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Aesthetic Medicine Market size worth over $29bn by 2027

  • Published Date: May 7, 2021

Aesthetic Medicine Market size is set to surpass USD 29 billion by 2027, according to a new research report by Global Market Insights Inc.

The field of aesthetic medicine, also known as medical aesthetics, has evolved significantly to offer superior aesthetic value with minimal invasion. Use of technology such as light therapy, ultrasound, chemical-based techniques and fillers, among others have shifted the preference towards non-surgical procedures. Similarly, companies are innovating to introduce newer devices in the market.

Growing number of aesthetic professionals and infrastructure will enhance the market growth

Increasing number of plastic surgeons will complement the expertise in aesthetic medicine arena, thereby positively impacting the procedure adoption.  As reported by the International Society of Aesthetic Plastic Surgery (ISAPS), in 2018, there were about 2,330 plastic surgeons in South Korea, that increased to around 2,571 in 2019. Similarly, there were around 1,656 plastic surgeons in Mexico, as compared to 2,124 in 2019. In addition, rise in number of beauty and rejuvenation centres is witnessed in several emerging countries, that will ultimately drive the market expansion during the forecast period.

Impartation of visible cosmetic value through surgeries will influence the segment growth

Surgical type segment accounted for more than 35% of market share in 2020. Significantly evident aesthetic value imparted by surgical cosmetic interventions contributes to patient preference. Moreover, surgeries offer the desired results in shorter duration, leading to rising acceptance rate in older individuals.

Advantages coupled with broad range of cosmetic applications of ultrasound-based devices will increase product demand

Energy-based segment captured around 22% of the market share in 2020. Ultrasound technology is being widely used for fat reduction and body contouring procedures. Ultrasound-based devices offer benefits such as fast treatment, minimal damage to epidermis and lesser downtime, among others. In addition, introduction of novel handheld devices will rapidly increase the customer demand, thereby fostering the segment revenue.

Browse key industry insights spread across 200 pages with 230 market data tables & 11 figures & charts from the report, Aesthetic Medicine Market Size By Type (Surgical, Non-surgical), By Product (Energy-based {Laser-based Aesthetic Device, Radiofrequency (RF)-based Aesthetic Device, Light-based Aesthetic Device, Ultrasound Aesthetic Device}, Non Energy-based {Botulinum Toxin, Dermal Fillers, Implants [Facial Implants, Breast Implants]}), By Gender (Male {18 Years and Below, 19-34 Years, 35-50 Years, 51-64 Years, 65 Years and Above}, Female {18 Years and Below, 19-34 Years, 35-50 Years, 51-64 Years, 65 Years and Above}), By End-use (Hospitals, Ambulatory Surgical Centers, Beauty Centers and Medical Spas, Dermatology Clinics, Home Settings), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

Growing prevalence of gynecomastia and acceptance of surgical interventions among men will boost the procedure adoption rate

Male aesthetic procedures have gained significant acceptance in the recent years. Gynecomastia is a condition in men, wherein, the breast tissues are swollen or enlarged, usually due to imbalance of estrogen and testosterone. This condition is commonly found and hence, there is rising acceptance of aesthetic surgeries to treat the same. In 2019, around 273,344 gynecomastia procedures were conducted worldwide, as per the ISAPS. Similarly, liposuction and eyelid surgery registered significant number of procedures among men.

Sophistication of dermatology clinics with launch of new services will positively impact the segment progression

Dermatology clinics segment is projected to observe 9.1% growth rate through 2027. Growing number of dermatology clinics offering cosmetic and reconstructive treatments contribute to upsurge in client base owing to greater accessibility. Increasing number of dermatology practitioners further complements the segment value. Additionally, introduction of newer cosmetic procedures and services in clinics will further attract new customers, thereby expanding the segment expansion.

Booming medical tourism in some European countries will offer immense market demand

Europe aesthetic medicine market size was over USD 2.3 billion in 2020. Growing focus on body aesthetics among women in countries including France and Italy has offered robust revenue growth to the market. Aging and rising prevalence of obesity further increases the demand for various facial and body sculpting procedures. Furthermore, due to growing infrastructure and cost-effectivity, cosmetic tourism industry is rapidly thriving in the region. This will present immense opportunities to the European region during the forecast timeframe.

Eminent players are concentrating on adoption of portfolio augmentation and partnerships to brace their market hold

Few of the prominent companies operating in the market include AbbVie (Allergan), Galderma, Merz Aesthetics, Cynosure, Syneron Candela, and Johnson & Johnson among others. Partnerships and product launch are the part of key strategies undertaken by firms involved in the global industry.

Authors: Sumant Ugalmugle, Rupali Swain

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