The global medical aesthetics market size was estimated at US$ 11.4 billion in 2020 and is expected to hit around US$ 21.2 billion by 2027, expanding growth at a CAGR of 9.4% during the forecast period 2021 to 2027.
Key Trends
Increase in adoption of Robot-based surgery
Rising adoption of medical aesthetic products in male population
Rising demand for green products
Consumer is shifting their preference towards green skincare and regenerative products due to negligible side effects, cost-effectiveness, and providing additional benefits as well. Green or natural products are developed along with ecological standards, and they promote health benefits as well. They allow skin rejuvenation and cell regrowth naturally, reduces acne, scars, and other skin-related issues without any chemical interference or surgery requirements, hence consumers are adopting green regenerative skincare products. Such factors will promote their growth in the beauty and care market in forthcoming years across the globe.
Moreover, many existing well-established companies are collaborating with local or SMEs to enhance their beauty, and skincare products offering natural ingredients to cater to the needs of the consumer in the market will fuel the green products market growth. They can be used without harming the environment. Green cosmetics are natural cosmetics, primarily made up of plant and fruit extracts and concentrates.
Regional Life Cycle
The life cycle for medical aesthetics has been analyzed for regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.
In 2020, North America held the largest share of the global medical aesthetics market, a trend that is expected to continue throughout the forecast period.
There is a vast growth of aesthetic procedures by facial injectables in Canada. These procedures are being performed in non-clinical organizations like shopping malls, beauty salons, or day spas, as well. Owing to this, the regulations of Canadian Association of Medical Spas & Aesthetic Surgeons (CAMACS) have to be adhered to ensure safety.
Plastic surgery has become so popular among the Chinese consumers, as there has been a greater influence of social media among the population. One of the most popular cosmetic procedures found to be performed are face slimming and calf slimming. The most popular injection surgeries among Chinese consumers are also the Hyaluronic Acid (HA) treatments. According to the National Institute of Health, about 3 million cosmetic surgery operations are performed every year in China. Therefore, the increasing demand for facial surgeries to look younger or to look beautiful, is fueling the medical aesthetic market in China.
Medical Aesthetics Market Size in Developing Economics, 2020 (USD Mn)
| 2020 (USD Mn) | |
| GCC | 92.8 |
| Rest of APAC | 874.2 |
| Rest of South America | 417.6 |
| Brazil | 318.0 |
Medical Aesthetics Market Size in Developed Economics, 2020 (USD Mn)
| Australia | 222.1 |
| Japan | 286.2 |
| China | 939.0 |
| Germany | 697.0 |
| Canada | 403.6 |
| UK | 525.4 |
| US | 4262.7 |
Market Drivers and Impact
Growing adoption of aesthetic procedures among geriatric individuals
The rising geriatric population and increasing prevalence of skin problems with growing age including acne, pigmentation, and scarring would create lucrative growth aspects for the market over the forecast period. According to the Internal Affairs and Communications Ministry of Japan, the elderly population accounted for around 28.4% of the total population in the year 2018. In Japan, the number of individuals aged 65 & above stood at around 35.88 million in the year 2018 as compared to 32 million in the year 2017 representing the highest elderly population across the globe.
As per World Health Organization, the number of people aged 65 or older was 524 million in 2010, which was 8% of world’s population, and is projected to grow an estimated 1.5 billion in 2050 representing 16% of world’s population, with most of the increase in developing countries, will create lucrative demand for the medical aesthetic devices and procedures during the forecasting period.
Rising adoption of home-use aesthetic devices
Based on type, the non-invasive type segment is dominating the medical aesthetic market with revenue share of 68.9% in 2020. The non-invasive type segment was reached at $7,855.5 million in 2020 and is predicted to hit $14,774.6 million by 2027, with a CAGR of 9.6% over the forecast period. However, the invasive market is expanding growth at a CAGR of 9.0% over the forecast period.
Based on application, the other segment in application segment was accounted at $6,888.5 million in 2020 and projected to reach $12,617.4 million by 2027, expanding growth at a CAGR of 9.2% during the forecast period. However, the rhinoplasty segment was estimated at $708.8 million in 2020 and projected to reach $1,400.4 million by 2027, with a CAGR of 10.4% over the forecast period.
End User Insights
In 2020, Hospitals & clinics segment was the highest contributor to the global medical aesthetics market and has garnered revenue share 76.2%. Due to the popularity of cosmetic procedures, hospitals & clinics have installed the latest technologically advanced devices and products to provide effective, yet minimally invasive cosmetic reconstruction methods. This has enabled hospitals to provide almost all the types of cosmetic procedures for patients. This will contribute to the growth of the segment over the forecasting period at global level.
With the advancement in technology and automation a variety of devices are available in medical aesthetics market offered by major market players, in order to cater to the needs of a wide range of customers in their home settings. People prefer services and home as it saves travelling cost and time, hence the home care medical aesthetic segment is estimated to grow during the forecasting period.
The hospitals and clinics in end user segment is expected to reach $15,987.4 million by 2027, growing at a CAGR of 9.2% during the forecast period. However, the home care market is growing at a CAGR of 10.2% during the forecast period.
Regional Insights
In 2020, North America accounted market share of around 40.9%. North America Medical Aesthetics Market was valued at US$ 4,666.2 million in 2020 and is projected to reach over US$ 8,566.9 million by 2027 with a CAGR of 9.2% over the forecast period. The U.S. accounted for 91.4% of share in North America.
Recently, consumers of the United States have increased their interest toward the facial aesthetic appearance. Facial injectables that contain botulinum, hyaluronic acid, collagen, and polymers and particles give the skin or features a cosmetic boost. According to the American Society of Plastic Surgeons, as of 2017, botulinum toxin as 77% and hyaluronic acid holds 72% in the nonsurgical procedures in the United States.
Increasing geriatric population and demand for non-invasive aesthetic procedures are driving the market over the forecast period. Moreover, there is a vast growth of aesthetic procedures by facial injectables in Canada. These procedures are being performed in non-clinical organizations like shopping malls, beauty salons, or day spas, as well. Owing to this, the regulations of Canadian Association of Medical Spas & Aesthetic Surgeons (CAMACS) have to be adhered to ensure safety.
The North American market is rising because to a growing older population, advantageous reimbursements, breakthrough technologies, and the prevalence of congenital face and teeth defects. Furthermore, celebrities have a significant impact on the younger population, which is increasingly choosing for these procedures. The need for medical aesthetic operations has also increased as a result of this.
Key Players
Market Segmentation
By Type
By Application
By End User
By Geography
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