The global medical aesthetics market was valued at more than USD 5.86 billion in 2022 and is expected to reach more than USD 7.94 billion by 2032, expanding at a CAGR of 3.29% during the forecast period 2023 to 2032.
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An increase in the adoption of Robot-based surgery helps in reducing cost as well as provide open procedures treatments.
Medical aesthetics are procedures used to improve cosmetic appearances. It is a fusion of healthcare and beauty, and it contains many types of skin treatments like skin tightening, laser hair removal lip fillers, etc. People doing aesthetic procedures from ancient days for beautiful looks. In Ancient times Egypt people used milk and honey baths for beauty now they switch on aesthetic procedures to help people to achieve the look they want including medical aesthetics. Medical aesthetics has a huge demand worldwide for energy-based, minimally invasive procedures for skin tightening, wrinkle reduction, face contouring, and skin rejuvenation.
The expansion of the market for aesthetic devices is anticipated to be constrained by the high cost of aesthetic surgery procedures and the negative effects of the devices used in those procedures. The market for medical aesthetics is driven by expanding public awareness and medical aesthetic devices are used to treat impairments associated with a person’s aesthetic appearance or to enhance the same. In addition, these devices (particularly implants) rectify the malformations caused due to accidents, trauma, and other congenital disorders. The medical aesthetics devices market is driven by an increase in technological advancements, high demand for minimally invasive & non-invasive reconstruction surgeries, a rise in the incidence of congenital face & tooth deformities, and growth in awareness for aesthetic appearance. However, this growth is limited due to the high costs of treatment, low reimbursements, and risk of malfunctions associated with implants. The growth of the medical tourism industry, the emergence of tourism medical spas, and the adoption of aesthetic procedures are on the verge to enhance physical appearance and provide several opportunities for key market players.
Regulatory Scenario
Government regulation affects several aspects of the medical aesthetic market. For instance. The latest regulations on MDs in the EU are the Medical Devices Regulation (MDR), Regulation 2017/745, published on 5 April 2017, and entered into force on 25 May 2017. The regulation, to reshape and improve essential health and safety practices and guidelines, has widened the scope not only of aesthetic products but also non-medical devices.
COVID-19 has a potential economic impact and implications on most sectors, including the pharmaceutical and medical device industries. Governments worldwide are now responding to the threat of COVID-19 with all the essential measures, such as social distancing, travel restrictions, and large-scale quarantines, that are anticipated to impact businesses and consumer spending negatively. Many countries had been in lockdown and have suspended trade with other countries, leading to declining market capitalizations of major companies across the world, along with a decline in industrial production and other businesses. Thus, the rising COVID–19 cases are expected to have a short-term impact on surgical rates of cosmetic procedures. The short-term effects on the surgical segment are less prominent. However, the adverse impacts of COVID-19 on the global economy may have significant indirect effects on the surgical segment of the market
The market for medical aesthetics is driven by expanding public awareness, medical aesthetic devices are used to treat impairments associated with a person’s aesthetic appearance or to enhance the same. In addition, these devices (particularly implants) rectify the malformations caused due to accidents, trauma, and other congenital disorders. The medical aesthetics devices market is driven by an increase in technological advancements, high demand for minimally invasive & non-invasive reconstruction surgeries, a rise in the incidence of congenital face & tooth deformities, and growth in awareness for aesthetic appearance.
However, this growth is limited due to the high costs of treatment, low reimbursements, and risk of malfunctions associated with implants. The growth of the medical tourism industry, the emergence of tourism medical spas, and the adoption of aesthetic procedures are on the verge to enhance physical appearance and provide several opportunities for key market players.
In the past decade, there has been a significant increase in the preference for minimally invasive and non-invasive aesthetic procedures over traditional surgical procedures. Minimally invasive/nonsurgical alternatives offer various advantages over traditional surgical procedures, such as less pain, reduced scarring, and quicker recovery. These procedures are also more economical than traditional surgical procedures. As per the International Society of Aesthetic Plastic Surgery (ISAPS), there was an overall increase of 5.4% in the number of plastic and cosmetic procedures between 2017 and 2018. In addition to this, the prices of dermal fillers, botulinum toxins, and skin care products tend to go up, mostly, as the companies raise the prices. However, in countries, like the United States, there are certain reward programs one can sign up for, to help lower the price. Moreover, presently, many physicians are offering promotions during the year, which prove to be useful to lower the price
Based on type, the medical aesthetic market has been segmented into invasive and non-invasive. The invasive segment is further bifurcated into Breast Augmentation, Tattoo Removal, Liposuction, Eyelid Surgery, Hair Removal, Tummy Tuck, and Others. And the non-invasive segment is bifurcated into Dermal Fillers, Chemical Peels, Botulinum Toxin, Microdermabrasion, and Others.
