Aesthetic Medicine Market

Market Overview

The global aesthetic medicine market size was worth USD 105 billion in 2021 and is predicted to reach USD 245 billion by 2030, growing at a CAGR of 9.8% during the forecast period (2022–2030).

Aesthetic treatments, often known as cosmetic treatments, are non-surgical procedures used to counteract symptoms of aging, rejuvenate, and freshen the skin. Medical aesthetics encompasses many solutions and medications that address consumers' aesthetic needs for fine lines and wrinkle reduction, fat reduction, stretch mark remedies, scar therapy, skin oxygenation and resurrection, body contouring and firming botulinum toxin, and skin repair. Aesthetic medicine mainly focuses on altering the person's cosmetic appearance as desired. It is widely conducted to treat scars, excess fat, skin discoloration, skin laxity, moles, and wrinkles.

Aesthetic medicine uses a wide range of invasive, minimally invasive, and non-invasive cosmetic procedures. The global medical aesthetic industry is expanding due to increased elderly population awareness of such treatments and acceptance of novel therapies. Furthermore, changing consumer views toward wellness, beauty, and healthy aging have raised awareness and acceptability of aesthetics, driving demand from new patient demographics such as men and millennials.

Manufacturers' development of novel aesthetic devices has resulted in a rise in the demand for aesthetic procedures in recent years. In the upcoming years, it is anticipated that the launch of technologically improved goods, such as non-invasive body contouring systems that use fat-freezing technology, would generate an attractive potential for market expansion. The National Association for the Advancement of Science reports cardiovascular disease is the number one cause of death in the United States.

Market Dynamics

Market Drivers

Increasing Adoption of Minimally Invasive Treatments

The demand for cosmetic operations is growing, but payments for traditional insurance-based medicine are decreasing. Health professionals of all disciplines engage in medical aesthetic activities, such as providing cosmetic procedures in their offices or working in medical spas.

Compared to invasive surgeries, minimally invasive surgeries have advantages such as smaller incisions, shorter hospital stays, faster wound healing, less pain, fewer open wounds, and a lower risk of complications. Invasive operations are rapidly being replaced with minimally invasive surgeries.

According to the American Society of Plastic Surgeons (ASPS), non-invasive/minimally invasive fat reduction operations grew by 7% in the United States between 2016 and 2019. In 2021, almost 13.2 million minimally invasive surgical cosmetic procedures were performed. As a result of the rising adoption of minimally invasive operations and the availability of a wide range of minimally invasive treatment alternatives, the aesthetic medicine industry is expanding.

Growing Population Aged Between 25 to 65

Wrinkles, loss of skin suppleness, and dark patches occur between the ages of 25 and 30 and are more noticeable between the ages of 30 and 65. Thus, a large population susceptible to various signs of aging is boosting the demand for aesthetic medicine globally. For instance, according to CIA World Fact Book, around 30.5% of the total German population was aged between 25 and 54, and about 13.6% of the population was aged between 55 and 65 in 2018. Similarly, approximately 46.81% of the total population in China was aged between 25 and 54 in 2020. Population aged between 20 and 64 accounted for 54% of the global population in 2000 and is expected to reach 57% in 2050. Thus, perpetual growth in people aged between 25 and 65 is expected to drive the development of the aesthetic medicine market.

Home-use Aesthetic Device Demand 

Due to the simple accessibility of home-use aesthetic devices through various distribution channels, including retail stores, spas, and internet businesses, there has been an increase in demand and usage. As gadgets for use at home, laser- and light-based therapies are gaining popularity. Acne, rosacea, and precancerous lesions are treated at home with LED light therapies for the skin. Additionally, they promote the skin's synthesis of fresh collagen and blood vessels and reduce fat. The market for home-use aesthetic devices is seeing an increase in new product launches from major manufacturers.

Market Restraints

Lack of Reimbursement Coverage

All aesthetic procedures are not covered under private and government insurance plans. Methods mainly intended to reduce wrinkles, fats, hair removal, tattoo removal, removal of excess skin, and liposuction for enhancement of external appearance are not covered for reimbursement. Medicines comprise facial reconstruction following an accident and loss of weight surgery to decrease issues associated with obesity. The percentage of surgical treatments supported by medical reasons is lower than that of procedures performed for enhancing aesthetic appearance. Thus, a lack of reimbursement coverage for most operations may restrain the overall market's growth.

Market Opportunities

Advancements in Technology

Advancements in technology extend lucrative opportunities to the market players during the forecast period. Additionally, the high importance of streamlining imaging workflows will further increase the aesthetic medicine market's growth rate in the future.

Regional Analysis

Asia-Pacific and North America to Witness Significant Growth

Region-wise, the global aesthetic medicine market share is divided into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

Asia-Pacific is expected to have the highest CAGR of 11% to reach USD 64,155 million by 2030. With the increase in the demand for antiaging and antipollution products, rise in the standard of living, and growth in disposable income in Asia-Pacific countries, the aesthetic medicine market is expected to grow during the forecast period. Moreover, the availability of skilled professionals, advanced techniques, and cheaper treatment attracts customers worldwide, leading to a large number of aesthetic procedures being performed in the region.

With a CAGR of 9.5%, the North American aesthetic medicine market is expected to reach USD 83,875 million by 2030. The US holds the majority of the North American aesthetic medicine market. An increase in reconstructive procedures is driving the demand for cosmetic drugs in North America. The presence of advanced healthcare facilities and qualified specialists, and a high disposable income are essential elements supporting the expansion of the North American aesthetic medicine sector.

