Medical Aesthetics Market in terms of revenue was estimated to be worth $15.4 billion in 2023 and is poised to reach $25.9 billion by 2028, growing at a CAGR of 11.0% from 2023 to 2028 according to a new report by MarketsandMarkets™.
Medical Aesthetics Market by Product (Botox, Filler, Peel, Implant, Liposuction, Microneedling, Hair Removal, Laser Resurfacing, RF, Phototherapy), Procedure (Surgical, Nonsurgical), End User (Hospital, Beauty Clinic, Spa), Region - Global Forecast to 2028
The market's growth is significantly propelled by the rising popularity of aesthetic procedures among the elderly demographic. As people age, there is a heightened desire to maintain a youthful appearance, leading to increased demand for cosmetic treatments such as facelifts, Botox, and dermal fillers. Moreover, advancements in medical aesthetics have made these procedures safer and more accessible, further enticing older individuals. This trend reflects a broader societal shift towards embracing aging with vitality and confidence, contributing substantially to the market's expansion.
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Key Market Players:
As of 2023, prominent players in the Medical Aesthetics Market are Abbvie Inc. (US), Bausch Health Companies Inc. (Canada), Johnson Johnson (US), and among others.
Based on the product, the global Medical Aesthetics Market is segmented into facial aesthetic products, cosmetics implants, skin aesthetic devices, body contouring devices, physician-dispensed cosmeceuticals and skin lighteners, hair removal devices, tattoo removal devices, thread lift products, physician- dispensed eyelash products and nail treatment laser devices. The facial aesthetic products segment is anticipated to register the highest growth rate over the forecast period. The facial aesthetic products segment accounted for the highest share of the Medical Aesthetics Market in 2023.
Based on procedure, the medical aesthetics market is segmented into surgical procedures – breast augmentation, rhinoplasty, facelift and body lift, other surgical procedures, non-surgical procedures – anti-aging and skin rejuvenation, tattoo and scar removal, hair removal, lipolysis, other non-surgical procedures. Non-surgical procedures segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
Factors such as the Growing interest in cosmetic procedures among males of the medical aesthetics market drive the growth of the market.
Based on end user, the global Medical Aesthetics Market is segmented into clinics, hospitals, and medicals spas, beauty centers, and home care settings. The clinics, hospitals, and medicals spas segment accounted for the largest share of the market in 2023. Significant rise in the number of hospitals and rising old-age population are driving the growth of this segment.
The Asia Pacific Medical Aesthetics Market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of high-end equipment. Improvements in healthcare systems and government initiatives for modernizing the healthcare infrastructure are offering significant growth opportunities for the key players.
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Medical Aesthetics Market Dynamics:
- The increasing embrace of minimally invasive and non-surgical aesthetic treatments
- Stringent regulatory compliance and safety standards in medical aesthetics
- Substantial prospects await market participants in developing nations
- The presence of alternative beauty and cosmetic products
- In March 2023, Galderma introduced "FACE by Galderma," an augmented reality (AR) tool that empowers both aesthetic professionals and patients to preview injectable treatment results before the actual procedure, enhancing the treatment planning process.
- August 2022, AbbVie Inc. launched SkinMedica Firm Tone Lotion for Body, the first product from the professional-grade skincare line formulated to prevent and address visible signs of the body.
- March 2021, Bausch Health Companies Inc. and its Solta Medical business announced the US launch of the Clear + Brilliant Touch laser, a next-generation product that delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths.