Market Dynamics
Global Minimally Invasive Cosmetic Procedure Market Drivers
Growing Use of Minimally Invasive Cosmetical Procedure
Due to growing consumer awareness of these procedures and increased beauty consciousness, minimally invasive cosmetic procedures have significantly increased demand in recent years. Due to their numerous benefits, such as less scarring, a quicker recovery time, less post-operative pain, and fewer operative and post-operative complications, minimally invasive procedures are frequently preferred. Furthermore, medical professionals can now carry out a variety of complex procedures with greater accuracy, adaptability, and control thanks to technological advancements in robot-assisted minimally invasive procedures.
Growing Industry in Medical Tourism
Modern medical facilities have been built in several developing nations recently, and they now provide healthcare services for a small portion of what it would cost in developed countries. Cosmetic surgery is one of the most popular procedures in the medical tourism sector. Most cosmetic surgeries are self-funded, so this sector of the global medical tourism market has become increasingly driven by cosmetic surgery. Medical tourism locations have a sizable number of cosmetic surgery facilities. Additionally, several popular tourist destinations, like India, Thailand, and the Philippines, have highly qualified English-speaking medical professionals to draw in foreign patients, which promotes medical tourism even more.
Furthermore, governments in several nations, including Thailand and Malaysia, actively support and encourage medical tourism. Official websites in these nations offer thorough information on medical care and providers for prospective medical tourists. Consequently, the expanding medical tourism sector is probably.
Global Minimally Invasive Cosmetic Procedure Market Restraints
Connected Clinical Risks and Complications with Cosmetical Procedures
Bruising, erythema, pain, irritation, and burning are common complications that can occur after minimally invasive cosmetic procedures, even though they are generally considered safe. Additionally, it may cause long-term adverse effects like infections and persistent granulomas. Additionally, the absence of regulations in cosmetic surgery raises the clinical risks for the patient undergoing the procedure. Additionally, there have been several instances where patients have sued doctors for complications. Therefore, clinical risks and complications associated with cosmetic procedures are anticipated to constrain market growth.
Global Minimally Invasive Cosmetic Procedure Market Opportunities
Growing Use in Emerging Economies
In emerging economies, the use of minimally invasive cosmetic procedures has increased. This can be attributed to rising disposable income and the rising popularity of cosmetic procedures. Furthermore, expanding healthcare infrastructure in developing nations fuels the market's expansion. Additionally, the growing number of cosmetic surgeons in emerging economies is anticipated to create sizable market expansion opportunities.
Regional Analysis
By region, the global minimally invasive cosmetic procedure market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
North America Dominates the Global Market
North America is the most significant revenue contributor and is expected to grow at a CAGR of 9.28% during the forecast period. Due to the high demand for cosmetic procedures and the abundance of cosmetic surgeons in the region, North America holds a 34.0% market share. According to the ISAPS, there were more than 6,900 plastic surgeons in the US as of 2019. This country has the most surgeons per capita of any other nation, making up about 13.7% of all surgeons worldwide. The regional market is anticipated to grow due to the high demand for minimally invasive cosmetic procedures and the adequate supply of medical professionals in the area. The presence of major companies like AbbVie, Procter and Gamble, Advanced Microderm, Inc., and Altair Instruments contribute to the market's expansion.
Europe is expected to grow at a CAGR of 8% during the forecast period. Europe is predicted to experience significant growth during the forecast period due to a more extensive patient base, the rising popularity of minimally invasive cosmetic procedures, and essential companies in the region. Italy, Germany, and France performed the most nonsurgical procedures in the area in 2019, according to ISAPS. About 774,272, 647,188, and 423,084 total nonsurgical procedures were performed in Italy, Germany, and France, respectively. They comprised roughly 5.7%, 4.8%, and 3.1% of all nonsurgical procedures globally. The region has steadily increased the use of minimally invasive cosmetic procedures, expected to drive significant market growth.
In Asia-Pacific, the market for minimally invasive cosmetic procedures will grow the fastest, according to estimates. This can be attributed to the rising costs of cosmetic procedures and the rising demand for them in the area. L'Oréal forecast that by 2020, Asia-Pacific will hold a 43% share of the global cosmetics market. This demonstrates the region's strong demand for aesthetics and, consequently, the high rate of the region's growth. Furthermore, two of the top 10 countries for medical cosmetic procedures in 2018—Japan and India, which ranked third and ninth, respectively—belonged to this region, according to the International Society of Aesthetic Plastic Surgery's (ISAPS) global survey for 2019. Additionally, the market is driven by the high proportion of older adults in this area.
The Middle East, Africa, and Latin America are the three main geographic segments that make up the market for minimally invasive cosmetic procedures in the rest of the world. Latin America and the Middle East account for most of the market in this area. Nations like Brazil are driving the market in Latin America. The International Society of Aesthetic Plastic Surgery (ISAPS) reports that worldwide, nonsurgical cosmetic procedures increased by 28% in 2019, with Brazil having the highest percentage of surgical cosmetic procedures (13.1%). Brazil was also ranked second among the top 10 nations in the survey, behind the U.S. The U.S. and Brazil are thought to have the most plastic surgeons worldwide, accounting for more than 25% of the total. The presence of developed economies like Kuwait, Qatar, Dubai, and others are driving the Middle East market.
Segmental Analysis
The global minimally invasive cosmetic procedure market is segmented by product, procedure, application, and end-user.
Based on the product, the global market is bifurcated into hair removal lasers, botulinum toxins, and microdermabrasion products.
