The global aesthetic medicine market size is expected to reach USD 332.1 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.5% from 2022 to 2030. According to the International Association for Physicians in Aesthetic Medicine (IAPAM), aesthetic medicine is a branch of medicine focused on satisfying the aesthetic desires and goals of patients. The major aim of aesthetic medicine is to improve the physical appearance of the patient. Some key drivers of the market include the introduction of innovative aesthetic devices such as non-invasive aesthetic devices, a growing focus on physical appearance, and a rise in adoption among geriatric individuals.
Aesthetic medicine mainly includes invasive and non-invasive procedures. Invasive procedures include breast augmentation, liposuction, and nose reshaping while non-invasive procedures include popular technology such as Botox injections, soft tissue fillers, and chemical peel. The rise in the number of obesity cases in the U.S. has urged patients to opt for aesthetic treatments in the country. In the Asia Pacific region, the rise in the income level of the adult population in countries, such as China and India, is expected to create lucrative growth opportunities for the market. The region is also backed by South Korea, which is the hub of cosmetic surgeries.
The growing urge to look young and fit has increased the demand for aesthetic treatment in developing countries. Aesthetic procedures such as liposuction, nose reshaping, and Botox injections are gaining consumer interest in countries such as India and South Korea. Adults are paying attention to their physical appearance closely. This has increased the demand for cosmetic surgeries, with Botox being one of the most popular procedures preferred.
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Aesthetic Medicine Market Report Highlights
Based on procedure type, the non-invasive procedures segment dominated the market in 2021 and is projected to maintain its lead throughout the forecast period owing to its quick and accurate results, along with the ease of usage compared to invasive procedures
In the invasive procedures segment, breast augmentation and liposuction are expected to witness significant growth over the forecast period
The Asia Pacific region is projected to register the fastest CAGR of 10.9% during the forecast period. Countries such as South Korea and India are expected to serve as key revenue pockets
Key Companies & Market Share Insights
The market for aesthetic medicine is highly fragmented with many local players competing with international players. However, a strict regulatory approval process is challenging the entry of new products into the market. Primary parameters affecting the competition are the rapid adoption of advanced devices for improved treatment and technological advancement. Leading players have adopted mergers & acquisitions as one of the key strategies to retain market share. Recently, in December 2021, Allergen Aesthetics, a part of AbbVie, acquired a medical technology company, Soliton, Inc. This acquisition will strengthen its portfolio of non-invasive body contouring treatments.
In September 2020, Allergan Aesthetics, a part of AbbVie and Skinbetter Science, announced the launch of a new educational partnership DREAM: Driving Racial Equity in Aesthetic Medicine initiative. The Dream Initiative™ is committed to advancing the principles of racial and ethnic diversity, inclusion, respect, and understanding in the fields of plastic surgery and dermatology. In March 2020, Galderma announced a significant investment in the aesthetic portfolio including the expansion of U.S. salesforce and digital advancements in ASPIRE Galderma Rewards. Such investments have strengthened its position in the medical aesthetics market. Some prominent players in the global aesthetic medicine market include: AbbVie, Cynosure, Evolus Inc., Revance Galderma, Lumenis, Solta Medical, Syneron Candela, Alma Laser
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