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The global landscape of cosmetic procedures is experiencing a notable surge in adoption, particularly in emerging economies where there is a growing penchant for a range of interventions. Procedures such as breast augmentation, liposuction, eyelid surgery, abdominoplasty, botulinum toxin treatments, nonsurgical fat reduction, chemical peels, and others have gained increased popularity. This trend can be attributed to several factors, including the rising awareness and acceptance of cosmetic procedures, coupled with an increase in disposable income among the population in emerging economies.
One key driver of the growing demand for cosmetic procedures in emerging economies is the increasing popularity of these interventions among individuals who seek to enhance their physical appearance. As societal norms evolve, there is a growing acceptance of cosmetic enhancements as a means of self-expression and personal empowerment. This cultural shift, coupled with a desire for aesthetic improvements, has led to a significant uptick in the adoption of various cosmetic procedures.
The rise in disposable income in emerging economies is another pivotal factor contributing to the burgeoning demand for cosmetic interventions. As economic conditions improve and disposable income levels increase, individuals in these regions are more inclined to invest in procedures that can enhance their aesthetic features. The willingness to allocate resources for cosmetic enhancements is a testament to the changing priorities and aspirations of the population in emerging economies.
The improvement in healthcare infrastructure in these regions is a crucial catalyst for market growth. Access to advanced medical facilities and specialized practitioners fosters a conducive environment for the expansion of the medical aesthetics market. Individuals in emerging economies now have greater access to a diverse array of cosmetic procedures, creating opportunities for both patients and healthcare providers.
The increasing number of cosmetic surgeons in emerging economies presents a significant growth opportunity for the medical aesthetics market. According to the International Society of Aesthetic Plastic Surgery (ISAPS), several emerging countries, including India, Argentina, Venezuela, Thailand, Saudi Arabia, and more, feature prominently in the list of top 30 countries ranked by the estimated number of plastic surgeons. The presence of skilled professionals in these regions not only enhances the accessibility of cosmetic procedures but also contributes to the overall growth and credibility of the aesthetic industry.
Minimally-invasive cosmetic procedures are gaining traction in emerging economies, providing additional avenues for market growth. The appeal of procedures with shorter recovery periods, less post-operative pain, and fewer complications resonates well with individuals seeking cosmetic enhancements. According to ISAPS data, India accounted for approximately 394,728 total surgical procedures and about 249,024 total nonsurgical procedures in 2019. Similarly, Argentina recorded about 193,237 total surgical procedures and around 232,584 total nonsurgical procedures in the same year. These statistics underscore the increasing popularity of cosmetic interventions in emerging economies.
As these trends continue, the medical aesthetics market is poised for significant expansion due to the rising adoption of cosmetic procedures in emerging economies. The convergence of cultural shifts, economic empowerment, improved healthcare infrastructure, and the growing number of skilled practitioners collectively contribute to the positive outlook for the industry in these regions. The democratization of cosmetic enhancements, with increased accessibility and acceptance, positions the medical aesthetics market for sustained growth and evolution in emerging economies.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Procedure, Gender, and End-User |
Aesthetics Market Highlights:
Global Aesthetics Market Overview
The Global Aesthetics Market Size was valued at USD 75.46 Billion in 2023 and is projected to grow from USD 88.45 Billion in 2024 to USD 232.49 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.34% during the forecast period (2024 - 2032). The growing need to look young and fit has raised the demand for body image concerns in developing countries.
Aesthetic procedures such as nose reshaping, liposuction, and Botox injections are accumulating consumer interest in major emerging economies including India and South Korea. As per the International Society of Aesthetic Plastic Surgery (ISAPS), India is rated among the top 5 countries serving non-surgical procedures globally, which highlights the increased growth prospects for aesthetic medicine manufacturers in the country.
Global Aesthetics Market Trends
- Employment of new-age growth strategies by key players
The global aesthetics market is driven by new-age trends, which include the introduction and employment of new growth-driven strategies. Major key players in the global market are empowering their businesses by adopting different growth strategies, including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launches, and innovative visual aesthetics products to remain competitive in the marketplace, which is anticipated to positively impact the market's growth.
With the growing popularity of minimally invasive and non-invasive aesthetic beauty treatment, the growing popularity of anti-aging treatment procedures among geriatric patients, the accessibility of technologically developed and user-friendly products, and the growing demand for aesthetic treatment among men, the market for medical aesthetics has seen a commendable growth. With this, the market's growth is being held back by the clinical risks and consequences associated with body contouring procedures and the growing accessibility and popularity of alternative beauty and cosmetic products.
In June 2020, Allergan Aesthetics, a subordinate of AbbVie Inc. a leader in dermatology from the United States, obtained the approval from FDA to indicate the Chin region in adults aged 21 and above. Apart from this, FDA has also authorized Jeuveau which is similar to Botox, but available at a much lower price. Such and more growth strategies employed by the companies operating in the said domain help the global market grow rapidly to earn a substantial market share.
Aesthetics Market Segment Insights
Aesthetics Procedure Insights
The market segments of aesthetics, based on procedure, have been divided into invasive procedures (breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck) and non-invasive procedures (botox injections, soft tissue fillers, chemical peel, laser hair removal, microdermabrasion). The non-invasive procedures category held a prominent share in 2021. Less pain, instant results, and lower prices are some of the factors that have enhanced the demand for non-invasive aesthetic treatment. However, invasive is the fastest-growing category due to the growing focus of individuals on physical appearance through skin rejuvenation.
