The global aesthetic medicine market size is expected to reach USD 149.06 Billion in 2030, and register a revenue CAGR of 9.9% during the forecast period. Increasing adoption of aesthetic medicinal procedures by patients undergoing mastectomy, rising development of minimally invasive and non-invasive aesthetic solutions, and steady adoption of botulinum toxin treatments for burn recovery are the major factors expected to drive revenue growth of the market. Moreover, increasing awareness about cosmetic solutions through social media outreach and accessibility to aesthetic medicinal formulations through service outlets are some other factors projected to drive revenue growth of the market between 2022 and 2030.
Aesthetic medicines, also known as cosmetic treatments are non-surgical procedures designed to combat signs of aging, rejuvenate, and refresh skin. Medical aesthetics include a wide range of solutions and medicines that meet specific demands and aesthetic needs of customers for treatment of fine lines & wrinkle diminishment, fat lessening, stretch marks solutions, scar treatment, skin oxygenation and revival, body contours and firming, botulinum toxin enhancements, and skin fixing. Over the past few years, acceptance for aesthetic medicinal procedures have increased exponentially, owing to rapid outreach of surgeons, Healthcare Providers (HCPs), patients, and other stakeholders through social media channels and other digital platforms. This has enhanced connectivity in between HCPs and individuals who are apprehensive to undergo such procedures. This is expected to increase adoption of aesthetic medicine devices and products in the coming years. Aesthetic medicinal formulation manufacturers are meeting customer demands by studying region-wise consumer requirements. For instance, individuals in China require facial alterations through medicinal procedures. Rise in number of service outlets that provide aesthetic medicinal solutions is another factor that is expected to drive revenue growth of the market during the forecast period. More than USD 3 billion has been raised by aesthetic service centers and clinics, and the value is expected to rise over the coming years.
Request a Sample@ https://qyresearchmedical.com/sample/119101
Driver: Increasing use of aesthetic medicinal procedures for removal of stretch marks and treatment of burns
Aesthetic medicinal procedures involve improvement of phenotypical characteristics of patients according to their needs. Availability of a wide range of services that can alter cosmetic appearance of scars, wrinkles, moles, liver spots, excess fat, skin discoloration, skin laxity, cellulite, spider veins, and unwanted hair is increasingly gaining adoption globally. Individuals willing to transform or improve parts of body to lead a better quality of life are undergoing these procedures. Women who have given birth retain stretch marks from pregnancy in their lower abdomen, as well as develop a postpartum belly which takes from a few months to years to recover to its original form. The National Health Services (NHS) figures report that around 8 out of 10 pregnant women develop stretch marks. These individuals are adopting aesthetic medicinal procedures to accelerate the recovery process and get rid of abdominal marks.
Victims who have endured fire and chemical accidents suffer from various degrees of skin burns, which are both physically painful and visually disagreeable. Blisters and contracture formation in the skin during burn recovery causes pain, rashes and irritation, and limits limb mobility. Treatment using botulinum toxin type A, conventionally known as Botox treatment has proved to be effective. Studies published in the National Centers for Biotechnology Information (NCBI) report that Botox injections significantly promote cell regeneration and delay inflammation at the site of burn. The treatment has also visibly improved cosmetic appearance of affected skin and accelerated the time of recovery.
Breast cancer patients as well as undiagnosed women who are taking measures to prevent the disease undergo mastectomy to reduce risk of cancer. According to the 2020 Breast Cancer Report by the American Cancer Society (ACS), removal of both breasts reduces risk of breast cancer by more than 90%. Statistics from the National Cancer Institute suggest that out of the total number of breast cancer patients 72% opt for mastectomy, with 52% undergoing bilateral surgery. While it reduces prevalence of the disease, mastectomy irreversibly changes physical orientation of the patient. In such situations, patients undergo procedures to surgically implant artificial breasts and regain their former physique. These are some of the major factors expected to drive revenue growth of the aesthetic medicines market over the forecast period.
Restraint: Short-term side effects and allergic reactions elicited by aesthetic medicine formulations
Aesthetic medicine procedures can impart various mild and adverse side effects in patients. People undergoing aesthetic procedures, such as facelifts using botulinum toxin may experience pain, swelling and bruising at the site of injection, and droopy eyelids during or after the procedure. Moreover, exorbitant prices associated with such treatments are expected to limit its adoption among middle-class population. This is a major factor expected to restrain revenue growth of the market to a considerable extent. Hyaluronic acid, which is an anti-wrinkle formulation, has been reported to cause anaphylactic allergic reactions. Acid derived from natural sources may contain some protein impurities if not properly filtered, which can lead to various allergies, which is another factor expected to hamper market revenue growth.
