Global Aesthetic Medicine Market By Procedure Type [By Invasive Procedures (Breast Augmentation, Liposuction, Nose Reshaping, Eyelid Surgery, Tummy Tuck, Other Invasive Procedures) By Non-invasive Procedures (Botox Injections, Soft Tissue Fillers, Chemical Peel, Laser Hair Removal, Microdermabrasion and Other Non-invasive Procedures)] By End-User (Clinics and Hospitals, medical spas, beauty Centers and home care) and By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: Nov 2023
- Report ID: 63992
- Number of Pages: 362
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Report Overview
The Global Aesthetic Medicine Market size is expected to be worth around USD 571.6 Billion by 2033, from USD 130.7 Billion in 2023, growing at a CAGR of 15.9% during the forecast period from 2024 to 2033.
Aesthetic medicine is a branch of modern medicine that focuses on altering cosmetic appearance through the treatment of various conditions, including scars, skin laxity, wrinkles, moles, liver spots, excess fat, cellulite, unwanted hair, skin discoloration, and spider veins. It encompasses both invasive and non-invasive procedures.
In recent years, aesthetic treatments have indexed a surge in demand due to the introduction of new devices by manufacturers. The launch of new, technologically sophisticated products, such as non-invasive body contouring that uses fat-freezing technology, is anticipated to augment market growth in the coming years. With 141,325 operations completed, non-invasive body fat reduction was one of the most common non-invasive procedures in America in 2021, according to the Aesthetic Society (U.S.).
Key Takeaways
- Current Market Size: The Aesthetic Medicine Market is currently valued at USD 130.7 billion.
- Expected Market Size: By 2033, this market is projected to grow to approximately USD 571.6 billion.
- Growth Rate: The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.9% from 2023 to 2033.
- Share of Non-Invasive Procedures: Non-invasive procedures hold a significant share of the market, about 54.4% in 2023.
- Clinics and Hospitals Market Share: More than 37% of aesthetic treatments are done in clinics and hospitals.
- Increase in US Cosmetic Surgeries: Cosmetic surgeries in the US saw a 54% increase in 2021.
- US Spending on Cosmetic Procedures: In 2020, Americans spent around USD 17 billion on cosmetic procedures.
- Growth in Botox Injections: Comparing 2023 to 2033, Botox injections are expected to surge by 78%.
- Breast Augmentation Growth: Over the same period, breast augmentation procedures are expected to grow by 48%.
- North America Market Share: North America dominates the market with a 36.4% share, valued at USD 47.5 billion in 2023.
- Asia Pacific Anticipated CAGR: The Asia Pacific region is expected to have the highest CAGR of 11.5% from 2023 to 2033.
- Non-Invasive Body Fat Reduction Operations (2021): In 2021, there were 141,325 non-invasive body fat reduction procedures in the US.
- Number of Report Pages: The report covering these statistics has 362 pages.
- Surge in Non-Invasive Procedures: In 2023, there was a notable increase in non-invasive aesthetic procedures.
- Demand for Home Care Solutions: There’s a growing demand for home care aesthetic solutions, marking a new trend in the market.
Procedure Type Analysis
In 2023, the aesthetic medicine market has witnessed significant growth, predominantly driven by non-invasive procedures. These procedures, known for their minimal invasiveness and shorter recovery times, held a dominant market position, capturing more than a 54.4% share.
Non-Invasive Procedures
Non-invasive procedures, such as Botox injections, soft tissue fillers, chemical peels, laser hair removal, and microdermabrasion, have gained immense popularity. These treatments are preferred due to their less risky nature and minimal downtime compared to surgical alternatives. Botox injections, particularly, have seen a surge in demand, often attributed to their effectiveness in reducing wrinkles and fine lines. Soft tissue fillers are also gaining traction for their ability to restore volume and enhance facial contours.
The demand for chemical peels and microdermabrasion, procedures known for skin rejuvenation, reflects the growing consumer preference for youthful and radiant skin. Laser hair removal remains a sought-after procedure, appreciated for its long-term results in hair reduction.
Invasive Procedures
On the other hand, invasive procedures like breast augmentation, liposuction, nose reshaping, eyelid surgery, and tummy tucks constitute a significant segment of the market. These procedures, though involving longer recovery periods and higher risks, are favored for their lasting and pronounced effects. Breast augmentation and liposuction, in particular, continue to be popular, driven by the increasing focus on body aesthetics.
Nose reshaping and eyelid surgeries are also notable segments, reflecting the growing trend towards facial aesthetic enhancements. Tummy tucks, primarily sought after post-pregnancy or significant weight loss, underscore the demand for body contouring solutions.
End-User Analysis
In 2023, the aesthetic medicine market has demonstrated considerable growth, with clinics and hospitals at the forefront, securing more than a 37% share. This segment’s dominance is primarily due to the reliability and comprehensive care these institutions offer.
Clinics and Hospitals
Clinics and hospitals are the primary choice for invasive procedures due to their advanced facilities and experienced medical staff. These institutions offer a wide range of aesthetic services, from basic non-invasive treatments to complex surgeries. Their trustworthiness, coupled with the availability of skilled professionals, continues to attract a significant portion of the patient base.
Medical Spas
Medical spas, blending medical expertise with spa-like environments, have also gained substantial market presence. These facilities specialize in non-invasive treatments like Botox, fillers, and laser therapies. Their popularity stems from offering a relaxing environment while providing professional aesthetic services. The emphasis on a holistic approach to beauty and wellness appeals to a wide demographic, contributing to their market share.
Beauty Centers
Beauty centers, focusing primarily on non-medical aesthetic treatments such as facials, skin care, and minor cosmetic enhancements, cater to a growing segment of the market. These centers are favored for their accessibility and variety of cosmetic services. They appeal to consumers seeking quick and often more affordable beauty treatments.
Home Care
Lastly, the home care segment, though smaller, is emerging as a notable trend. This segment includes products and devices for at-home aesthetic treatments. The growing demand for home care solutions is driven by the increasing desire for convenience and the advancement in home-use aesthetic devices. This segment caters to individuals seeking privacy and flexibility in their aesthetic routines.
Key Market Segments
Procedure Type
- Invasive Procedures
- Breast Augmentation
- Liposuction
- Nose Reshaping
- Eyelid Surgery
- Tummy Tuck
- Other Invasive Procedures
- Non-Invasive Procedures
- Botox Injections
- Soft Tissue Fillers
- Chemical Peel
- Laser Hair Removal
- Microdermabrasion
- Other Non-invasive Procedures
Product Type
- Clinics and Hospitals
- Medical Spas, Beauty Centers
- Home Care
Drivers
- Increased Cosmetic Surgeries: There’s been a surge in cosmetic surgeries. In the US, surgical procedures jumped by 54% in 2021. Popular procedures include Botox and rhinoplasty, with high online search volumes. Breast augmentations, especially with silicone implants, are also on the rise. In 2020, Americans spent around $17 billion on cosmetic procedures, with the South Atlantic region leading in the US.
- Technological Advancements: New technologies have made these procedures safer and more appealing, drawing more interest from medical professionals and increasing the number of cosmetic surgeons.
Restraints
- High Costs and Lack of Insurance Coverage: Cosmetic surgeries are expensive, and most insurance policies don’t cover them. This high cost is a significant barrier for many people.
Opportunities
- Millennial Interest: Millennials, highly engaged in self-care and influenced by social media, are increasingly seeking cosmetic procedures, not just to change their looks drastically but to maintain youthfulness.
- Emerging Markets: Developing countries present big opportunities with growing middle classes and interest in aesthetic treatments. These markets are relatively untapped and have potential for growth.
- Rise in Minimally Invasive Treatments: Treatments like Botox and dermal fillers are gaining popularity. They are less risky than surgeries and have minimal downtime, attracting a wider range of customers.
Challenges
- Regulatory Compliance: The medical aesthetics field has strict safety and regulatory standards. This can be challenging for new companies and can increase treatment costs.
- Alternative Beauty Products: The market faces competition from over-the-counter beauty products, which are often more affordable and convenient for consumers.
- COVID-19 Impacts: Initially, the pandemic led to a decline in demand, with beauty centers closing and supply chains disrupted.
Trends
- Focus on Appearance Due to Remote Work: The shift to remote work and frequent video calls has made people more conscious of their appearance.
- Growing Demand in Developing Countries: There’s a rising trend in aesthetic treatments in countries like India and South Korea.
- Preference for Non-Invasive Procedures: Non-surgical treatments are becoming more popular due to their safety, affordability, and minimal recovery time.
Regional Analysis
North America is dominating Aesthetic Medicine Market with 36.4% share, with USD 47.5 Billion in 2023. Modern healthcare infrastructure, the increasing demand for cosmetic operations, a surging incidence of skin diseases, and the local availability of board-certified cosmetic surgeons, are all contributing major factors to this region’s rise to prominence in this industry. The rate of cosmetic surgery was compared between 2023 and to 2033 by the American Society of Plastic Surgeons (ASPS).
