Published Date : 22, 2022
According to Precedence Research, the global medical aesthetics market size is projected to reach over US$ 21.2 billion by 2027 from valued at US$ 11.4 billion in 2020, growing at a CAGR of 9.4% from 2021 to 2027.
Increasing spending on beauty and care in emerging markets
The increasing demand for non-invasive aesthetic treatments is elevating in emerging markets such as Thailand, India, Mexico, Brazil, and others, owing to the rise in consumer disposable income and customer spending on beauty and care.
For instance, according to the International Society of Aesthetic Plastic Surgery 2018's data, India accounts for 505,103 non-surgical procedures from 895,896 total aesthetic surgeries, whereas Mexico accounts for 525,200 non-invasive surgery from 1,043,247 total aesthetic surgeries, and Argentina accounts for 328,405 non-invasive procedures from a total of 608,960, aesthetic procedures. Such factors will amplify the market's growth in upcoming years in emerging economies.
Rising adoption of minimally invasive procedures, acceptance of non-surgical cosmetic procedures, and rising wakefulness regarding advanced treatment methods are the driving medical aesthetic market in the region. The medical aesthetic or injectable with hyaluronic acid are widely employed across the emerging segment due to their properties. It is naturally available in the human body and reduces the visibility of fine lines and wrinkles, retaining moisture to the skin, making it preferable for consumers. For instance, according to the International Society of Aesthetic Plastic Surgery 2018's data, 72,933 procedures were done using hyaluronic acid in India, whereas 142,217 hyaluronic acid procedures in Mexico and are expected to grow with the rise in awareness. This factor will pave the way for the growth of the medical aesthetic market during the forecast period in the region.
Medical Aesthetics Market Share Analysis by Region 2020 (%)
Europe Medical Aesthetics Market was valued at US$ 3,280.8 Mn in 2020 and is expected to reach US$ 5,752.4 Mn by 2027 expanding at a growth rate of 8.5% during the forecast period. Rest of Europe accounted for 23.3% of share in Europe in 2020. As a result of rising consumer demand and a growing senior population seeking cosmetic treatment, the face injectables market in the 'Rest of Europe' category is expected to rise rapidly.
The European medical aesthetics market is covered with respect to five major countries-Germany, France, UK, Italy, Spain, and other European nations. Europe has emerged as the second largest attractive market for medical aesthetics. The medical aesthetics market in Europe is growing due to the increasing inclination towards minimally invasive and non-invasive aesthetic procedures. Rising incidences of breast cancer, launch of awareness programs such as breast reconstructive awareness campaign, and the growing influence of celebrities upon the young generation to look aesthetically appealing are the driving factors that support the growth of this market.
The United Kingdom is popular for aesthetic procedures, including both surgical and non-surgical cosmetic treatments. As per the data from the British Association of Aesthetic Plastic Surgeons (BAAPS), the overall number of surgical cosmetic procedure slightly declined in 2017, whereas non-invasive aesthetic procedure witnessed steady increase, due to economic uncertainty and people’s inclination toward temporary changes rather than significant permanent alteration. This is assumed to create greater opportunities for the medical aesthetic market.
In 2017, there was an increase in facial procedures for men. Especially, facelift procedures were up 16% as compared to 2016, whereas for women, breast augmentation remains the most popular procedure which was up by 7%. The increase in geriatric population and rising acceptance of tissue fillers with increasing dermal filler surgeries are expected to drive the medical aesthetic market in the country during the forecast period.
Germany is poised to experience a strong growth in the medical aesthetic market as a result of increasing public awareness, cost-effective facial injectables, increase in aging population, and increasing inclination toward cosmetic appearance. This trend shows the huge potential of the medical aesthetic market.
In accordance with the data from the International Society of Aesthetic Plastic Surgery (ISAPS), 704,880 aesthetic procedures were performed in Germany in 2017, which accounted for 3.0% of total number of global aesthetic procedures. As per ISAPS, in 2017, the total number of surgical procedures performed in Germany was 290,932 and non-surgical procedures were 413,948.
As per the ISAPS, in 2017, 137,919 hyaluronic acid procedures were performed in Germany, which accounted for 4.2% of the total number of hyaluronic acid procedures performed globally, indicating a demand for hyaluronic acid procedures in Germany. One of the global leaders in aesthetics, a Germany-based manufacturing company Merz has launched dermal filler named Belotero Lips, for lip enhancement and beautification in 2018.
The huge demand for facial injectables in the Germany is encouraging many companies to invest more on research and development of novel dermal filler products. Increasing demand for aesthetic procedures and growing aging population are considered to be the driving factors for the market studied in the future.