Aesthetic Medicine Market Size, Share & Trends Analysis Report By Procedure Type (Invasive Procedures, Non-invasive Procedures), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2022 - 2030

Report Overview

The global aesthetic medicine market size was valued at USD 99.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.5% from 2022 to 2030. Manufacturers coming up with innovative aesthetic devices has led to an increased demand for aesthetic treatments in recent years. For instance, the introduction of technologically advanced products, such as non-invasive body contouring systems that use fat freezing technology, is expected to create lucrative opportunities for market growth in the coming years. According to the Aesthetic Society (U.S.), non-invasive body fat reduction was among the top 5 non-invasive procedures in the U.S. in 2020 with 140,314 procedures being carried out.

The COVID-19 pandemic had significantly affected the market for aesthetic medicine. Initially, social distancing and a sudden sharp cut in consumers’ income levels had negatively impacted the market. The market had witnessed a phase of short-term negative growth owing to factors such as a decline in product demand, limited operations, temporary closures of beauty centers, and disruption in the manufacturing and supply chain.

However, remote working has increased the time spent on Zoom calls. Adults are paying attention to their physical appearance closely. This has increased the demand for cosmetic surgeries, with Botox being one of the most popular procedures preferred. Interest in non-invasive procedures has increased during the past few months while interest in invasive procedures has declined. Thus, the market has witnessed a spike during the past few months and it is expected to be in high demand throughout the forecast period.

The growing urge to look young and fit has increased the demand for aesthetic treatment in developing countries. Aesthetic procedures such as liposuction, nose reshaping, and Botox injections are gaining consumer interest in countries such as India and South Korea. According to the International Society of Aesthetic Plastic Surgery (ISAPS), India was ranked among the top 5 countries performing non-surgical procedures at a global level. This highlights the high growth prospects that lie ahead for aesthetic medicine manufacturers in the country.

Procedure Type Insights

The non-invasive procedures segment dominated the market in 2021 with a share of over 50.0%. The segment is also expected to expand at the fastest CAGR over the forecast period. Based on procedure type, the market has been segmented into invasive procedures and non-invasive procedures. Less pain, instant results, and low cost are some of the factors that have boosted the demand for non-invasive procedures at a global level. Popular non-invasive procedures include Botox injections, soft tissue fillers, and chemical peels.

In June 2020, Allergan Aesthetics, a subsidiary of AbbVie Inc. (U.S.), received FDA approval of JUVÉDERM® VOLUMA™ XC for the augmentation of the chin region in adults over the age of 21. Apart from this, in 2019, the FDA approved Jeuveau, which is similar to Botox, however, is available at a lower cost compared to Botox. The product is found to be effective in reducing wrinkles. Invasive procedures such as liposuction, breast augmentation, and nose reshaping are some of the popular aesthetic procedures. Growing focus on physical appearance has increased the demand for these invasive procedures.

Regional Insights

In 2021, North America accounted for the largest revenue share of over 35.0%. Advanced healthcare infrastructure, adoption of cosmetic procedures, the increasing prevalence of skin disorders, and the presence of board-certified and skilled cosmetic surgeons in the region are some of the major factors contributing to the growth of the market in this region.

According to the American Society of Plastic Surgeons (ASPS), the growth in the rates of cosmetic surgery procedures from the year 2000 to 2018 was compared. It was observed that breast augmentation procedures increased by 48%, while the use of Botox injections increased by 845%. Thus, North America is expected to be a key revenue generator for aesthetic medicine manufacturers in the coming years.

Asia Pacific is projected to expand at the highest CAGR of 10.9% during the forecast period. The region is backed by countries such as China, India, and South Korea. The availability of technologically advanced products, growing focus towards physical appearance, and South Korea being the hub of cosmetic surgeries are some of the key factors expected to drive the market in the region.

Key Companies & Market Share Insights

The market for aesthetic medicine is highly fragmented with many local players competing with international players. However, a strict regulatory approval process is challenging the entry of new products into the market. Primary parameters affecting the competition are the rapid adoption of advanced devices for improved treatment and technological advancement. Leading players have adopted mergers & acquisitions as one of the key strategies to retain market share. Recently, in December 2021, Allergen Aesthetics, a part of AbbVie, acquired a medical technology company, Soliton, Inc. This acquisition will strengthen its portfolio of non-invasive body contouring treatments.

In September 2020, Allergan Aesthetics, a part of AbbVie and Skinbetter Science, announced the launch of a new educational partnership DREAM: Driving Racial Equity in Aesthetic Medicine initiative. The Dream Initiative™ is committed to advancing the principles of racial and ethnic diversity, inclusion, respect, and understanding in the fields of plastic surgery and dermatology. In March 2020, Galderma announced a significant investment in the aesthetic portfolio including the expansion of U.S. salesforce and digital advancements in ASPIRE Galderma Rewards. Such investments have strengthened its position in the medical aesthetics market. Some prominent players in the global aesthetic medicine market include:

• AbbVie

• Cynosure

• Evolus Inc.

• Revance Galderma

• Lumenis

• Solta Medical

• Syneron Candela

• Alma Laser

Aesthetic Medicine Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global aesthetic medicine market report on the basis of procedure type, gender, end-User and region:

• Procedure Outlook (Revenue, USD Million, 2018 - 2030)

  • Invasive Procedures

    • Breast Augmentation

    • Liposuction

    • Nose Reshaping

    • Eyelid Surgery

    • Tummy Tuck

    • Others

  • Non-invasive Procedures

    • Botox Injections

    • Soft Tissue Fillers

    • Chemical Peel

    • Laser Hair Removal

    • Microdermabrasion

    • Others

• Procedure Gender Outlook (Revenue, USD Million, 2018 - 2030)

  • Male

  • Female

• Procedure End-User Outlook (Revenue, USD Million, 2018 - 2030)

  • Clinics, Hospitals, and Medical Spas

  • Beauty Centers

  • Home Care

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • India

    • Japan

    • China

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE