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.
The global medical aesthetics market is projected to reach USD 15.9 billion by 2025 from USD 9.4 billion in 2020, at a CAGR of 10.9%. 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.
Impact Of Covid-19 On The Medical Aesthetics Market
The COVID-19 pandemic has significantly affected the medical aesthetics market. The beauty and luxury sector is facing challenges in its manufacturing and supply chain, such as delivering products to end users in a timely manner as well as attending to an uneven demand for products and services. The market is facing a period of short-term negative growth, which can be attributed to factors such as a decline in the product demand from major end users, limited operations in most of the industries, temporary closure of major end-user facilities (including beauty centers and spas), disrupted supply chain, and challenges in terms of providing essential/post-sales services due to the lockdown.
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Opportunity: Emerging markets
Emerging countries such as China, Brazil, Mexico, and India present significant opportunities for players operating in the medical aesthetics market. The demand for medical aesthetic devices in these countries is increasing owing to a rapid growth in medical tourism, the growing adult (aged 20 and above) population, increasing disposable incomes, and growing awareness about aesthetic specialties. The presence of a large number of surgeons in these emerging countries is also contributing to the growth of the medical aesthetics market.
Challenge: Social And Ethical Issues Associated With Cosmetic Treatments
Social stigmas associated with cosmetic treatments (surgical and nonsurgical) are mainly due to negative perceptions toward aesthetic procedures as well as the presence of religious and ethical concerns related to some aesthetic treatments, such as alterations, augmentations, erasures, and fillings. Although many people undergo some form of appearance-altering treatment, very few of them like to talk about it. Some people consider undergoing invasive anti-aging treatments, such as BOTOX or cosmetic surgery, as vain, self-centered, or being mentally unwell. Despite the increasing emphasis on looking younger among the elderly population, there are possible negative social consequences related to engaging in cosmetic age concealment. The social stigma attached to aesthetic treatments negatively affects the social acceptance of these procedures, thereby hindering the growth of this market.
Region Covered in Medical Aesthetics Market
Geographically, this market is divided into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America is expected to account for the largest share of the global medical aesthetics market in 2019, 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 medical aesthetics market in the Asia Pacific.
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Allergan-AbbVie (US), Alma Lasers, Ltd. (Israel), Anika Therapeutics (US), Cutera, Inc. (US), Cynosure (US), El.En. S.p.A. (Italy), Fotona d.o.o. (Slovenia), Galderma (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 Baush Haealth (US) are some of the key players operating in the global medical aesthetics market.