The global medical aesthetics market is projected to reach USD 23.4 billion by 2027 from USD 13.9 billion in 2022, at a CAGR of 11.0% from 2022 to 2027. The market is expanding as a result of factors like the rising popularity of minimally invasive and noninvasive aesthetic procedures, the rising popularity of aesthetic procedures among geriatric patients, the accessibility of technologically advanced and user-friendly products, and the rising demand for aesthetic treatments among men. The availability and acceptance of alternative beauty and cosmetic goods, which are becoming more widely available, are, however, limiting the expansion of this market, as are the clinical risks and consequences connected with medical aesthetic operations.
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The growth of the medical aesthetics market is majorly driven by increasing product development and commercialization, increasing availability of wide options, affordability, and the home used devices. The rising number of aesthetic procedures, the launch of novel minimally invasive and noninvasive aesthetic products, and the growing number of conferences and training programs to raise awareness about the benefits of aesthetic procedures are some of the key factors driving the growth of the medical aesthetics market.
Based on the product type, the medical aesthetics market is segmented into facial aesthetic, cosmetic implants, hair removal devices, tattoo removal devices, thread lift products, physician dispensed eyelash products, and nail treatment laser devices, with each segment covering various aesthetic procedures. The facial aesthetic products segment held the largest share of the medical aesthetics market in 2021. The large share of this segment can be attributed to the growing patient demand for facial aesthetic treatments, increasing disposable income and spending capabilities, and the rising geriatric population.
Based on end user, the medical aesthetics market is segmented into clinics, hospitals, and medical spas; beauty centers; and home care settings. Clinics, hospitals, and medical spas are the largest end users of medical aesthetic products. Growth in this segment can be attributed to the increasing awareness about various aesthetic procedures and their benefits (resulting in a growth in the number of aesthetic procedures across the globe), growing patient preference for minimally invasive cosmetic surgeries, growth in the number of clinics and surgeons providing these treatments, and entry of new and advanced products in the market that are resulting in enhanced patient comfort levels with aesthetic treatments.
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Geographical Growth Scenario:
Asia Pacific to register major growth in the market during the forecast period
Asia Pacific medical aesthetics market is anticipated to register the highest growth over the forecast period of 2022 to 2027. Major growth of the market is attributed to increased consumer affluence and aesthetic sophistication throughout the region. Additionally, the next four to five years are expected to be marked by the continued proliferation of the aesthetics industry in APAC due to the emergence of new products and increasing consumer acceptance of advanced procedures. The increasing availability of minimally invasive and noninvasive aesthetic treatments is also expected to fuel the growth of the medical aesthetics market in the region.
Key Players:
As of 2021, prominent players in the medical aesthetics market are AbbVie Inc. (Ireland), Galderma (Switzerland), and Merz Pharma (Germany), El.En. S.p.A (Italy), Cutera (US), Venus Concept (Canada), Lutronic (US), Lumenis (Israel), Bausch Health Companies Inc. (Solta Medical)(Germany), Candela Corporation (US), InMode (Israel), and Cynosure (US) among others.
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