Aesthetics Market to Witness Tremendous Growth in Forecasted Period 2020-2027
Aesthetics Market: Information By Procedure (Surgical Aesthetic Procedures and Non-Surgical Aesthetic Procedures), By End User (Hospitals & Clinics, Dermatology Clinics & Cosmetic Centers and Salons & Spas) and By Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Global Forecast till 2027
Market Insights
Market Research Future has surveyed the global aesthetics market and has found that the market as a whole is expected to grow at a promising CAGR of 10.9% during the assessment period raging between 2017 and 2023. Valued at USD 8,975.5 Mn in 2016, the global aesthetics market is expected to grow steadily to reach a market value of USD 18,417.2 Mn in 2023. Aesthetics is commonly defined as a set of principles and guidelines which are primarily related to the nature of beauty. The aesthetics market focuses heavily on cosmetic surgery which is one of the most common techniques applied to achieve a physically aesthetic form. Many consumers employ medical aesthetics to improve facial appearance or body shape among many others. Medical aesthetics have come a long way, and the development of many modern techniques has been pivotal in the growth of the global aesthetics market. Laser tattoo removal, pigmentation removal, anti-aging, and several others are used to improve physical aesthetics.
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The global environment with regards to medical aesthetics is highly encouraging of use of cosmetic surgery to achieve a certain physical appearance. With the presence photo editing softwares which touch up physical features and the presence of influencers on social media who promote desirable physical traits, the demand for cosmetic surgeries and procedures is through the roof. It is increasingly popular among young women to use fillers in their lips and cheeks to promote a popular aesthetic. Use of collagen for the plumping of wrinkles, Botox to smooth lines, and liposuction to reduce body fat are only some of the vast number of procedures that are performed. Increasing focus on aesthetics and a culture where everything is photographed and posted to social media has been instrumental in the demand for medical aesthetics. Ongoing product and technique development by leading market players and surgeons in the field are expected to reveal new opportunities in the market.
However, the market is not without challenges and is restrained by the presence of strict regulatory barriers in developing economies. Moreover, consumers are wary of complications and side effects that may occur during surgery as well as the risk of a botched cosmetic procedure which is often difficult if not impossible to correct.
Market Segmentation
Segments that have been identified in the global aesthetics market have been determined on the basis of products, treatment, application, and region. Products available in the global aesthetics market include implants, energy-based devices, and injectables. Among these, the injectable segment is the leading segment due to the high popularity of dermal fillers, lip injectables, and others.
Treatment in the aesthetic market has been segmented into laser resurfacing, chemical peels, phototherapy, treatments, liposuction, and others. Applications of aesthetics include body shaping, skin tightening, sub-dermal skin treatment, and epidermal skin/hair treatment. Regions addressed in the global aesthetics market report include the Middle East & Africa, Asia Pacific, North America, and Europe.
Regional Analysis
North America commands the largest share of the global aesthetics market, primarily due to the presence of well-developed economies with advanced healthcare sectors. North America valued USD 4,686.6 Mn in 2016. Meanwhile, the Asia Pacific market which is growing at the highest CAGR of 11.5% is expected to grow rapidly due to the rising disposable income and high demand for aesthetics procedures in countries such as China, Thailand, and South Korea. In countries like South Korea, face and body aesthetics procedures are considered highly common, particularly among young adult women.
Key Players
Valeant Pharmaceuticals, Merz Pharma, Allergan, Sinclair, Galderma, Integra Lifesciences, and Sanofi among others have been identified in MRFR's competitive analysis of the global aesthetics market. Product launches are among the main growth strategies employed by these market players along with R&D
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