Medical Aesthetics Market to Hit USD 32.49 billion by 2032, says SNS Insider

In 2023, the Medical Aesthetics Market was estimated to be worth a USD 13.50 billion, and SNS Insider analysts predict a growth with a CAGR of 11.6% reaching a projected value of USD 32.49 billion by 2031.

The medical aesthetics market is experiencing a period of phenomenal expansion, driven by a confluence of social and technological trends. This industry encompasses a wide range of non-surgical and minimally invasive procedures that enhance a person’s appearance, addressing concerns like wrinkles, unwanted body fat, and uneven skin tone. By leveraging cutting-edge technologies like lasers, injectables, and energy devices, medical aesthetics offers a spectrum of solutions for facial rejuvenation, body contouring, and even dental improvements.

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List of Medical Aesthetics Companies Profiled in Report:

• Allergan
• Johnson & Johnson
• Galderma
• Lumenis
• Cynosure
• AbbVie
• Cynosure
• Evolus Inc.
• Revance Therapeutics Inc
• Galderma
• Lumenis
• Solta Medical
• Syneron Candela
• Alma Laser

Key insights analysed by SNS Insider:

• As global economies improve, people have more discretionary income to invest in personal appearance and well-being
• There’s a growing acceptance of cosmetic procedures, with less social stigma attached to enhancing one’s looks.
• The continuous development of minimally invasive and more effective procedures is attracting a wider customer base.
• Social media and widespread marketing have heightened consumer awareness of available aesthetic treatments.

What are the Untapped Potentials in Market?

• Developing new, safer, and even more targeted aesthetic devices and injectables will be paramount to stay ahead of the curve.
• Emerging markets in Asia Pacific and Latin America present significant growth potential due to their expanding middle class and increasing disposable income.
• Traditionally a female-dominated market, there’s a growing interest in aesthetic procedures among men. Tailoring services and marketing strategies to this segment presents a lucrative opportunity.

Impact of Global Events

While the future of medical aesthetics appears bright, it’s important to acknowledge potential headwinds. Economic downturns can lead to reduced consumer spending on discretionary services like elective cosmetic procedures. The ongoing war in Ukraine and potential for a wider recession could pose challenges in the short term. However, the long-term growth prospects of the market remain optimistic.

Medical Aesthetics Market Segmentation:

By Product type

• Facial Aesthetic
• Body Contouring
• Cosmetic Implants
• Hair Removal Devices
• Skin Aesthetic Devices
• Tattoo Removal Devices

By Technology

• Invasive
• Non-Invasive
• Minimally Invasive

By End users

• Hospitals & Clinics
• Dermatology & cosmetic centers

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Segment Analysis:

The medical aesthetics market is a diverse landscape segmented by product type, technology, and end user. Facial aesthetics, encompassing injectables and lasers for wrinkle reduction and facial sculpting, dominates the market share. Body contouring devices for fat reduction and muscle toning are another significant segment. Cosmetic implants, like breast implants and facial fillers, offer a more permanent solution. Hair and tattoo removal devices address specific concerns.

Technology plays a crucial role, with minimally invasive procedures like Botox injections preferred for their faster recovery times compared to invasive surgeries like liposuction. Hospitals and clinics handle a larger portion of invasive procedures, while dermatology and cosmetic centers specialize in non-invasive and minimally invasive treatments. Understanding these segmentations with their quantitative market share which are analysed by SNS Insider is vital for companies to showcase their offerings and target the most promising demographics.

Regional Analysis:

North America currently holds the dominant position in the medical aesthetics market, primarily due to the high disposable income, established healthcare infrastructure, and strong presence of skilled practitioners. However, regions like Asia Pacific and Latin America are expected to witness the fastest growth rates in the coming years owing to their rising middle class and increasing awareness of aesthetic treatments.

Recent Developments:

The medical aesthetics market is experiencing a boom driven by technological advancements. Companies like AbbVie are capitalizing on this by expanding their product lines beyond facial treatments.

In August 2022, AbbVie launched their “SkinMedica Firm & Tone Lotion for Body,” the first of its kind in their professional-grade range. This signifies a shift towards addressing body concerns alongside facial aesthetics. Additionally, we’re seeing a rise in combination therapies. Bausch Health’s Solta Medical division introduced the “Clear + Brilliant Touch” laser in March 2021. This device utilizes two wavelengths, allowing for a more customized approach that caters to a wider range of skin types and concerns. These innovations, coupled with an increasing focus on minimally-invasive procedures, are propelling the medical aesthetics market to new heights.

Key Takeaways:

• The medical aesthetics market presents a compelling investment opportunity with its robust growth trajectory and diverse customer base.
• By capitalizing on technological advancements, addressing the needs of underserved segments, and navigating potential economic challenges, industry players are well-positioned to reap the rewards of this flourishing market.
• While factors like recessions and geopolitical uncertainties can create temporary setbacks, the long-term outlook for the medical aesthetics market remains undeniably positive.

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About US:

SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.

We assist our clients to anticipate industrial, economic, and consumer trends to drive disruptive change by fusing global experience with local information from experts throughout the world. We bring context to strategic and tactical data by bridging approaches based on data science and field research, assisting you in addressing your most pressing problems and spotting possibilities.

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