The Medical Aesthetics Market is Estimated to Witness High Growth Owing to Opportunity in Non-invasive Cosmetic Procedures
Medical aesthetics refers to non-invasive cosmetic procedures that enhance and reshape specific parts of the body by reducing wrinkles and tightening skin. These procedures include methods like laser treatments, body contouring, and aesthetic neurotoxins. Medical aesthetics products are seeing increasing demand due to the rising emphasis on physical appearance and changing facial features. Advancements in medical technology have enabled faster results and less side effects from aesthetic procedures. This has boosted their adoption worldwide.
The global Medical Aesthetics Market is estimated to be valued at US$ 15.2 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for non-invasive cosmetic procedures presents a major market opportunity for the medical aesthetics industry. With increasing focus on physical appearance, people are opting for aesthetic treatments to reduce signs of aging and maintain youthful looks. Moreover, the availability of novel non-invasive techniques that enable quick results with minimal downtime has further fueled the adoption of medical aesthetic procedures worldwide. The rising innovation in laser treatments, body contouring, and neurotoxins has eliminated the need for surgeries in many cases. This non-invasive nature and faster recovery is increasing the acceptance of medical aesthetic among diverse consumer groups. Going forward, this widespread demand for non-invasive aesthetic enhancements from millennials as well as baby boomers is expected to continue driving growth in the global medical aesthetics market over the forecast period.
Porter’s Analysis
Threat of new entrants: The medical aesthetics market requires high initial investments and established regulatory frameworks. These factors pose significant barriers for new companies.
Bargaining power of buyers: Individual consumers have limited bargaining power but larger healthcare providers and insurers are able negotiate on price and delivery terms.
Bargaining power of suppliers: The presence of many device manufacturers limits the bargaining power of any single supplier in this market.
Threat of new substitutes: Alternative non-invasive procedures continue to be developed but existing medical aesthetics solutions have strong brand recognition and customer loyalty.
Competitive rivalry: The market is growing rapidly but remains consolidated with many large participants competing on the basis of technology, brand and geographic reach.
SWOT Analysis
Strength: Medical aesthetics procedures are non-invasive and appeal to consumer demand for aesthetic improvements. The market is driven by rising disposable incomes.
Weakness: Safety and effectiveness concerns remain for some newer procedures and this undermines customer confidence. High costs can limit accessibility.
Opportunity: Asia Pacific and Latin America present viable growth avenues due to changing demographics and increasing medical tourism.
Threats: Stringent regulations and pricing pressures may impact profit margins. Customers remain sensitive to economic cycles.
Key Takeaways
The global medical aesthetics market is expected to witness high growth over the forecast period of 2023 to 2030. Growth will be fuelled by an increasing geriatric population seeking anti-aging procedures. The emergence of combination therapies using both injectables and energy-based devices also expands treatment options. The global medical aesthetics market is estimated to be valued at US$ 15.2 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030.
Regional analysis indicates North America is the largest market currently due to advanced medical infrastructure and high willingness to pay for aesthetic treatments. However Asia Pacific is poised to register the fastest growth owing to rising medical tourism and an affluent consumer base in countries such as Japan, China and South Korea which are normalizing aesthetic procedures.
Key players operating in the medical aesthetics market are Cynosure, Inc., Allergan, Inc., Alma Lasers, Ltd., Mentor Worldwide LLC, Lumenis Ltd., ZELTIQ Aesthetics, Inc., PhotoMedex, Inc., Galderma S.A., Syneron Medical, Ltd., and Solta Medical, Inc. These major market players are focusing on new product launches and strategic collaborations to strengthen their market position.
