Aesthetic medicine involves various minimally-invasive and non-surgical procedures that enhance and modify the appearance of an individual. These procedures help reduce wrinkles, lifts facial sagging skin, diminish acne scarring, and correct other visible effects of aging. They utilize techniques like Botulinum toxin (botox) injections, dermal fillers, laser skin resurfacing, chemical peels, and intense pulse light therapies. The growing popularity of such procedures among people wanting to look youthful and avoid undergoing complex cosmetic surgeries is a major factor boosting the aesthetic medicine market.
The global Aesthetic Medicine Market is estimated to be valued at US$ 147.9 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the aesthetic medicine market is the increasing acceptability of aesthetic procedures. Earlier, these treatments primarily involved facial rejuvenation but now their applications have expanded to include body contouring and cellulite reduction as well. Procedures like CoolSculpting that help diminish fat without surgery are gaining immense popularity. Also, the advent of new application areas such as hair transplantation, treatment of hyperhidrosis, and dark circle reduction is creating new avenues for market growth. Furthermore, the rising availability of affordable treatments and increasing medical tourism for aesthetic treatments in countries like India, Thailand, and Mexico is expected to boost the market during the forecast timeframe.
Threat of new entrants: The aesthetic medicine market requires large capital investments for research and development activities, thereby increasing entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power in the aesthetic medicine market as they have several treatment options to choose from.
Bargaining power of suppliers: Suppliers have moderate power due to the availability of alternative suppliers in the market.
Threat of new substitutes: Alternate minimally invasive treatments pose a potential threat to aesthetic medicine market.
Competitive rivalry: The market is competitive with presence of many international and regional players.
The Global Aesthetic Medicine Market Size is expected to witness high growth.
Regional analysis: North American region dominates the global aesthetic medicine market and is expected to witness the highest growth over the forecast period owing to increasing awareness about various aesthetic procedures and availability of advanced treatments in the region.
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. Key players are focusing on new product launches and geographical expansion to gain more market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it