April 23, 2024

Aesthetic Medicine is Estimated to Witness High Growth Owing to Increasing Demand for Nonsurgical Procedures

Common aesthetic medicine treatments include nonsurgical cosmetic procedures such as Botox injections, dermal fillers, chemical peels, laser hair removal and photo-rejuvenation that help reduce the signs of aging. The rising consumer demand for aesthetic treatments without undergoing full-fledged surgeries is boosting the adoption of nonsurgical procedures across the globe. Botox and dermal fillers procedures are gaining popularity for reducing wrinkles, lifting sagging skin and restoring facial volume. Significant advancements in devices and technologies are enabling aesthetic physicians to treat a wide range of concerns effectively in a minimally invasive manner.

The Global Aesthetic Medicine Market is estimated to be valued at US$ 170.39 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Aesthetic Medicine market are Johnson & Johnson Services, Inc., Teleflex Incorporated, Cooper Surgical, Inc., Genicon, Medtronic, B. Braun SE, Applied Medical Resources Corporation, LaproSurge, Purple Surgical, CONMED, Hangzhou Boer Medical Instruments Co., Ltd., Duomed, Changzhou Cheayoo Medical Devices Co., Ltd., and Tianjin Zhichao Medical Technology Co., Ltd.
The rising popularity of medical tourism for cosmetic procedures is fueling the market growth significantly. Countries like Thailand, Mexico and South Korea have emerged as hubs for aesthetic treatments and surgeries.
Technological advancements in energy-based devices, neurotoxins, dermal fillers and other aesthetic products are enabling doctors to offer enhanced results with minimal downtime and complications for patients. Introduction of new treatment modalities are also expanding the market scope.

Market Drivers:
The increasing adoption of nonsurgical aesthetic treatments owing to shorter recovery time as compared to surgical procedures is one of the key factors driving the market growth. Busy lifestyle and rising patient preference for beauty and appearance enhancement without opting for extended medical leave is boosting the demand for aesthetic medicines. Growing social media influence and focus on physical appearance among millennials and Generation Z is bolstering the market expansion. Heightened willingness to pay for aesthetic treatments and surge in medical tourism are some other critical aspects accelerating the revenue generation in the market.

Challenges in Aesthetic Medicine Market
The Aesthetic Medicine Market Size faces several challenges. The aesthetic procedures require expensive products and services. This increases the overall cost of the treatment procedures. Additionally, lack of reimbursement coverage for aesthetic procedures poses a major challenge. The procedures are considered as cosmetic enhancements rather than medical procedures. This restricts complete insurance coverage. Stringent regulatory policies and lack of standardization further restrict the market growth. Practitioners require extensive training to perform aesthetic procedures safely. This increases the entry barriers. Moreover, social stigma related to aesthetic treatments challenge the acceptance of such procedures. Overall, the high costs, lack of coverage, regulatory hurdles and social acceptance are key challenges in this market.

SWOT Analysis
Strength: Rising acceptance of minimally invasive procedures and growing focus on self-image boost the demand. Established distribution channels ensure easy availability. Weakness: High procedural costs can limit the market reach. Stringent regulations restrict product approvals and procedures. Opportunity: Emerging economies offer high growth potential due to increasing medical tourism and disposable incomes. Rising awareness regarding procedures open new opportunities. Threats: Social stigma and religious restrictions in regions pose threat. Entry of alternative beauty treatments can challenge market potential.

The United States accounts for the major share in North America due to well-developed healthcare infrastructure and rising demand for aesthetic treatments. On the other hand, Brazil and Mexico exhibit high growth rates in Latin America owing to growing medical tourism and access to advanced treatments. Europe dominates the global market led by Germany, United Kingdom, France and Italy. In Asia Pacific, China, Japan, South Korea and India demonstrate lucrative opportunities with improving healthcare scenario and focus on appearance. Meanwhile, Middle East and Africa show progressive trends attributable to increasing medical expenditures.

The Asia Pacific region is estimated to register the fastest growth in the aesthetic medicine market over the forecast period from 2024 to 2030. This is attributed to the expanding medical tourism industry and rapidly developing healthcare infrastructure across Asian countries. Rising medical expenditures and disposable incomes particularly in China and India will propel the regional growth. Moreover, increasing awareness regarding aesthetic procedures and adoption of minimally invasive techniques boost the adoption. Favorable government initiatives encourage foreign investment and technology transfer in the aesthetics sector of Asia Pacific.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it