Non-invasive Procedures to Account for 50% of the Aesthetic Medicine Market Share
Feb. 28, 2022 (biospace.com) — With a market share of over 40%, North America is likely to maintain its dominance in the medical aesthetics industry.
In a recent market study, Fact.MR covers recent developments in the global aesthetic medicine market, highlighting vital aspects such as trends, drivers, opportunities, and restraints. The report studies recent developments in the segments of the market in terms of procedure and region.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global sales of aesthetic medicine market in 2021 was adhered at US$ 64.6 Bn. With 10.3%, the estimated analysis of market growth during 2022 – 2032 is expected to be enormously higher.
Non-invasive procedure is expected to be the highest revenue generating service, computing for an absolute dollar opportunity of nearly US$ 64.4bn. This increases the demand of aesthetic medicine market.
From 2017 to 2021, market value of the aesthetic medicine industry increased at around 8.9% CAGR, in countries like, U.S., Canada, Brazil, Mexico and Germany held significant share in the global market.
COVID-19 impacts limited non-emergency medical services, the dermatological and aesthetic medicine markets are expected to quickly recover once the epidemic is over.
The aesthetic medicine market is estimated to gain from an increase in awareness and demand for preventative procedures that gives anti-aging advantages of injectable medications early in life. Adult people are very aware of their physical appearance. This increased the demand for aesthetic operations, with botox being one of the most popular categories.
The combined influence of consumption upgrading phenomenon and higher consumer awareness are because of novel digital media marketing innovations.
Non-invasive operations surged in popularity as compared to invasive procedures. As a result, the market trend witnessed high growth in recent months, and it is expected to grow at a CAGR of 10.3% over the coming 10 years.
Key Takeaways:
- Non-invasive procedures segment reported for 53.7% of the scope of aesthetic medicine market with a revenue of US$37.9 Bn in 2022.
- In 2022, North America to contribute more than 41% market revenue.
- An increase in awareness and demand for preventative procedures that provide anti-aging benefits of injectable medications early in life is projected to boost the aesthetic medicine market.
- With a market share of over US$6.8 billion, liposuction was the most major contributor in invasive procedures, while Botox with a market share of approximately US$9.5 Bn
- Breast augmentation has witnessed a significant increase in the invasive procedure, which is estimated to grow at US$ 16.8 Bn by 2032 with a CAGR of 9.6%.
Growth Drivers:
- In comparison to invasive procedures, non-invasive procedures have higher market share. Less pain, faster outcomes, and lower costs are providing growth to the global demand for non-invasive procedures.
- Patients are also interested in cosmetic procedures because of its simplicity with which they can heal at ease. This led to increase the demand of aesthetic medicine market.
- The development of advanced aesthetic devices such as non-invasive aesthetic devices and increasing focus on physical appearance, are some important market drivers.
Competitive Landscape:
- In Jan 2021, Allergan Aesthetic associated with Cypris Medical, a Chicago-based private medical device company. The clinical trial has already begun, and it helps with the evaluation and cross-checking of Xact’s safety in skin treatment on the face and nasolabial sulcus deepening.
- In Dec 2021, Allergen Aesthetics, a division of AbbVie, recently acquired Soliton, Inc., a medical technology firm. This acquisition will add to the company’s non-invasive body reshaping therapy range.
- In Dec 2020, Galderma made a significant investment in its aesthetic portfolio, including the development of its U.S. salesforce and enhancements in ASPIRE Galderma Rewards’ digital capabilities. The company’s position in the medical aesthetics sector has been reinforced for initiatives.
Key Players in the Aesthetic Medicine Market include:
- Allergan
- Galderma Laboratories
- Merz Pharmaceuticals
- Alma Lasers
- Johnson & Johnson
- Galderma
- Lumenis
- Cynosure
- Cutera
- Solta Medical
Why are non-invasive procedures commanding a larger proportion of cosmetic medicine market than invasive procedures?
In comparison to invasive procedures, non-invasive procedures have a larger market share. Less pain, faster outcomes, and lower costs are just a few of the factors driving global demand for non-invasive procedures. Botox injections, soft tissue fillers, and chemical peels are all popular non-invasive procedures.
Cosmetic operations are becoming increasingly popular around the world. It is expected to boost the cosmetic medicine market even higher. According to the International Society of Aesthetic Plastic Surgery (ISAPS), India is one of the top five countries in the world when it comes to non-surgical procedures. Adults are increasingly paying attention to their physical appearance as a result of their increased fitness awareness.