Published Date : 10 Mar 2022
The global medical aesthetics market size is expected to surpass around US$ 21.2 billion by 2027 from US$ 13.4 billion in 2022, growing at a CAGR of 9.4% during the forecast period 2022 to 2027.
Demand for medical aesthetics remains strong in 2021. Some sales insight revealing the strong growth of medical aesthetics market during the past few years are listed below:
Approximately 37.7% of the Global Medical Aesthetics Market Captured by the US
North America generated revenue of US$4.67 billion in 2020 and dominated the market. US is the leading market in North America accounting for around 91.4% of the North America medical aesthetics market in 2020. The rapidly growing ageing population in North America is boosting the demand for medical aesthetics. The surging popularity of non-invasive and minimally invasive aesthetic procedures, growing demand for cosmetic surgery among the population, the availability of advanced technologies, adoption of user-friendly aesthetic products, high disposable income of the consumers, and growing demand for medical aesthetics among the aging population in North America are the prominent factors that has booted the growth of the North America medical aesthetics market. It is estimated that by 2060, the geriatric population will constitute about 24% of the US population. The presence of a well-established healthcare infrastructure and the presence of an adequate number of skilled cosmetic surgeons in the region has led to the growth of the market.
What are the key trends in the Global Medical Aesthetics Market?
Emerging economies like Brazil, China, India, and Mexico are estimated to offer huge growth opportunities to the market players in the global medical aesthetics market. The rising government investments in the development of healthcare infrastructure and the rising adoption of advanced and innovative tools and equipment are boosting medical tourism in emerging nations. The low cost and quality procedures in the emerging nations attract a huge population that seeks cosmetic surgeries, and hence the rapidly growing medical tourism industry in the emerging markets is expected to fuel the growth of the medical aesthetics market in the forthcoming future. Furthermore, the demand for medical aesthetics is increasing due to the rising adoption of minimally and non-invasive procedures. According to the International Society of Aesthetic Plastic Surgery, an increase of 5.4% has been recorded in the volume of cosmetic and plastic surgeries from 2017 to 2018.
What are the key challenges in the Global Medical Aesthetics Market?
There are certain risks and medical complications associated with medical aesthetics procedures. There is always a risk factor during or after the procedure may be due to the inefficiency of the surgeon. Moreover, medical aesthetic procedures are very expensive, which limits it to a particular section of consumers. Moreover, the social stigma, religious, and ethical concerns associated with the alteration of appearance may restrict consumers to adopt the procedures, which may hamper the market growth during the forecast period.
Medical Aesthetics Market Report Scope
|Market Size in 2022||USD 12.3 Billion|
|Market Size by 2030||USD 21.2 Billion|
|Growth Rate from 2022 to 2030||CAGR of 9.4%|
|Forecast Period||2022 to 2027|
Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2021-2030)
The rising government investments in building a strong and advanced healthcare infrastructure is expected to support the growth of the medical aesthetics market. The rising penetration of beauty clinics across the Asia Pacific region and rising awareness among the population regarding the availability of medical aesthetics is expected to have a significant impact on the growth of the market. Therefore, the rapidly growing geriatric population in the Asia Pacific region is expected to fuel the market growth significantly. Furthermore, the growing adoption of robots in surgical procedures is increasing the effectiveness, efficiency, and safety of consumers. This will have a positive impact on market growth.
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