Medical Aesthetics Market Report

Growth in medical tourism, rise in disposable income and rising awareness about beauty specialties are driving the expansion of the market. Medical aesthetics devices are used to correct abnormalities caused by accidents, trauma and other congenital illnesses (particularly implants). Also, medical aesthetics operations can help to reverse the ageing process to some extent. Furthermore, the importance of physical attractiveness is growing and people all over the world are attracted to products and treatments that will help them maintain their youth and beauty. Another element driving the expansion of the market is the increase in consumer expenditure on cosmetic pharmaceuticals across the globe. In developing countries, the growing desire to look young and fit has raised demand for aesthetic treatment. Liposuction, nose reshaping and Botox injections are becoming popular among consumers in countries such as India and South Korea. According to the International Society of Aesthetic Plastic Surgery (ISAPS), India is one of the top ten countries in the world for surgical and non-surgical procedures. This emphasises the promising growth opportunities for the country's medical aesthetics manufacturers. Furthermore, increasing incidence of trauma and traffic accidents as well as increasing cases of breast cancer are expected to fuel the growth of the medical aesthetics market.

Medical aesthetics market faces some substantial challenges that limit its growth probable. Among these challenges the high cost related with treatment, that may be a considerable barrier for numerous patients. The expenditures range beyond the treatments themselves, about the costs of innovative equipment and technologies that remain often essential for operative procedures. Moreover, the risk of malfunction and unexpected results from medical aesthetic procedures can pose a significant concern. These risks require complete patient counselling and knowledgeable consent, additional this complicates the treatment process. Also, the market is delayed by limited reimbursement choices. Various insurance plans don’t cover cosmetic procedures, this leaves the patients to allow the financial burden. This lack of financial support may discourage potential customers from pursuing medical aesthetics. Through compounding these problems are the increasing the popularity and availability of alternate non-invasive cosmetic solutions and beauty products, which provide minor risks and decreases the costs. As clients progressively opt for these less invasive options, the demand for outdated medical aesthetic treatments can decay, further this impacts market growth.

The medical aesthetics market is highly fragmented, with many local companies competing with international players. Adoption of new technology for advanced treatments and technological innovation are the primary factors influencing competition. Major players are using mergers and acquisitions as a major strategy to maintain their market position. For instance, in April 2024, Allergan Aesthetics the part of AbbVie, had launched two new products under its SkinMedica line: the SkinMedica Acne Clarifying Treatment and the SkinMedica Pore Purifying Gel Cleanser. These innovations provide advanced and balanced care specifically designed for acne-prone skin. Furthermore, Allergan Aesthetics, a division of AbbVie Inc., purchased Soliton, Inc., a medical technology company, in 2021. This acquisition will expand its non-invasive body contouring treatments. Additionally, Merz Aesthetics Inc. introduced Radiesse (+) Lidocaine in 2022, an injectable implant for deep injection for soft tissue augmentation to address moderate to severe loss of jawline shape in individuals over the age of 21.

Owing to the increasing demand for cosmetic procedures, rising disposable income and rising government expenditure on healthcare infrastructure, North America's medical aesthetics market witnessed the largest regional share. Medical aesthetics demand in North America is also being driven by the development of technologically improved devices, R&D projects and FDA approval for home-use aesthetic devices. The Aesthetic Society is the world's leading organisation entirely dedicated to aesthetic plastic surgery & cosmetic medicine of the face and body. The Aesthetic Society has over 2,600 members, all of whom are certified by the American Board of Plastic Surgery (USA) or the Royal College of Physicians and Surgeons of Canada. Presence of such organisations in North America also contribute to the regional market growth.

According to Cleveland Clinic (a non-profit American academic medical center), cosmetic surgery is extremely popular in the United States, more than 15 million cosmetic surgery treatments are performed each year. Almost 13 million of these procedures involve minimally invasive techniques, people of all genders & ages undergo cosmetic surgery. These treatments are more common in adults aged 40 to 54. 92% of cosmetic surgery treatments are performed on women. According to the Aesthetic Society, skin treatment, skin tightening and fat reduction are most popular non-surgical procedure in the U.S in 2021 with 1,877,237 procedures being carried out. As a result, these elements are supporting medical aesthetics market expansion. Moreover, due to rising medical tourism, improved healthcare infrastructure, increased public awareness of anti-aging procedures, and affordable healthcare expenses, Asia Pacific is likely to experience the fastest development over the forecast period.