The global aesthetic medicine market size is expected to reach USD 103.4 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period, according to a new report by Grand View Research, Inc. Some key market drivers are rise in aging population, disposable income, and awareness about the efficacy of aesthetic treatments.
People aged between 25 and 65 years have prominent aging signs, such as wrinkles, fine lines, and dark spots. Rise in geriatric population is likely to boost the demand for aesthetic medicine due to significant rise in the number of target consumers. Moreover, the need for improved aesthetics in the working class population is likely to drive the demand over the forecast period. Improving employment rate, especially in the emerging markets, is anticipated to drive the demand for aesthetic medicine over the forecast period.
However, the presence of stringent regulatory framework to ensure product safety and efficacy is one of the primary factors limiting growth of the global aesthetic medicine market. Lack of skilled professionals required to perform surgical and minimally invasive procedures coupled with the growing overall treatment cost, is expected to hinder the market growth in the forthcoming years.
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Non-invasive procedures segment is expected to maintain its dominance throughout the forecast period. Growing preference for minimally or non-invasive cosmetic surgeries over invasive cosmetic surgeries attributed to various factors, such as lower costs, minimal trauma and incision, faster recovery, and low risk of complications is anticipated to fuel the segment growth
Botox injections, chemical peels, and soft tissue fillers are some of the most frequently performed non-invasive procedures to address some common issues, such as wrinkles, pigmentation, vascular conditions, loss of skin tone, and dull skin
Breast augmentation and nose reshaping in the invasive procedures segment are anticipated to witness rapid growth in the forthcoming years owing to availability of a rising number of advanced technologies and skilled surgeons
Asia Pacific is anticipated to witness rapid growth over the forecast period, owing to the presence of a large target population pool between 25 to 65 years in China and India and improving standards of living in the region
Some of the key players operating in the global market include Allergan, Inc.; Alma Laser; Cynosure; Galderma S.A.; Lumenis; Johnson and Johnson; Solta Medical, Inc.; and Syneron Medical Ltd.
Grand View Research has segmented the global aesthetic medicine market on the basis of procedure type and region:
Aesthetic Medicine Procedure Type Outlook (Revenue, USD Million, 2015 - 2026)
Soft tissue fillers
Laser hair removal
Aesthetic Medicine Regional Outlook (Revenue, USD Million, 2015 - 2026)
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