The botulinum toxins segment is the highest contributor to the market and is expected to grow at a CAGR of 10.87% during the forecast period. Dermatology and cosmetic applications use neurotoxic products called botulinum toxins. By preventing the release of acetylcholine, which paralyzes the treated area and reduces the muscle's ability to contract, these products are used to treat facial wrinkles. These medications also treat lichen simplex, pompholyx, acne vulgaris, and hyperhidrosis. Additionally, the FDA has authorized three different types of Xeomin (incobotulinumtoxinA), Botox (onabotulinumtoxinA), and Dysport (onabotulinumtoxinA) botulinum toxin serotype A products for cosmetic applications (abobotulinumtoxinA). Several well-known companies, including Galderma, Allergan, Pfizer, Ipsen, and Merz Pharma provide products containing botulinum toxins.
The products used to remove unwanted hair from the body are hair removal lasers. One of the most popular cosmetic procedures performed worldwide is hair removal. Hair removal devices can treat the legs, the upper lip, the chin, the bikini line, and the armpits. Five methods, including Alexandrite Laser Hair Removal, Diode Laser Hair Removal, Ruby Laser Hair Removal, Nd and LP Nd, and IPL, are used to remove the hair (Intense Pulsed Light). There are various products available to treat skin with multiple tones.
Based on the procedure, the global market is bifurcated into microdermabrasion, botulinum toxins, soft tissue fillers, chemical peel, and laser hair removal.
The botulinum toxins segment is the highest contributor to the market and is expected to grow at a CAGR of 11.07% during the forecast period. Specifically used in medical and cosmetic procedures, botulinum toxins are a neurotoxic protein produced by Clostridium botulinum. Botulinum toxin's cosmetic form, Botox, is an injectable that reduces wrinkles and lines on the face. These injectables are specifically used to treat forehead creases, frown lines around the eyes, lip lines from the jaw muscles, and crow's feet around the eyes. This cosmetic procedure blocks the nerve signals to the muscles that were injected. The blockage prevents muscle contraction in the nerve signal and gives a wrinkle-free appearance. The four commercially available Botox injection brands are Botox, Dysport, Xeomin, and Jeauveau. Additionally, Botox can be used for medical problems. It treats lower limb spasticity, chronic migraines, excessive underarm sweating, and overactive bladder.
Soft tissue fillers are injectable, minimally invasive treatments that give the face a smoother or fuller appearance. These fillers give people a transient appearance of youth. Soft tissue fillers are administered to provide plump lips, smooth facial wrinkles, fill and lift deep facial contours, and improve acne and injury- and acne-related facial scars. The FDA has approved these injectable implants for facial contouring. Additionally, soft tissue fillers help HIV-positive individuals who have lost facial fat to regrow it and are used for the long-term treatment of nasolabial folds.
Based on the application, the global market is bifurcated into acne, trauma scars, hyperpigmentation, and adipose tissue regeneration.
The acne segment is the highest contributor to the market and is expected to grow at a CAGR of 10.21% during the forecast period. Acne is a medical condition in which oil, dead skin cells, and bacteria clog the skin pores or hair follicles. In addition to causing a blockage in oil production, this is also characterized by red pimples on the skin brought on by infected sebaceous glands. Adolescents and young adults are affected by this condition. Intense pulsed light treatment, microdermabrasion, laser treatment, micro-needling, chemical peel treatment, and dermal filler treatment are a few minimally invasive cosmetic procedures used to treat acne. The market participants also provide lotion, serum, spot-lighting gels, clay products, acne spray, and other skincare items to treat acne.
Trauma scars are the remnant patches or scars that remain after the injured skin has healed. These scars may result from friction, scraping, chemical or thermal burns, or penetration by sharp objects. Such medical conditions cause damage to the epidermis and dermis, which changes how the internal skin layers are structured. Keloid formation, which is itchy and red and forms a knobby bump during the healing process, results from the hurried and defective healing process. If left untreated, keloids are irregular scar that develops a pink or purple color during scarring and worsens over time. Intense pulsed light, laser, radiofrequency, and ultrasound therapy are additional treatments used to treat trauma scars.
Based on the end-user, the global market is bifurcated into hospitals and dermatology clinics.
The hospital segment is the highest contributor to the market and is expected to grow at a CAGR of 8.49% during the forecast period. Hospitals and clinics are increasingly implementing new and cutting-edge technologies to treat various skin conditions, including scar treatment, stretch mark treatment, and others. The methods for skin renewal rely on abrasion of the top layers of skin. To handle minor cosmetic procedures, hospitals are setting up cosmetic departments. Innovating cutting-edge medical equipment in hospitals has also increased the demand for cosmetic procedures.
Due to rising per capita income and changing lifestyles, the cost of cosmetics has been steadily rising. Patients with dermal conditions like photodamage, acne, and hyperpigmentation should seek treatment at dermatology and cosmetic centers. The demand for skin care services is growing, which has led to an increase in dermatology and cosmetic centers. As a result, the segment's revenue will likely grow during the forecast period. Minimally invasive therapeutic and cosmetic procedures are becoming more widely used, a critical factor in the global market's expansion.
Top Key Players
Abbvie Inc
the Procter and Gamble Company
Koninklijke Philips Nv
Altair Instruments
Silhouet-Tone Corporation
Advanced Microderm Inc
Dermaglow
New Shining Image Llc
Lasertec Medical Services
Cutera.
Others