Cosmetic surgeries are in extremely high demand in Europe. This is a result of the area's efficient healthcare infrastructure. The popularity of non-invasive cosmetic procedures is rising as people become more conscious of their overall fitness and appearance. The most common cosmetic operations in the UK include laser therapy, breast reduction, and augmentation. The population in most European nations is aging, which increases the demand for cosmetic drugs.

Segmental Analysis

The global aesthetic medicine market share is divided by procedure type and region.

By Procedure Type

The global aesthetic medicine market is divided into invasive and non-invasive procedures. The invasive market is further segmented as breast augmentation liposuction, nose reshaping, eyelid surgery, tummy tuck, and others. The non-invasive market is further segmented as botulinum toxin type A, soft tissue fillers, chemical peel, laser hair removal, and microdermabrasion. 

The non-invasive procedures dominated the market in 2021 and are expected to grow at a CAGR of 10.5% during the forecast period and reach an expected value of USD 140,520 million by 2030. The wide availability of non-invasive and minimally invasive energy-based devices has enabled pain-free cosmetic treatments with zero downtime and reduced recovery. The easy availability of non-invasive procedures can be attributed to the increasing number of clinics and medical spa centers offering energy-based therapies.

According to American Med Spa Association, the majority of the medical spas in the US offer at least one energy-based treatment, with nearly 70% of medical spas providing laser hair removal and around 54% offering body contouring services. This is anticipated to fuel demand for these treatments. Furthermore, according to the 2020 Plastic Surgery Statistics Report, nearly 4,401,536 botulinum toxin type A procedures were operated in the US, which was among the top five most performed non-surgical procedures. This is one of the most widely accepted anti-wrinkle products in the world.

Higher awareness and wide availability of the product across the globe are factors supporting the growth of the global botulinum toxin market. Moreover, botulinum toxin injections have various benefits such as minimal discomfort, noticeable results, simple and easy treatment procedures, and rapid recovery time. Therefore, this toxin is an ideal product for correction of gummy smiles, lip-puckering, reduction of lower face width, and lifting the brow, which further boosts the market. 

Impact of covid-19

The COVID-19 pandemic caused substantial delays in the aesthetics business in the first and second quarters of 2020. Lockdowns in various nations forced the closure of beauty clinics, med spas, dermatological clinics, and retail companies because most cosmetic procedures were not medically necessary. Government officials and hospital executives worldwide asked doctors and nurses to cancel non-emergency appointments. According to Springer, COVID-19 significantly impacted the invasive aesthetic treatment market due to restrictions on elective aesthetic treatments and the overall burden on hospitals. Aesthetic surgeons concentrated on preserving cash flow to manage their expenses.

Additionally, a survey conducted by Hamilton Fraser Cosmetic Insurance Company suggests that in the UK, 99.78% of the surveyed aesthetic practitioners stated that COVID-19 severely affected their operations, 86% reported a reduced revenue, and 72% indicated that they did not have a contingency plan to work through the pandemic. According to Wiley One Library, manufacturing firms in Taiwan, South Korea, the US, and Israel had to decrease production for components of laser-based devices in the first two quarters of 2020, which impacted the supply chain. This led to a decrease in production for 2020.

The cosmeceuticals (self-care) market witnessed a low impact amid the pandemic due to increased online purchases. In contrast, invasive and minimally invasive needs, such as aesthetic surgeries, reported high impact due to closure of aesthetic facilities and postponement of appointments. The non-invasive market, including injectable fillers and laser-based aesthetic treatments, witnessed moderate-to-high implications and is expected to rebound at a moderate-to-high recovery rate.

Market Recovery Timeline

The demand for home skincare devices has increased during the pandemic. For example, there was an increase in sales of Philips' at-home Intense Pulse Light (IPL) hair removal system, with solid demand in APAC. Many dermatologists believe that the lockdowns may catalyze patient footfall post the pandemic. For instance, first-time attendees to dermatology clinics increased by 78% in the UK post lockdowns.

According to AAFPRS, more than 70% of its surgeons reported increasing surgical procedure appointments and consultations during later pandemics. The survey carried out by AAFPRS also stated that nine out of ten facial plastic surgeons indicated more than a 10% increase in bookings. The survey further reported that the demand for surgical cosmetic procedures is expected to increase as patients have more time and flexibility to revive from surgical procedures because of social distancing and working from home.

Techniques such as rhinoplasty, facelifts, neck lifts, eyelid surgery, and eye lifts have increased significantly. According to a survey by Allergan in April 2020, 95% of respondents stated that they were planning to opt for a neurotoxin filler treatment after COVID-19 restrictions ease. The same survey said that 86% of private aesthetic clinics reopened in China in the third quarter of 2020, with a 52% patient traffic. This indicated an upward trend for the market.

Recent Developments

• In December 2022, The second undrawn tranche's expiration date under volus, Inc.'s (NASDAQ: EOLS) existing term loan financing facility with investment funds managed by Pharmakon Advisors, LP, has been extended to December 31, 2023, according to the performance beauty firm.
• In October 2022, Evolus will expand its Global Presence with Nuceiva® Launch in the United Kingdom.
• In October 2022, AIVITA Biomedical Reports 50% Enhanced Survival in Phase 2 GBM Study in Publication.