The global aesthetic medicines market has experienced a considerable setback as a result of the COVID-19 pandemic. Throughout the first and second quarters of 2020, implementation of lockdown, social distancing, and sudden decrease in consumers’ salary levels had affected market revenue growth adversely resulting in more than 5% contraction of the market that year. Decline in product demand, limited operations, transitory closures of beauty centers, and disruptions in manufacturing and supply chain negatively impacted the aesthetic medicines market. However, reopening of cosmetic centers, clinics, and hospitals in the third and fourth quarters of 2020, along with new product launches, regional expansion of major players, acquisitions, and mergers have supported revenue growth between 2020 and 2021.
Developed countries, as well as developing countries have registered high demand for such treatments in the past few years. Steady shift in attitude of consumers regarding beauty, wellness, and healthy aging is a major factor expected to drive demand for aesthetic medicinal treatments. Surgeons at the American Academy of Facial Plastic and Reconstructive Surgery, Inc. (AAFPRS) have noted 40% increase in number of surgeries performed in 2021, as compared to 2020, with 600 more procedures performed by each surgeon. Annual growth is expected to be more than 10% over the last quarter of 2021 and first quarter of 2022. However, high cost of aesthetic treatment, as well as poor reimbursement coverage, is expected to limit revenue growth of the aesthetic medicine market.
Based on product, the aesthetic medicine market is segmented into energy-based devices, implants, and anti-wrinkle products. Anti-wrinkle products segment accounted for largest revenue share in 2021. It helps individuals to reduce age spots, hyperpigmentation, and fine lines. It also promotes skin cell regeneration and collagen production. These factors have increased adoption of anti-wrinkle products in the geriatric and aging population who want to retain smooth skin. Ease of availability and minimal invasiveness of these products is driving revenue growth of this segment. Studies published in the NCBI in 2022 report use of hyaluronic acid for treatment of hard-to-heal wounds, which is expected to support revenue growth of this segment in the future.
Implants segment is expected to register a rapid revenue growth rate during the forecast period owing to rising demand of patients for facial aesthetic medicinal treatments, increasing disposable income, spending capabilities, and increasing adoption of breast implants in patients who have undergone mastectomy procedures. Implantation is usually performed for cosmetic purposes as well as to rectify the deformed shape of the organ. Rising awareness regarding breast cancer and increasing number of diagnosed and undiagnosed individuals undergoing mastectomy to cut down risk of the disease is in turn increasing adoption of implantation surgeries by the patients to restore their former physique. This is expected to considerably support revenue growth of the segment.
Based on application, the aesthetic medicine market is segmented into surgical and non-surgical. Non-surgical segment accounted for a significantly larger revenue share in 2021. Non-surgical methods include facial injectables and cryolipolysis among others. Such procedures aid in correcting facial lines, reduce wrinkles, diminish cellulite, and reduce undesirable fat within a short time span through minimal invasion. Patients of obesity are increasingly adopting non-surgical fat removal procedures due to relatively lesser pain that these procedures cause, compared to surgical procedures. According to World Health Organization statistics, about 2.8 million patients die each year due to obesity. Rise in awareness among patients regarding disorder and relative ease of conducting this technique is expected to increase its demand and support revenue growth of the market. Moreover, geriatric and aging populations are increasingly adopting non-surgical aesthetic medications to reduce wrinkles and lax skin to overcome the signs of aging. This is another factor expected to drive revenue growth of this segment during the forecast period.
Surgical procedure segment is expected to register a steady revenue growth rate during the forecast period, owing to rising demand for facial surgeries such as eyelid surgery, nose surgery, neck lift, facelift, lip enhancement, and others across the globe. According to 2021 survey report of the American Academy of Facial Plastic and Reconstructive Surgery, Inc. (AAFPRS), number of plastic surgeries have increased by 40% compared to previous with surgeons performing 600 more procedures than in 2020. In addition, around 83% of AAFPRS surgeons reported a 70% rise in number of bookings in 2021 compared to 2020. Moreover, increasing obese population pool is increasing demand for fat reduction surgeries such as liposuction, which is further expected to drive revenue growth of this segment.
Based on end-use, the aesthetic medicine market is segmented into medical spas & beauty centers, hospitals & clinics, and home use. Hospitals & clinics segment accounted for a significantly larger revenue share in 2021. Availability of sophisticated professional devices, strict legislative guidelines for usage, and availability of skilled professionals are some factors responsible for revenue growth of this segment.
