As per the current market research conducted by the CMI Team, the global Medical Aesthetics Market size is expected to record a CAGR of 8.4% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 17,501.3 Million. By 2033, the valuation is anticipated to reach USD 36,168.8 Million.
Medical Aesthetics Market: Growth Factors and Dynamics
- Increasing Demand for Aesthetic Procedures: Growing awareness of aesthetic treatments, advancements in technology, and changing societal norms regarding beauty have led to a surge in demand for medical aesthetics procedures globally.
- Aging Population: The aging population, particularly in developed countries, is driving the demand for anti-aging treatments and procedures to maintain a youthful appearance, contributing to market growth.
- Advancements in Technology: Technological innovations in energy-based devices, injectables, and other medical aesthetics products have resulted in safer, more effective treatments with minimal downtime, attracting more consumers to undergo aesthetic procedures.
- Rising Disposable Income: Increasing disposable income levels in emerging economies, coupled with the desire for self-improvement and enhanced appearance, have fueled the adoption of medical aesthetics procedures among a broader demographic, driving market expansion.
- Shift towards Minimally Invasive Procedures: Growing preference for minimally invasive treatments over traditional surgical procedures due to lower risk, shorter recovery times, and fewer complications has led to a surge in demand for non-surgical aesthetic procedures, boosting market growth.
- Expanding Market Reach: Market expansion strategies such as geographical expansion, partnerships with dermatology clinics and cosmetic surgery centers, and increased accessibility through online platforms have widened the reach of medical aesthetics services, further driving market growth and penetration.
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Medical Aesthetics Market: Partnership and Acquisitions
- In 2022, Apyx Medical received FDA clearance for the Renuvion device to be used in aesthetic procedures targeting lax skin in the neck region. This clearance expands the device’s applications, offering patients innovative options for enhancing their appearance.
- In 2022, Allergan, a subsidiary of AbbVie Inc., secured FDA approval for JUVÉDERM VOLBELLA XC to enhance infraorbital hollows in adults over 21. This expansion of their aesthetics product portfolio strengthens their position in the U.S. market.
Medical Aesthetics Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Medical Aesthetics Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption of Services: During the pandemic, many medical aesthetics clinics and practices were temporarily closed or operated at reduced capacity due to lockdowns and safety measures, resulting in a significant decline in patient visits for elective procedures.
- Economic Uncertainty: Economic uncertainty and job losses during the pandemic led to a reduction in disposable income and discretionary spending, causing some consumers to postpone or cancel aesthetic treatments due to financial concerns.
- Pent-Up Demand Release: As restrictions ease and vaccination rates increase, there may be a release of pent-up demand for aesthetic procedures, with patients resuming postponed treatments and seeking out new procedures they’ve been considering.
- Focus on Safety and Hygiene: Medical aesthetics practices will continue to prioritize stringent safety and hygiene protocols to ensure the well-being of patients and staff, reassuring consumers and rebuilding trust in the safety of undergoing aesthetic treatments.
- Innovation in Digital Consultations: The adoption of telemedicine and virtual consultations surged during the pandemic. Medical aesthetics providers may continue to offer virtual consultations as a convenient and accessible way for patients to discuss treatment options and receive personalized recommendations.
- Flexible Payment Options: Offering flexible payment plans and financing options may help mitigate the financial barriers to accessing aesthetic treatments, allowing patients to spread out the cost of procedures over time and making treatments more affordable.
List of the prominent players in the Medical Aesthetics Market:
- Allergan Aesthetics (AbbVie Inc.)
- Galderma S.A.
- Merz Pharmaceuticals GmbH
- Bausch Health Companies Inc.
- Syneron Candela
- Alma Lasers (Sisram Medical Ltd.)
- Cynosure LLC (Hologic Inc.)
- Lumenis Ltd.
- Solta Medical (Valeant Pharmaceuticals International Inc.)
- Cutera Inc.
- Zimmer MedizinSysteme GmbH
- Sciton Inc.
- Sinclair Pharma plc
- Sientra Inc.
- Fotona d.o.o.
- Others
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