Aesthetic Medicine Market Higher Growth During 2022-2032 at a CAGR: 10.3%
The aesthetic medicine market is expected to increase at a CAGR of 10.3% from 2022 to 2032, with revenues estimated at US$ 64.6 billion in 2021, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 187.7Bn. During 2022 – 2032, non-invasive procedures are projected to garner an absolute $ opportunity of over US$ 60 Bn to account for over 50% of the market throughout the analysis period.
The global market is being shaped by aesthetic medicine innovation and new products. For example, advancements in non-invasive procedures including Botox and soft tissue fillers are likely to provide significant market growth prospects in the coming years also rising awareness and demand for minimally invasive surgeries will boost the aesthetic medicine market demand.
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High demand for liposuction, hair transplantation, the growing obese and geriatric population and user-friendly products are just a few of the key drivers of the aesthetic medicine market. Due to an increase in demand for fillers and acceptance of facial aesthetics, spending on cosmetic procedures has increased which showcases a promising growth during the forecasted period.
Key Takeaways from the Market Study
- Non-invasive procedures segment to account for 53.7% of the market with a revenue of US$37.9 Bn in 2022.
- In 2022, North America to contribute more than 41% market revenue.
- An increase in awareness and demand for preventative procedures that provide anti-aging benefits of injectable medications early in life is expected to boost the aesthetic medicine market. Adults are self-conscious about their appearance.
- With a market share of over US$6.8 billion, liposuction was the most major contributor in invasive procedures, while Botox injection was the most significant contributor in non-invasive procedures, with a market share of approximately US$9.5 Bn
- Breast augmentation has witnessed a significant increase in the invasive procedure, which is expected to reach US$ 16.8 Bn by 2032 at a CAGR of 9.6%.
In recent years, non-invasive or minimally invasive procedures such as PRP, skin tightening, and medical facials have become more popular. Both new and old aesthetic medicine trends are expected to continue to grow in popularity, comments a Fact.MR analyst.
The competition in aesthetic medicine market is fragmented because number of regional and global players compete in this market. These dominating companies compete based on the innovation of their products, their quality of treatments, their costs, and their market presence. The increasing adoption of advanced technologies for enhanced treatment and technological innovation are the primary factors influencing the competitiveness. Mergers and acquisitions have become one of the most important tactics for leading companies to maintain market share. A variety of strategies are being employed by companies to remain competitive.
- In Jan 2021, Allergan Aesthetic partnered with Cypris Medical, a Chicago-based private medical device company. The clinical trial has already begun, and it will help with the evaluation and cross-checking of Xact’s safety in treating sagging skin on the face and deepening of the nasolabial sulcus.
- In Dec 2021, Allergen Aesthetics, a division of AbbVie, recently acquired Soliton, Inc., a medical technology firm. This acquisition will add to the company’s non-invasive body reshaping therapy range.
- In Dec 2020, Galderma made a significant investment in its aesthetic portfolio, including the development of its U.S. salesforce and enhancements in ASPIRE Galderma Rewards’ digital capabilities. The company’s position in the medical aesthetics sector has been reinforced as a result of these initiatives.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the aesthetic medicine market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of procedure type (invasive procedures and non-invasive procedures) and across five regions (North America, Latin America, Europe, APAC, and MEA).
Market Segments Covered in Aesthetic Medicines Industry Analysis
· By Procedure Type
- Invasive Procedures
- Breast augmentation
- Nose reshaping
- Eyelid surgery
- Tummy tuck
- Other invasive procedures
- Non-Invasive Procedures
- Botox injections
- Soft tissue fillers
- Chemical peel
- Laser hair removal
- Invasive Procedures
· By Region
- North America
- Latin America
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