Findings revealed that Botox injections surged by 78%, while breast augmentation grew by 48%. In the future, North America is anticipated to be a significant source of income for players involved in aesthetic medicine. The highest CAGR (11.5%) is anticipated to be accounted for by the Asia Pacific over the forecast period. This region’s growth is supported by China, India, South Korea, and South Korea. The availability of technologically improved advanced product launches, an increasing emphasis on physical appearances, and South Korea’s status as the center for cosmetic surgery are major market-driving factors.
Key Regions and Countries
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- MEA
- GCC
- South Africa
- Israel
- Rest of MEA
The aesthetic medicine market is a highly competitive arena, featuring a mix of local and international players. Aesthetic medicine market is governed by strict regulations, which often limit the introduction of new products. However, it’s also a field ripe with technological innovations and new device adoptions that enhance treatment quality. To maintain and grow their market shares, leading companies frequently engage in strategic mergers and acquisitions.
Key global players include Allergan-AbbVie, Baush, Sientra, Lumenis, Medytox, Cynosure, Alma Lasers, Syneron Medical, Fotona, Merz Pharma, Anika Therapeutics, Sinclair Pharma, and Johnson & Johnson. These companies are at the forefront of innovation, developing new products and technologies to meet the increasing demand for aesthetic treatments. For example, Allergan Aesthetics (part of AbbVie) is a market leader with a diverse range of products like Botox and Juvederm. They launched the DREAM™ Initiative in September 2020, focusing on racial equity in aesthetic medicine. Similarly, Merz Pharma is recognized for its dermal fillers and neurotoxins, and Lumenis is a top provider of laser-based technologies.
The market is poised for growth, driven by the rising popularity of minimally invasive procedures, heightened awareness about aesthetic treatments, and the adoption of cutting-edge technologies. Key companies continue to invest heavily in research and development to bring new, innovative products to the market.
In a notable move, Allergan Aesthetics (part of AbbVie) acquired Soliton Inc., a medical technology company, in December 2021. This acquisition expands their portfolio in non-invasive body contouring treatments. Similarly, in March 2020, Galderma invested substantially in its aesthetic portfolio, including expanding its U.S. salesforce and digital enhancements in its ASPIRE Galderma rewards program, bolstering its position in the market.
Key Market Major Players
- Allergan-AbbVie
- Baush
- Sientra
- Lumenis
- Medytox
- Cynosure
- Alma Lasers
- Syneron Medical
- Fotona
- Merz Pharma
- Anika Therapeutics
- Sinclair Pharma
- Johnson & Johnson
- Other Key Players
Recent Development
- March 2023: Galderma introduces “FACE by Galderma,” an augmented reality (AR) tool that empowers both aesthetic professionals and patients to preview injectable treatment results before the actual procedure.
- August 2023: AbbVie Inc. launches 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 2023: Bausch Health Companies Inc. announces the launch of Restylane Kysse, a new hyaluronic acid filler designed to enhance lip volume, definition, and hydration.
- February 2023: Johnson & Johnson’s Ultherapy system is cleared by the FDA for the treatment of wrinkles and neck laxity in the décolletage area.
- January 2023: Allergan Aesthetics announces the launch of Juvéderm Voluma XC with Lidocaine, a new hyaluronic acid filler with lidocaine added for increased comfort during and after treatment.
Report Scope
Report Features Description Market Value (2023) USD 130.7 Billion Forecast Revenue (2033) USD 571.6 Billion CAGR (2023-2032) 15.9% Base Year for Estimation 2023 Historic Period 2017-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments Segments Covered By Procedure Type [By Invasive Procedures (Breast Augmentation, Liposuction, Nose Reshaping, Eyelid Surgery, Tummy Tuck, Other Invasive Procedures) By Non-invasive Procedures (Botox Injections, Soft Tissue Fillers, Chemical Peel, Laser Hair Removal, Microdermabrasion and Other Non-invasive Procedures)] By End-User (Clinics and Hospitals, Medical Spas, Beauty Centres and Home Care) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Allergan-AbbVie, Baush, Sientra, Lumenis, Medytox, Cynosure, Alma Lasers, Syneron Medical, Fotona, Merz Pharma, Anika Therapeutics, Sinclair Pharma, Johnson & Johnson and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the Aesthetic Medicine Market Expected Size till 2032?The Aesthetic Medicine Market size is expected till USD 571.6 Billion till 2033.
What is the CAGR of Aesthetic Medicine Market?Aesthetic Medicine Market growing at a CAGR of 15.9% during the forecast period from 2022 to 2033.
- Allergan-AbbVie
- Baush
- Sientra
- Lumenis
- Medytox
- Cynosure
- Alma Lasers
- Syneron Medical
- Fotona
- Merz Pharma
- Anika Therapeutics
- Sinclair Pharma
- Johnson & Johnson
- Other Key Players
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