MarketsandMarkets forecasts the global medical aesthetics market is projected to reach USD 17.07 billion by 2023 from USD 10.30 billion in 2018, at a CAGR of 10.6%.
Northrook, IL -- (SBWIRE) -- 04/03/2020 -- According to a new market research report "Medical Aesthetics Market Product (Botox, Dermal Filler, Liposuction, Cellulite Reduction, Fat Reduction, Skin Tightening, Breast Implant, Tattoo Removal, Thread Lift), End User (Clinic, Medical Spa, Hospital, Beauty Center) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 17.07 billion by 2023 from USD 10.30 billion in 2018, at a CAGR of 10.6%.
The global medical aesthetics market is expected to witness robust growth during the forecast period. Growth in this market is mainly driven by the growing adoption of minimally invasive and noninvasive aesthetic procedures, rising adoption among geriatric individuals, increasing public awareness about cosmetic procedures, the availability of technologically advanced & user-friendly products, and the increasing demand for aesthetic treatments among men.
On the other hand, market growth is limited to a certain extent by factors such as the clinical risks and complications associated with medical aesthetic procedures and the increasing availability and adoption of alternative beauty and cosmetic products.
Facial aesthetic products segment is expected to hold the largest share of the Medical Aesthetics Market in 2018
On the basis of products, the Medical Aesthetics Market is segmented into facial aesthetic products (dermal fillers, botulinum toxin, microdermabrasion, and chemical peels); body contouring devices (nonsurgical fat reduction devices, cellulite reduction devices, and liposuction devices); cosmetic implants [breast implants (silicone implants and saline implants), facial implants, and other cosmetic implants]; hair removal devices (laser hair removal devices and IPL hair removal devices); skin aesthetic devices (laser resurfacing devices, nonsurgical skin tightening devices, micro-needling products, and light therapy devices); tattoo removal devices; thread lift products; physician-dispensed cosmeceuticals and skin lighteners; physician-dispensed eyelash products; and nail treatment laser devices. The facial aesthetic products segment is expected to account for the largest share of the Medical Aesthetics Market in 2018. The large share of this segment is attributed to the growing patient demand for facial aesthetic treatments, increasing disposable income and spending capabilities, and the rising geriatric population across the globe.
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Clinics, hospitals, and medical spas are expected to be the fastest-growing end users in the Medical Aesthetics Market during the forecast period (2018-2023)
On the basis of end user, the Medical Aesthetics Market is segmented into clinics, hospitals, and medical spas; beauty centers; and home care. The clinics, hospitals, and medical spas segment is estimated to account for the largest share of the global Medical Aesthetics Market in 2018. This end-user segment is also expected to be fastest-growing end-user segment during the forecast period, owing to the increasing number of clinics and medical spas and the high availability of financial and infrastructural resources with hospitals, including technologically advanced devices, trained staff, and skilled professionals to perform aesthetic procedures.
North America to dominate the Medical Aesthetics Market in 2018
Geographically, the Medical Aesthetics Market is segmented into North America (the US and Canada), Europe (Germany, the UK, France, and the Rest of Europe), Asia Pacific (Japan, China, India, South Korea, and the Rest of Asia Pacific), and the Rest of the World (Latin America, the Middle East, and Africa). North America is expected to account for the largest share of the global Medical Aesthetics Market in 2018. The large share of this region in the global market can be attributed to the growing procedural volume for aesthetic procedures and the high adoption rate of novel technologies in this region.
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The major players operating in the Medical Aesthetics Market are Allergan, plc (Ireland), Alma Lasers, Ltd. (Israel), Anika Therapeutics (US), Cutera, Inc. (US), Cynosure (US), El.En. S.p.A. (Italy), Fotona d.o.o. (Slovenia), Nestlé S.A. (Switzerland), Johnson & Johnson (US), Merz Pharma GmbH & Co. KGaA (Germany), Medytox, Inc. (South Korea), Sientra, Inc. (US), Sinclair Pharma plc (UK), Syneron Medical, Ltd. (US), and Valeant Pharmaceuticals International, Inc. (US).