The global medical aesthetics market size is expected to advance at a CAGR of 12.4% during 2021–2030, to reach $34,124.0 million by 2030. This can be ascribed to the increasing geriatric population, advancements in technologies, and the rising demand for aesthetic treatments across the world.
The growing geriatric population is a key driver of the market. As per the UNDESA report on the global aging population, the number of people aged 60 years or above is projected to grow by 56% globally, i.e., from 901 million in 2015 to 1.4 billion by 2030. It is also reported that by 2050, the global geriatric population is projected to reach nearly 2.1 billion. In addition, according to the World Health Organization (WHO), one in six people are aged above 60 years in 2022.
It is expected that increasing responsiveness toward getting better skin and overall look among the aging population would lead to a rise in demand for various medical aesthetic treatments.
There have been various technological advancements and innovations that are taking place in the market. The novel advancements in laser technology have led to an increased number of its applications in medical aesthetics. The advancements in laser devices provide benefits such as small incisions, fast recovery after the procedure, and a decrease in the intensity of pain.
There has been a significant rise in the application of laser technology for various cosmetic treatments, including skin rejuvenation, hair removal, and body contouring. Transdermal focused ultrasound, low-level laser, cryolipolysis, monopolar RF, and high-intensity focused ultrasound (HIFU) are some of the key developments in laser technology that are used for cosmetic treatments. Laser devices no longer come as a set of bulky and complicated machines to operate and have become more advanced with the introduction of available as small handheld diode lasers. Also, these technological developments have made cosmetic procedures to be faster and more impactful, thus driving the overall medical aesthetics market.
The medical aesthetic devices market is growing at a very high pace in APAC, where a larger section of people prefers non-surgical procedures. These aesthetic procedures are no longer limited to the affluent sections of society, due to technological advancements and growing disposable income. Countries such as China and India are easily open for players for further expansion due to lesser stringent regulations. Some of the most popular treatments in the region are skin brightening and tightening, skin resurfacing, hair removal, body shaping, and skin gaining.
The European aesthetic treatment market is expected to register a steady CAGR over the forecast period, due to the increasing concentration on physical appearance, availability of technologically advanced products, and development of cosmetic surgery hubs in the region. Moreover, institutions such as the European College of Aesthetic Medicine & Surgery (ECAMS) and the European Society for Cosmetic and Aesthetic Dermatology (ESCAD) provide a range of courses on aesthetic medicines and surgical procedures, which are expected to increase awareness and adoption of aesthetic products in regional countries.
The most significant medical aesthetics market players are AbbVie Inc., Galderma, Merz Pharma GmbH & Co. KGaA, El.En Group, Cutera Inc., Venus Concept, Lutronic Inc., Lumenis Be Ltd., Bausch Health Companies Inc., and Candela Corporation.