The global aesthetic medicine market was worth USD 105 billion in 2021 and is expected to expand to USD 245 billion by 2030, with a CAGR of 9.8% between 2022 and 2030.
Aesthetic treatments, often known as cosmetic treatments, are non-surgical procedures that are intended to reduce the appearance of wrinkles, renew the skin, and make it look younger. Fine line and wrinkle reduction, fat reduction, stretch mark cures, scar therapy, skin oxygenation and resurrection, body contouring and firming botulinum toxin, and skin repair are all covered under medical aesthetics. Aesthetic medicine is primarily concerned with modifying a person's visual look to their liking. Scars, excess fat, skin discolouration, skin laxity, moles, and wrinkles are all treated with this procedure.
A variety of invasive, minimally invasive, and non-invasive cosmetic procedures are used in aesthetic medicine. The global medical aesthetics market is growing as the aged population becomes more aware of such treatments and accepts novel treatments. Furthermore, evolving consumer attitudes around wellness, beauty, and healthy aging have increased aesthetic awareness and acceptability, boosting demand from new patient categories like men and millennials.
By 2030, with an expected valuation of USD 60455 million Asia Pacific is the second largest market of Aesthetic medicines. For the period of 2022 to 2030, the CAGR of Aesthetic Medicines is expected to be 11.6% for the market Asia Pacific.
Rhinoplasty, facelifts, neck lifts, eyelid surgery, and eye lifts have all seen a considerable increase in popularity. According to an Allergan poll conducted in April 2020, 95% of respondents said they planned to use a neurotoxic filler treatment once COVID-19 restrictions are lifted. According to the same report, 86% of private cosmetic clinics in China reopened in the third quarter of 2020, with a 52% increase in patient traffic. This signalled that the market was on the rise.
Cosmetic surgery is becoming more popular, while traditional insurance-based care is seeing a decline in payments. Medical aesthetic activities include delivering cosmetic operations in doctors' offices or working in medical spas, and they are practised by health professionals from all professions.
Minimally invasive operations offer benefits such as smaller incisions, shorter hospital stays, faster wound healing, less discomfort, fewer open wounds, and a lower risk of complications when compared to traditional surgeries. Minimally invasive surgeries are quickly displacing invasive operations.
In the Asia Pacific Due to an increase in the number of breast augmentation and other aesthetic surgical operations, the female sector will account for roughly 75.4% of the market in 2020. Furthermore, rising demand for facial aesthetic operations among women, such as injectables and skin rejuvenation surgeries for cheek enlargement, nasolabial folds, and nose contouring, would boost the market growth.
Between the ages of 25 and 30, wrinkles, loss of skin suppleness, and dark spots appear, and between the years of 30 and 65, wrinkles, loss of skin suppleness, and dark patches become more evident. As a result, a big population vulnerable to various indications of ageing is driving up demand for aesthetic medicines. In China, roughly 46.81% of the total population was aged 25 to 54 in 2020. As a result, the market for aesthetic medicine is predicted to expand at a constant rate among adults aged 25 to 65.
In 2020, China's aesthetic medicine market had a revenue share of more than 17%. The country's market demand will be boosted by rising obesity rates, an increase in the number of breast reconstruction procedures, and increased awareness of aesthetic procedures. The market will rise due to the rising demand for facial aesthetics among teenagers and the elderly population. Furthermore, the presence of numerous local players in China who are investing in developing a wider range of fillers and energy-based devices would hasten market expansion.
Due to increased internet purchases, the cosmeceuticals (self-care) market had a slight effect during the pandemic. Invasive and minimally invasive needs, such as aesthetic operations, saw a significant impact as a result of aesthetic facility closures and appointment postponement. The non-invasive market, which includes injectable fillers and laser-based cosmetic treatments, has experienced moderate-to-high consequences but is predicted to recover at a moderate-to-high rate.
During the pandemic, there has been a rise in the demand for home skincare equipment. Philips' at-home Intense Pulse Light (IPL) hair removal system, for example, saw an increase in sales, with strong demand in APAC. Manufacturing firms in Taiwan and South Korea had to reduce production for components of laser-based devices in the first two quarters of 2020, according to Wiley One Library, affecting the supply chain. As a result, production for 2020 was lower.
Private and government insurance policies may not cover all aesthetic operations. Methods primarily aimed to remove wrinkles, fats, hair removal, tattoo removal, removal of extra skin, and liposuction for the purpose of improving one's external appearance are not covered. Medicines include facial reconstructive after an accident and weight loss surgery to alleviate obesity-related concerns. The percentage of surgical treatments justified by medical reasons is smaller than the percentage of procedures undertaken for cosmetic reasons. As a result, a lack of reimbursement coverage for most operations may limit the market's total growth.
During the projected period, technological advancements provide attractive prospects for market participants. Furthermore, the critical need of optimising imaging workflows will boost the aesthetic medicine market's future growth rate.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Asia Pacific Aesthetic Medicine Market is segmented on the basis of type, product, technology, application, end user and distribution channel.
Major countries of the Asia Pacific region outperforming in the field of Aesthetic Medicines are: