice for volume restoration, plumper lips, and enhanced features. This procedure has been sought after across all age groups by women seeking a fresher look. Chemical peels offer exfoliation to improve skin texture and tone while reducing acne. This method is gaining traction across varying age groups.
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Technological Advancement: Enhancing the Aesthetic Medicine Market
Advancements in technology have played a crucial role in facilitating customized treatments. Breakthroughs like 3D imaging and artificial intelligence empower healthcare professionals to offer tailored advice. These tools enable a thorough assessment of a patient’s facial structure and skin type, facilitating precise and personalized treatment strategies. The market for personalized aesthetic medicine is witnessing substantial growth. In 2022, the value was around $11.7 billion globally, and it is projected to reach $28.6 billion by 2026, with a predicted compound annual growth rate (CAGR) of 17.9% during the forecast period.
Furthermore, the trend toward personalization encompasses various aesthetic procedures, including injectables, dermal fillers, and skincare regimens. Patients now have access to a wide range of options that cater to their individual preferences, contributing to the expansion of the market. Personalized aesthetics meet patient expectations and empower individuals to feel confident in their appearance. This approach allows them to address specific concerns and enhance their natural beauty, ultimately boosting their self-esteem and overall well-being.
Fierce Competition: Opportunities Ahead for Players in Aesthetic Medicine Market
The aesthetic medicine industry presents numerous opportunities for growth. There is intense competition, with more than 7,500 medical spas and aesthetic clinics currently in operation in the United States. However, what makes this industry appealing to healthcare providers is its high profit margins, which often range from 30% to 60%. The demand for certification courses in aesthetic medicine has significantly increased, with over 40,000 healthcare professionals seeking training every year.
In 2022, venture capital investments in aesthetic medicine startups reached an impressive US$ 1.6 billion, demonstrating the high level of confidence investors have in the industry’s potential. Today, providers are expanding their range of services, moving beyond injectables to offer laser treatments, body contouring, and skin care products to meet the evolving demands of consumers. Additionally, the male market is growing, with a 28% increase in non-surgical treatments from 2010 to 2020, which further offers players to expand their services.
Top Players in the Global Aesthetic Medicine Market
- Cynosure
- Johnson & Johnson
- Galderma
- Alma lasers
- Allergan Inc.
- Solta Medical
- Lumenis
- Syneron Candela
- Cutera Inc.
- El.En. S.p.A.
- Sciton Inc.
- Galderma
- InMode
- Venus Concept
- Merz Aesthetics
- Lutronic
- BTL Group
- Revance therapeutics
- Other Prominent Players
Market Segmentation:
By Procedure Type
- Invasive Procedures
- Breast augmentation
- Liposuction
- Nose reshaping
- Eyelid Surgery
- Tummy tuck
- Others
- Non-Invasive Procedures
- Botox injections
- Soft tissue fillers
- Chemical peel
- Laser hair removal
- Microdermabrasion
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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