APAC aesthetic medicine market is poised to expand at more than 11.1% till 2027 owing to increasing medical tourism coupled with preference for cosmetic procedures.
SELBYVILLE, Del., May 10, 2021 (Newswire.com) – According to the latest report “Aesthetic Medicine Market by Type (Surgical Procedures, Non-surgical Procedures) Product (Energy-based, Non Energy-based), Gender (Male, Female), End-use (Hospitals, Ambulatory Surgical Centres, Beauty Centres & Medical Spas, Dermatology Clinics, Home Settings), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of aesthetic medicine will cross $29 billion by 2027. Growing demand for non-invasive cosmetic procedures with advancements in technology will spur the global market growth.
The market is growing at a significant pace and has witnessed exponential growth during the past few years. A high penetration rate in developing economies and awareness in developed markets has offered immense growth opportunities to the industry. However, the incidence of COVID-19 has hampered aesthetic practices in highly affected areas. This has resulted in the declining number of visits to physicians for cosmetic procedures. Lockdown restrictions and limitations on non-essential practices in several countries has impacted the global growth. Risk of infection during such procedures restricts the patient preference in a pandemic. However, decreasing number of COVID-19 cases in some countries will pave the way for aesthetic surgeries with standard safety protocols and will foresee substantial growth in the coming years.
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Adoption of technologically advanced devices by professionals to offer better patient outcomes will foster the aesthetic medicine market expansion. Increasing demand for liposuction, breast augmentation, dermal fillers and botulinum toxin injectables has simulated industrial revenue. With increasing rate of obesity due to acceptance of unhealthy habits, the demand for weight loss and body contouring procedures has increased, thereby impacting the product demand. Along with high procedural demand, advancements in lipolysis including the use of cold freezing and laser heating has enabled significant fat reduction without use of anesthetics and needles during surgery. However, high cost of some aesthetic procedures in some middle and low-income countries can restrain the market progression.
Surgical segment in the aesthetic medicine market accounted for USD 5 billion in 2020 led by integration of new technologies in surgical procedures to optimize overall treatment and minimize operational risk. Additionally, establishment of standard protocols during treatment has ensured safety in aesthetic practices. Thus, improved outcomes and preferences for surgical cosmetic treatments will drive the segment growth. However, pain, surgical complexity and relatively longer recovery period has limited usage to some extent.
Aesthetic medicine market for energy-based devices segment is projected to observe 10.2% growth rate through 2027 owing to increasing adoption of advanced devices by plastic surgeons and dermatologists. Laser-based and radiofrequency-based devices have offered highly efficient solutions for non-invasive procedures. Improvements and development in these devices by industry players has further led to greater adoption.
Female segment dominated more than 77% of the aesthetic medicine market share in 2020. Growing preference for breast augmentation and liposuction procedures among females has boosted the demand for aesthetic devices. According to the International Society of Aesthetic Plastic Surgery, more than 9,000,000 procedures were performed in 2019 among women alone. Thus, availability of better treatment options, awareness about non-surgical cosmetic procedures and growing emphasis on body aesthetics will impel the procedural volume growth among females in the coming years.
Beauty centers and medical spas segment in the aesthetic medicine market is estimated to expand at 9.7% CAGR by 2027. These facilities are well-equipped with sophisticated infrastructure and highly skilled plastic surgeons. The facility preference is attributable to quality of services provided for aesthetic treatment. Body contouring, facial fillers and botulinum toxin injections are some of the frequently performed procedures in medical spas. In addition, comfort during treatment and expanding facility network in developed countries with considerable spending on infrastructure development will highly impact the segment expansion during the forecast timeframe.
Asia Pacific aesthetic medicine market is predicted to expand at a CAGR of over 11.1% through 2027 on account of increasing medical tourism coupled with preference for cosmetic procedures. Incidence of early aging, obese population and inclination towards cosmetics with focus on aesthetic appearances are some of the beneficial factors supporting the regional growth. Moreover, the region is showcasing entry of new market players. Rising funding towards sophisticated healthcare infrastructure by service providers will propel the growth for APAC region during the forecast timeline.
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Few of the notable companies operating in the market include Galderma, AbbVie (Allergan), Cynosure, Syneron Candela, Alma Lasers and Lumenis. Established industry leaders are broadening their market presence by adopting several strategies such as product innovation, augmentation of their services, partnerships and collaborations.
Table of Contents (ToC) of the report:
Chapter 3 Aesthetic Medicine Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By product
3.4.3 By gender
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Technology landscape
3.7 Regulatory landscape
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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