Medical Aesthetics is a blend of beauty enhancement and medical science. In medical aesthetics, modern medical procedures are used to aggrandize cosmetic appearance. It is utilized as a treatment for various dermal complications as well as self-induced facial or body enhancement. As an effective solution to the growing trend of attaining physical perfection by the millennials, adults, and youngsters, the medical aesthetics market is gaining a positive momentum since the past few years.
Rising adoption of medical aesthetics by geriatric population, growing interest of people to adopt medical aesthetic treatment for gaining physical perfection, technological advancement in the medical aesthetic field, adoption of medical aesthetics by television, internet and social media influencers, increased investment in R&D by the major players etc. are some of the major driving factor that is boosting the global aesthetics market.
The desire for physical perfection is a prime factor for boosting the global aesthetics market. A study published in Journal of Community Development Research from Silpakorn University, Bangkok in 2017 revealed that Thailand is one of the leading destinations for medical tourism, each year an approximate of 2.5 million tourists out of 26.5 million come to Thailand to adopt medical aesthetics for gaining physical perfection. Which in turn generates an enormous revenue of USD 4.31 billion from the medical aesthetics industry alone.
However, there are certain restraining factors, holding back the market from growth. These are inclusive of complication and side effects related to medical aesthetics, expensive procedures and social stigma related to gain artificial beauty enhancement.
Owing to the aforesaid factors the global aesthetic market is projected to reach an approximate value of USD 18 billion by 2023 from USD 11 billion in 2018, at a staggering CAGR of 11 % from 2018 to 2023 forecast period.
The global aesthetics market can be segmented on the basis of application, product or device type, user end, and geographical region.
As per application, the aesthetics market is categorized into Dermal Filler, Tattoo Removal, Liposuction, Laser Hair Removal, Skin Tightening, Facial Bone Contouring, Thread Lift, Facial Fat Grafting, Rhinoplasty, Neck Lift, Hair Transplantation etc. In terms of product or device type, they are sub-segmented into Liposuction Devices, Cellulite Reduction devices, Breast Implants, Root-Form Dental Implants, Plate Form Dental Implants etc.
By User End the Market can be sub-segmented into Dedicated Aesthetic Clinic, Hospitals and Beauty Salons.
As per geographical region, the aesthetics market can be divided into North America, Europe, Asia Pacific and Rest of the world. North America consists of countries as the USA, Canada, and Mexico. Europe is dominated by Germany, France, UK, Italy and Spain. The Asia Pacific is formed of Japan, China, Thailand, Singapore, India, Australia and South Korea. And lastly, countries such as Brazil, Columbia and South Africa accounts for Rest of World.
Dominant Region and fastest growing region
The USA is the major producers of medical aesthetics products and most of the major companies like Merz Pharma, Syneron Medical etc. are headquartered in the USA which gives a view of their market dominance. The USA will retain its dominance until 2023.
On the hand, the Asia Pacific is the fastest growing region. In terms of the application of medical aesthetics, the Asian nation Thailand takes the lead. Thailand is the country with maximum medical tourism for medical aesthetics at a reasonable price.
The medical aesthetics is a growing trend and the market has flourished a lot in the past couple of years which gave rise to tough competition among its major players as Merz Pharma, Cynosure Inc., Allergan, Syneron Medical Ltd., Lumenis Ltd., Alma Lasers Ltd., Anika Therapeutics, Valeant Pharmaceutical International, Johnson & Johnson, Galderma S.A., Sinclair Pharma Inc. etc.