Medical Aesthetics Market is projected to grow from USD 13.9 billion in 2022 to USD 23.4 billion by 2027, at a CAGR of 11.0% from 2022 to 2027, according to a new report by MarketsandMarkets™. The Rapid growth in medical tourism, the growing adult (aged 20 and above) population, increasing disposable incomes, growing awareness about aesthetic specialties, government subsidies and expenses or tax relaxations in these countries can also help companies to grow. These are the key factors driving the market in near future.
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Body Contouring segment to register significant growth rate over the forecast period of 2022-2027
Based on the product type, the global medical aesthetics market is segmented into facial aesthetic products, body contouring devices, cosmetic implants, hair removal devices, skin aesthetic devices, tattoo removal devices, thread lift products, physician-dispensed cosmeceuticals and skin lighteners, physician-dispensed eyelash products, and nail treatment laser devices. The body contouring segment is anticipated to register a highest growth rate over the forecast period. The advantages of body contouring device such as nonsurgical fat reduction procedures, support its market growth.
Clinics, Hospitals, and Medical Spas segment accounted for the largest share of the medical aesthetics market, by end user market in 2021
The Clinics, Hospitals, and Medical Spas segment dominates the market because most aesthetic procedures are performed in clinics, hospitals, and medical spas, owing to the presence of trained professionals and skilled surgeons that perform aesthetic treatments on patients. Also, several aesthetic treatments require local anesthesia and surgical intervention, necessitating the involvement of skilled healthcare practitioners or plastic surgeons.
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Asia Pacific to register major growth in the market during the forecast period
Asia Pacific medical aesthetics market is anticipated to register the highest growth over the forecast period of 2022 to 2027. Major growth of the market is attributed to increased consumer affluence and aesthetic sophistication throughout the region. Additionally, the next four to five years are expected to be marked by the continued proliferation of the aesthetics industry in APAC due to the emergence of new products and increasing consumer acceptance of advanced procedures. The increasing availability of minimally invasive and noninvasive aesthetic treatments is also expected to fuel the growth of the medical aesthetic market in the region.
As of 2021, prominent players in the medical aesthetics market are AbbVie Inc. (Ireland), Galderma (Switzerland), and Merz Pharma (Germany), El.En. S.p.A (Italy), Cutera (US), Venus Concept (Canada), Lutronic (US), Lumenis (Israel), Bausch Health Companies Inc. (Solta Medical)(Germany), Candela Corporation (US), InMode (Israel), and Cynosure (US) among others.
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