Aesthetics Gender Insights
The segmentation of this market, based on gender, is divided into two categories male and female. The female category had a major share in 2021 due to the growing female working population. Also, the female group has signs of ageing, such as forehead lines, frown lines and crow's feet. However, the male category in the said segmentation is the fastest growing category as it allows to reduce the appearance of scarring skin which fuels this market growth during the forecast period.
Aesthetics End-User Insights
Based on the end-user segmentation, the global aesthetics market is segmented into clinics, hospitals, & medical spas, beauty centres, and home care. In 2021, the clinics, hospitals, and medical spas category held a prominent market share. Market growth in this category can be related to the growing awareness about the psychology of aesthetics along with several aesthetic procedures and their benefits, growing preference for minimally invasive cosmetic surgeries, and an increase in the number of body dysmorphia clinics. However, the home care segment is the fastest growing segment due to the increased adoption of home-use aesthetic devices.
Aesthetics Regional Insights
The global market is studied prominently across and divided into four regions, viz., North America, Europe, Asia-Pacific, and the Rest of the World. North America, among all the other regions, has the major market share, while Asia-Pacific is estimated to have the highest CAGR during the forecast period.
- North America
As per the research report, North America is accounted to have the largest revenue share in the global aesthetics market. The US Aesthetics Market is expected to rise from USD 9.42 billion in 2023 to USD 14.28 billion by 2032, with a compound annual growth rate (CAGR) of 6.42% over the forecast period (2024-2032). Advanced healthcare infrastructure, the adoption of cosmetic procedures, the growing prevalence of skin disorders, and the existence of board-certified and experienced cosmetic surgeons in North America are some of the major characteristics driving the market growth in this region. The American Society of Plastic Surgeons (ASPS) compared the data from 2000 to 2018 and observed the growth rates of cosmetic surgery procedures. It was observed that breast augmentation procedures have increased by 48%, while the usage of Botox injections increased by 845%. Thus, North America will be a key revenue generator for aesthetic medicine manufacturers during the forecast period.
- Asia-Pacific
Asia-Pacific is estimated to register the highest growth rate in the aesthetics market during the forecast period. The APAC Aesthetics Market is expected to surge from USD 6.86 billion in 2023 to USD 13.64 billion by 2032, with a compound annual growth rate (CAGR) of 6.78% during the forecast period (2024-2032). The growth of the APAC market is primarily driven by the growing public awareness about the body image, anti-ageing surgeries and cosmetic procedures, enhanced medical tourism and healthcare infrastructure, and the low cost of treatment. Furthermore, the high growth rate of the Asia-Pacific region is backed by China, India, and South Korea, where South Korea is known as the hub of cosmetic surgery. The availability of technologically advanced products and the growing focus on physical appearance and visual aesthetics help the said market grow rapidly. These are some key factors anticipated to drive the market growth in the region during the forecast period.
Aesthetics Market Key Players & Competitive Insights
The global aesthetics market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached with diverse product portfolios. Companies such as AbbVie, Cynosure, Lumenis, Solta Medical, Evolus Inc., Revance Galderma, Syneron Candela, and Alma Lasers dominate the market owing to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development in skin rejuvenation and cosmetic surgery. Furthermore, these key players embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base globally. For instance, in March 2020, Galderma announced a significant investment in the aesthetic portfolio, including the expansion of the U.S. salesforce and digital advancements in ASPIRE Galderma Rewards which helps strengthen its position in the market.
Key Companies in the Aesthetics Market
- ZO Skin Health Inc.
- Alumier MD
- Neostrata
- Teoxane
- Clinique IS Clinical
- La Roche-Posay
- Obagi Medical
- Medik8
- Biore
- Elemis Ltd
- Dermalogica
- Swisscode
- AbbVie
- Cynosure
- Lumenis
Recent Developments
March 2023:
In March 2023, Galderma introduced "FACE by Galderma," an augmented reality tool that empowers both aesthetic professionals and patients to preview injectable treatment results before the actual procedure, enhancing the botox and dermal fillers treatment and its planning process.
August 2022:
In August 2022, AbbVie Inc. launched their own SkinMedica Firm & Tone Lotion for Body, which is stated to be the first product from the professional-grade skincare line formulated to prevent and address visible ageing signs of the body, while aiding the appearance-related bias in healthcare among people.
January 2022:
In January 2022, Mentor Worldwide LLC, one of the venture partners of Johnson & Johson Medical Devices, announced that the FDA had approved their newly launched product called MENTOR Memory Gel BOOST, which helps breast implants for breast augmentation and breast reconstruction. This product has helped the said company to expand its product portfolio of visual and body contouring in the global market.
Aesthetics Market Segment Analysis
Aesthetics Procedure Outlook
- Invasive Procedures
- Breast Augmentation
- Liposuction
- Nose Reshaping
- Eyelid Surgery
- Tummy Tuck
- Others
- Non-invasive Procedures
- Botox Injections
- Soft Tissue Fillers
- Chemical Peel
- Laser Hair Removal
- Microdermabrasion
- Others
Aesthetics Gender Outlook
- Male
- Female
Aesthetics End-User Outlook
- Clinics, Hospitals, and Medical Spas
- Beauty Centers
- Home Care
Aesthetics Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Market Forecast and Size:
To identify and estimate the market size of aesthetics segmented by procedure, gender, and end-user by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers between 2024 and 2032
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the market
Market Influencing Factors:
To find out the factors which are affecting the sales of aesthetics among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
- Spas & Beauty Clinics
- Pharmaceutical Industries
- Dermatology Clinics
- Biotechnology Industries
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