The non-invasive type of segment is dominating segment in the medical aesthetic market. Recently, there has been an increasing trend of the shift of patients from more complicated, time-consuming invasive procedures to minimally invasive and non-invasive procedures for aesthetic applications. Aesthetic lasers offer effective non-invasive methods of body contouring, fat reduction, and other cosmetic procedures. Therefore, the adoption of aesthetic lasers is increasing, and this trend is expected to continue throughout the forecast period. In the past decade, there has been a significant increase in the preference for minimally invasive and non-invasive aesthetic procedures over traditional surgical procedures. Minimally invasive/nonsurgical alternatives offer various advantages over traditional surgical procedures, such as less pain, reduced scarring, and quicker recovery. These procedures are also more economical than traditional surgical procedures. As per the International Society of Aesthetic Plastic Surgery (ISAPS), there was an overall increase of 5.4% in the number of plastic and cosmetic procedures between 2017 and 2018. The non-invasive type segment was valued at $7,855.5 million in 2020 and is expected to reach more than $14,774.6 million by 2027, growing at a CAGR of 9.6% during the forecast period. However, the invasive market was valued at $3,541.3 million in 2020 and is expected to reach more than $6,417.8 million by 2027, growing at a CAGR of 9.0% during the forecast period.
Based on applications, the market has been Acne Scars Removal, Lip Augmentation, Wrinkle Removal, Rhinoplasty, and Others. In 2022, the others segment accounted for the maximum share of the medical aesthetic market across the globe. Others include hair transplants, dental implants, eyelid surgery, facelift, facial implants, and more. For illustration, in hair transplant, service providers use an extractor with a tiny punch graft of 0.5-0.8 mm diameter which is much smaller than the conventional FUE techniques leaving no visible scarring. Dental implants are replacement tooth roots. Implants provide a strong foundation for fixed (permanent) or removable replacement teeth. Such implants and procedures contribute to the growth of the other segment over the forecasting period. The other segment in the application segment was valued at $6,888.5 million in 2020 and is expected to reach more than $12,617.4 million by 2027, growing at a CAGR of 9.2% during the forecast period. However, the rhinoplasty segment was valued at $708.8 million in 2020 and is expected to reach more than $1,400.4 million by 2027, growing at a CAGR of 10.4% during the forecast period.
Based on end users, the market has been segmented into hospitals & clinics, beauty centers, and home care. According to this segment, in 2022, the Hospitals & clinics segment was the highest contributor to the global medical aesthetics market. Followed by beauty centers and spas. Hospitals and clinics provide facilities for a variety of cosmetic procedures that include breast augmentation, breast reduction, facelift, eyelid surgery, rhinoplasty, liposuction, breast lift, tummy tuck, body lift, hair transplant, laser resurfacing, laser hair removal, reconstructive surgeries, and hand surgery. Due to the popularity of cosmetic procedures, hospitals & clinics have installed the latest technologically advanced devices and products to provide effective, yet minimally invasive cosmetic reconstruction methods. This has enabled hospitals to provide almost all types of cosmetic procedures for patients. This will contribute to the growth of the segment over the forecasting period at the global level.
The life cycle for medical aesthetics has been analyzed for regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In 2022, North America held the largest share of the global medical aesthetics market, a trend that is expected to continue throughout the forecast period. Advanced healthcare infrastructure, adoption of cosmetic procedures, increasing prevalence of skin disorders, and the presence of board-certified and skilled cosmetic surgeons in the region are some of the major factors contributing to the growth of the aesthetic medicine market in this region. There is a vast growth of aesthetic procedures by facial injectables in Canada. These procedures are being performed in non-clinical organizations like shopping malls, beauty salons, or day spas, as well. Owing to this, the regulations of the Canadian Association of Medical Spas & Aesthetic Surgeons (CAMAS) must be adhered to ensure safety.
Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y.Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.
