Aesthetic Medicine Market Size, Share & Trends Analysis Report By Procedure Type (Non-invasive, Invasive), By Region (North America, Asia Pacific, Europe), And Segment Forecasts, 2023 - 2030

Aesthetic Medicine Market Size & Trends

The global aesthetic medicine market size was valued at USD 112.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 14.7% from 2023 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, which use fat-freezing technology is expected to create lucrative opportunities in 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. Initially, social distancing and sudden sharp cuts in consumers' income levels had negatively impacted the market. The market 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 & 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. 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 is expected to be in high demand throughout the forecasted period. The growing awareness about fitness and overall appearance has increased the demand for aesthetic treatments 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), in 2021, India was ranked among the top 5 countries performing non-surgical procedures at a global level. This highlights the lucrative growth prospects that lie ahead for industry players in the country.

Procedure Type Insights

Based on procedure type, the industry has been segmented into invasive procedures and non-invasive procedures. The non-invasive procedures segment dominated the market with a share of 54.6% in 2022 and is expected to grow at the fastest CAGR over the forecast period. 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 peel.

In June 2020, Allergan Aesthetics, a subsidiary of AbbVie Inc. (U.S.), received FDA approval for JUVÉDERM® VOLUMA™ XC for the augmentation of the chin region in adults over the age of 21 years. Apart from this, in 2019, FDA approved, Jeuveau, which is similar to Botox; however, 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. The growing focus on physical appearance has increased the demand for these invasive procedures.

Regional Insights

In 2021, North America accounted for the largest share of 35% of the global market revenue. Advanced healthcare infrastructure, high adoption of cosmetic procedures, increasing prevalence of skin disorders, and the presence of several certified & skilled cosmetic surgeons in the region are some of the major factors contributing to the growth of the regional market. According to the American Society of Plastic Surgeons (ASPS), the growth in 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 grow 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 and growing focus on physical appearance also support the growth. Moreover, South Korea is considered the hub of cosmetic surgeries, which is another key factor driving regional growth.

Key Companies & Market Share Insights

The global market is highly fragmented with many local players competing with international players. However, the strict regulatory approval process is challenging the entry of new products into the market. Primary parameters affecting the competitive nature are the rapid adoption of advanced devices for improved treatment and technological advancement. Leading players are adopting various strategies, such as mergers & acquisitions, to retain their industry share and position. For instance,

• In December 2021, Allergen Aesthetics, part of AbbVie, acquired a medical technology company, Soliton, Inc. This acquisition helped strengthen its portfolio of non-invasive body contouring treatments

• In September 2020, Allergan Aesthetics, 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 its aesthetic portfolio including expansion of U.S. salesforce and digital advancements in ASPIRE Galderma Rewards. Such investments have strengthened its position in the medical aesthetics market

Some of the key players in the global aesthetic medicine market are:

• Allergan

• Johnson & Johnson

• Galderma

• Lumenis

• Cynosure

Aesthetic Medicine Market Report Scope

Global Aesthetic Medicine Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the global aesthetic medicine market report based on procedure type, 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

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

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • India

    • Japan

    • China

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE