Market Overview
The global aesthetic medicine market size 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. By 2030, with an expected valuation of USD 59132 million Europe is the third largest market of Aesthetic medicines. For the period of 2022 to 2030 the CAGR of Aesthetic Medicines is expected to be 10.32% for the European market.
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.
Market Dynamics
Europe Aesthetic Medicine Market Drivers
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.
Many dermatologists feel the lockdowns will help patients return after the pandemic. Following the lockdowns in the United Kingdom, for example, the number of first-time visitors to dermatology clinics jumped by 78 percent.
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. According to the CIA World Factbook, in 2018, roughly 30.5 percent of the total German population was aged 25 to 54, and around 13.6 percent of the population was aged 55 to 65. As a result, the market for aesthetic medicine is predicted to expand at a constant rate among adults aged 25 to 65.
In 2019, the English government launched a campaign to raise awareness about botched cosmetic surgeries and their impact on a person's physical and emotional health. As a result of the increased awareness of non-invasive cosmetic treatment methods, the non-invasive aesthetic treatment market in Europe is growing. A number of companies are developing advanced non-invasive aesthetic therapy products. As a result, the market is being fueled by the availability of user-friendly, technologically improved non-invasive aesthetic treatment solutions.
In Europe, there is a huge increase in demand for cosmetic operations. This is due to the region's well-functioning healthcare facilities. Non-invasive beauty treatments are becoming more popular as people become more aware of their overall fitness and look. Breast augmentation, breast reduction, and laser treatment are the most prevalent cosmetic procedures in the United Kingdom. Most of the European Countries have an ageing population which further boosts the demand for aesthetic medicines.
Furthermore, the United Kingdom's government has not established any non-surgical laser treatment regulations. This means that there are no limitations on who can perform laser tattoo removal or hair removal treatments, or what equipment can be utilised. As a result, providers are more likely to develop MedSpa and private clinics to deliver these therapies.
Europe Aesthetic Medicine Market Restraints
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.
Furthermore, according to a survey conducted by Hamilton Fraser Cosmetic Insurance Company, 99.78 percent of surveyed aesthetic practitioners in the UK stated that COVID-19 had a significant impact on their operations, 86 percent reported a decrease in revenue, and 72 percent stated that they did not have a contingency plan in place to deal with the pandemic.
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.
Europe Aesthetic Medicine Market Opportunities
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.
