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Published: March 2017
Report Code: LS10795
Category : Medical Devices
Medical aesthetics is a branch of scientific research, which uses minimal invasive treatments that helps in improving one’s physical appearance. Medical aesthetics involves the use of healthcare and beauty services in combination with the usage of lasers or other energy based devices. Medical aesthetics include a broad range of solutions that fulfill the aesthetic needs of the consumers, with various procedures and treatments for fine lines & wrinkle reduction, fat reduction, stretch marks solutions, scar treatment, skin oxygenation and rejuvenation, body contours and firming, botulinum toxin and skin tightening.
Based on products, the global medical aesthetics market is segmented into injectables, topicals, energy-based aesthetics, breast implants and others. Injectables, which includes neurotoxin and dermal fillers, held the largest share in the global medical aesthetics market in 2016. The global market on the basis of end user is segmented into beauty clinics and centers, spas and salons, hospitals and others.
The global medical aesthetics market is expected to witness a CAGR of 12.2% during 2017 - 2023, to reach $19,419.7 million by 2023. Health benefits of medical aesthetics procedures, shift in the preference from surgical to non-surgical procedures and increasing aging population are the major factors driving the growth of the global medical aesthetics market. The market faces challenges such as societal stigmas and hindrances and high treatment cost and lack of reimbursements.
GLOBAL INJECTABLES MARKET, BY TYPE, $M (2013 – 2023)
The global market is expected to be positively impacted by growing medical aesthetics market in emerging economies. The increasing compliance for medical aesthetics in the emerging economies is expected to provide huge growth potential for the market during the forecast years. Countries, such as China and India, have a huge market potential, as the healthcare industry is witnessing significant growth in these countries. Moreover, manufacturing of medical aesthetics products in the developing regions tends to decrease the overall cost of manufacturing, thus, reducing the cost of the product without altering its quality.
Although the U.S. remains the largest market for medical aesthetics, the demand for these products and treatments is picking up fast in emerging economies such as China, India, Brazil and Russia. Annual surveys by ISAPS in the past have indicated that Mexico and Brazil are amongst the two largest markets globally for aesthetics products. As per ISAPS survey in 2012, the combined number for plastic surgery procedures in Brazil and Mexico was more than the U.S. (1.4 million compared to 1.3 million plastic surgery procedures per year respectively).
The growing consumer awareness about the presence of technologically advanced medical aesthetics products and treatments increases the demand for these procedures across the globe. In recent years many celebrities have accepted the use of facial aesthetics treatments undergone by them, leading to an increase in awareness about these treatments; thus, making it acceptable by the society. According to an article by Harley Academy, Kylie Jenner’s lip filler treatment led to 70.0% increase in procedure enquiries in the U.K in 2015.
Factors such as a desire to look younger and increasing acceptance of cosmetic procedures are driving a large section of male population to undergo such treatments. There has been a considerable increase in the awareness about aesthetics procedures and devices among the male population. The overall increase in the awareness about already marketed and newly launched aesthetics devices is a major driver to boost the demand for medical aesthetics products.
Allergan Plc held the largest share in the global medical aesthetics market in 2016. Top 5 companies in the medical aesthetics market including Allergan Plc, Valeant Pharmaceuticals International, Inc., Galderma S.A., Johnson & Johnson, and Merz GmbH & Co. KGaA together account for more than 70% of the global market. Other key players in the market include ZELTIQ Aesthetics, Inc., Cutera Inc., Alma Lasers Ltd., Syneron Medical Ltd., Cynosure, Inc., Photomedex, Inc. and Lumenis Ltd.
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