Medical Aesthetics Global Market Outlook 2023-2032: Size And Growth Rate Analysis
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The global medical aesthetics market has experienced remarkable growth, surging from $9.88 billion in 2022 to $11.19 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 13.2%. Projections indicate a continued upward trajectory, with the market expected to reach $17.88 billion in 2027, boasting a CAGR of 12.4%. This growth is fueled by the increasing adoption of minimally invasive and non-invasive aesthetic procedures, transforming the landscape of beauty and cosmetic treatments.
Minimally Invasive Procedures Drive Growth
- Rise of Minimally Invasive Techniques:
- The medical aesthetics market is witnessing a surge in minimally invasive and non-invasive aesthetic procedures.
- These procedures are preferred for their quick, safe, and effective nature, requiring minimal downtime.
- Botox Injection Statistics:
- In 2020, the annual rate of Botox injections saw a staggering increase of approximately 459% since its inception.
- Botox procedures reached 44,101, with an estimated cost ranging between $1.3 billion and $2.6 billion.
- Consumer Preference for Quick Procedures:
- The growing adoption of minimally invasive and non-invasive procedures is attributed to their appeal for being swift and requiring less recovery time.
- This trend is driving the growth of the medical aesthetics market globally.
Key Players Shaping the Industry
- Major Market Influencers:
- AbbVie Inc., Medytox Inc., and Galderma S.A. are prominent players contributing to the growth of the medical aesthetics market.
- These companies play pivotal roles in driving innovation, ensuring accessibility, and expanding the global footprint of medical aesthetic solutions.
Robot-Based Surgery: A Pioneering Trend
- Adoption of Robotic Technology:
- A key trend gaining popularity in the medical aesthetics market is the adoption of robot-based surgery.
- Major companies are investing in technological solutions to enhance surgical precision and patient satisfaction.
- Smith-Nephew’s CORI:
- In November 2021, Smith-Nephew introduced CORI, a robotic surgical tool designed for total and partial knee arthroplasties.
- CORI places the surgeon in the digital operating room, providing advanced robotic sculpting capabilities and a 3-D intraoperative imaging system.
- Enhancing Patient Satisfaction:
- Robot-based surgery, as exemplified by CORI, results in less painful treatments, fewer required revisions, and greater patient satisfaction post-surgery.
- This technological trend is reshaping the landscape of medical aesthetics by advancing surgical precision.
Comprehensive Market Segmentation
- By Product:
- 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
- Nail Treatment Laser Devices
- By Technology:
- Minimally Invasive
- Other Technologies
- By Distribution Channel:
- Direct Tender
- By Application:
- Anti-Aging and Wrinkles
- Facial and Skin Rejuvenation
- Breast Enhancement
- Body Shaping and Cellulite
- Tattoo Removal
- Vascular Lesions
- Psoriasis and Vitiligo
- Other Applications
- By End User:
- Clinics, Hospitals, and Medical Spas
- Beauty Centers
- Home Care
- North America’s Dominance:
- North America is anticipated to lead the medical aesthetics market in 2022.
- The region’s advanced healthcare infrastructure and consumer demand for aesthetic treatments contribute to its prominence.
- Asia-Pacific’s Growth Momentum:
- Asia-Pacific is poised to be the fastest-growing region in the forecast period.
- The region’s burgeoning middle class and increasing beauty consciousness are driving the demand for medical aesthetic procedures.
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