Market Overview
The Medical Aesthetics Market will acquire a valuation of USD 13.9 billion and USD 39.1 billion at a CAGR of 11.1% in the forecast period 2022-2030.
The present population’s awareness of cosmetic procedures and the technologically advanced & user-friendly product availability are the major drivers of the market. The restraining factor, on the other hand, is limiting the market. For example, the clinical risks and complications of medical aesthetic procedures. Also, the rise in the availability of alternative beauty products is challenging the Medical Aesthetics Market. The presence of driving factors is aiding the market to overcome the growth hampering factors.
The major driver is the increased adoption rate of minimally invasive and noninvasive aesthetic procedures. Over the last decades, a significant increase in the inclination was noticed for noninvasive aesthetic and minimally invasive procedures. Minimally invasive/has various advantages compared to traditional surgeries. The advantages are reduced pain and scarring and faster recovery.
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The top developing countries, such as Brazil, China, Mexico, and India, with prominent players, are accelerating the medical aesthetics market. The rising demand for medical aesthetic devices in these developing nations is rapidly growing due to medical tourism. The higher adult population with an increased rate of disposable incomes and awareness of aesthetic specialties is bringing up huge growth opportunities. The emerging rate of surgeons is also contributing to the medical aesthetics market growth.
Market Segments
The Medical Aesthetics Market is segmented into product, technology, and end-users.
The production section of the market is segregated into facial aesthetics, cosmetic implants, hair removal devices, aesthetic skin devices, body contouring devices, and tattoo removal devices.
The technology segment constitutes invasive, minimally invasive, and noninvasive. The end-user segment of the Medical Aesthetics Market is categorized into hospitals & clinics, dermatology & cosmetic centers.
Competitive Landscape:
Allergan-AbbVie (US),Medytox, Inc. (South Korea),Galderma (Switzerland),Alma Lasers, Ltd. (Israel),Merz Pharma GmbH & Co. KGaA (Germany),Cynosure (US),Fotona d.o.o. (Slovenia),Anika Therapeutics (US),Johnson & Johnson (US),Cutera, Inc. (US),S.p.A. (Italy)
Regional Analysis
According to the geographical growth, the Medical Aesthetics Market is showing tremendous growth in the regions of North American countries, the European Union, the APAC region, and LAMEA.
The North American region is accelerating among other regions and leading the market. The market trends, for example, the presence of top industrial players and their developments, are enhancing this region and driving the regional market.
The Asia Pacific is acquiring the largest CAGR growth in the forecast period. The growing rate of consumer awareness and knowledge of medical aesthetics is driving the regional market growth. The growing interest in procedures with the efforts to strengthen the economies and the marketing patterns with the initiatives taken by market players is promoting the APAC market’s growth. Another major growth factor of the regional market is the higher investment in medical tourism.
Industry News
In September 2022, ELEVAI LABS, INC., a data-driven regenerative aesthetic skincare science-based company, announced its expansion of Davis, California laboratory with office space for the accommodation of higher sales growth of product line expansion.
In August 2022, CollPlant Biotechnologies, a regenerative and aesthetic medicine company, developed innovative human collagen-based products for organ manufacturing and tissue regeneration. The company has also announced its financial results for the second quarter – June 30, 2022, with an update on the present business developments.
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