The Medical Aesthetics Market deals in products that improve the physical appearance and satisfaction of a person. These include injectable botox and soft tissue fillers, non-invasive body contouring devices, and aesthetic laser and energy devices that reduce wrinkles, acne scars and excess fat. The major drivers for medical aesthetics are the increasing demand for non-invasive aesthetic treatments among people wanting to maintain youthful appearances and growing social acceptance of aesthetic treatments. The global medical aesthetics market is driven by a rise in self-esteem and self-confidence issues that prompt people to opt for appearance enhancement procedures.
The global Medical Aesthetics Market is estimated to be valued at US$ 15.2 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
One of the major trends in the medical aesthetics market is growing preference for non-invasive and minimally invasive aesthetic treatments. Traditionally, invasive surgical procedures were the popular choice for aesthetic enhancements. However, factors like long recovery time, visible scarring and high costs associated with surgeries are prompting people to opt for non-invasive treatments that do not require downtime. Non-invasive procedures allow quicker recovery with minimal risks and side effects. The non-invasive segment that includes laser treatments, injectable treatments and body contouring devices are expected to dominate the market. Growing awareness about these procedures through social media and reality television is a key factor driving demand for non-invasive aesthetic treatments.
Porter’s Analysis
Threat of new entrants: The medical aesthetics market requires huge investments and regulatory approvals to enter, lowering threat of new entrants. However, large players are making MA to capture more market share.
Bargaining power of buyers: Individual buyers have low bargaining power due to high perceived individual benefits of medical aesthetic procedures but organized buyers can negotiate on price and demand innovative products.
Bargaining power of suppliers: Key raw material and technological suppliers have moderate bargaining power due to availability of substitutes and dependencies of existing players on such suppliers.
Threat of new substitutes: Threat is moderate as some non-invasive techniques act as substitutes but none perfectly substitutes certain medical-grade aesthetic procedures requiring medical expertise and infrastructure.
Competitive rivalry: Market remains highly competitive due to significant players and considerable growth potential. Players compete on product features, marketing and geographical expansion.
Key Takeaways
The global Medical Aesthetics market is expected to witness high growth at a CAGR of 25% during the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 15.2 Bn.
North America dominates the global medical aesthetics market currently due to advancements in products and wider acceptance of aesthetic procedures among population for appearance enhancement. However, Asia Pacific is expected to grow at fastest pace due to rising medical tourism and increasing disposable incomes in the region.
Key players operating in the medical aesthetics market are Cynosure, Inc., Allergan, Inc., Alma Lasers, Ltd., Mentor Worldwide LLC, Lumenis Ltd., ZELTIQ Aesthetics, Inc., PhotoMedex, Inc., Galderma S.A., Syneron Medical, Ltd., and Solta Medical, Inc. Companies compete on the basis of product portfolio, innovation, quality and efficacy of products along with expansion strategies.