Home care settings are witnessing increased demand owing to increasing preference of patients to avoid hospitals and clinics. High adoption of advanced technological devices in-home care settings is driving revenue growth of the segment. Moreover, home care settings are also witnessing increased growth with rise in geriatric population and as it also limits the risk of hospital-acquired infections.
Based on regional analysis, market in North America accounted for largest revenue share in 2021. Increasing adoption of cosmetic procedures, increasing prevalence of skin disorders, and presence of board-certified and skilled cosmetic surgeons in the region are some of the major factors contributing to revenue growth of the market in this region. The American Academy of Aesthetic Medicine (AAAM), which has been the foremost global leader in education and training of aesthetic medicines since 1999, provides a wide range of certificate, diploma, and master courses in the U.S. and various European countries. Furthermore, Master Workshops & Presentations organized by the Canadian Board of Aesthetic Medicine (CBAM) on 9 and 10 July 2022 are expected to increase awareness regarding aesthetic medicinal procedures to more individuals, thereby expected to drive revenue growth of the market in North America.
Market in Asia-Pacific is expected to register a faster revenue growth rate during the forecast period. High demand in countries such as China, India, and South Korea is contributing to market revenue growth. Rise of medical tourism, particularly in Asian countries is expected to drive revenue growth of the market in the region. GOURI, world’s first completely injectable liquid polycaprolactone, developed by DEXLEVO, which is an Asia-based aesthetic and medical device company has been chosen as the best injectable in the 20th Aesthetic & Anti-aging Medicine World Congress (AMWC) between 31 March and 02 April 2022. This is expected to increase adoption of liquid PCL injectables in aesthetic medical centers over the coming years.
Europe aesthetic medicine market is expected to register steady revenue CAGR over the forecast period. This is due to increasing focus towards physical appearance, availability of technologically advanced products, and development of cosmetic surgery hubs in countries in this region. Institutions such as the European College of Aesthetic Medicine & Surgery (ECAMS) and the European Society for Cosmetic and Aesthetic Dermatology (ESCAD) which provide a range of courses on aesthetic medicine and surgical procedures are expected to increase awareness and adoption of aesthetics in countries in the region and further expected to drive revenue growth of the Europe market.
Competitive landscape of aesthetic medicine market is consolidated with few major companies operating at global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolio and gain a robust footing in the global market. The global aesthetic medicine market is highly fragmented, with the presence of large number of key companies. These companies hold major share in their respective regions. Some of the major companies included in global aesthetic medicine market report are AbbVie Inc., Galderma, Alma Lasers, Cynosure, Johnson & Johnson Private Limited, Lumenis Be Ltd., Solta Medical, Candela Medical, Hologic, Inc., and Dentsply Sirona.
- On 17 September 2020, one of the world’s largest dedicated medical aesthetics businesses, Merz Aesthetics, announced a partnership with Gwyneth Paltrow, an Oscar, and Emmy-award-winning actor, for the launch of its global campaign for Xeomin, which is a Food Drug Administration-approved anti-wrinkle injection for lightening frown lines exclusively purified to remove excessive proteins.
- On 14 September 2020, Allergan Aesthetics, part of AbbVie and Skinbetter Science announced the launch of DREAM: Driving Racial Equity in Aesthetic Medicine initiative. This strategy has resulted in the expansion of resource availability to enhance patient care for a broad spectrum of skin types.
- On 14 May 2020, AbbVie Inc., which is an American publicly-traded biopharmaceutical company acquired Allergan (Ireland), an Irish-domiciled pharmaceutical company to form a global segment—Allergan Aesthetics in order to improve its medical aesthetics product line.
- On 04 March 2020, Galderma, a Swiss pharmaceutical company announced investment in aesthetic portfolio, including expansion of the U.S. salesforce and digital advancements in ASPIRE Galderma Rewards. Such investments have strengthened its position in the aesthetics market.
Segments Covered in the Report
This report offers historical data and forecasts revenue growth at a global, regional, and country-level, and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For this study, Reports and Data has segmented aesthetic medicine market based on product, application, end-use, and region:
Aesthetic Medicine Market Report Scope
Segments covered By Product Outlook, Application Outlook, End-use Outlook, Regional Outlook
By Product Outlook
Aesthetic Laser Devices
Body Contouring and Skin Tightening Devices
By Application Outlook
By End-use Outlook
Medical Spas & Beauty Centers
Hospitals & Clinics
Middle East & Africa
Buy quantitative research Report at discounted price – USD 1500 https://qyresearchmedical.com/report/checkout/119101/1500
You can place an order or ask any questions, please feel free to contact [email protected] | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us:
URL – http://www.qyresearchmedical.com/