Medical Aesthetics Market to Reach USD 16,034.87 million, Globally, by 2028 at 12.5% CAGR- - COVID-19 Impact and Global Analysis by The Insight Partners

PUNE, India, Sept. 29, 2021 /PRNewswire/ -- According to latest study on "Medical Aesthetics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and End User," the market is projected to reach US$ 16,034.87 million by 2028 from US$ 7,039.06 million in 2021; it is expected to register a CAGR of 12.5% from 2021 to 2028. The market growth is mainly attributed to the rising adoption of minimally invasive and non-invasive aesthetic procedures, and increasing use of dermal fillers and botulinum toxin for enhancing facial aesthetics.

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North America is expected to hold the largest share of the medical aesthetics devices market during the forecast period. The US is the largest contributor to the regional market, and the market in the country is likely to continue to grow in the coming years due to the existence of modern healthcare infrastructure, capability of spending significant amounts on healthcare, availability of advanced technologies, and greater emphasis on cosmetic plastic and minimally invasive surgeries.

The World Health Organization (WHO) recognizes waste reduction in healthcare delivery as an important aspect of strengthening health systems. Technological advancements have led to the development of surgical approaches that minimize waste and achieve better results with the available resources. Minimally invasive surgeries are among the approaches that result in low waste generation and reduced medical expenses; moreover, these surgeries ensure low absenteeism at the workplace, which has a net positive effect on the productivity of an economy. According to the American Society of Plastic Surgeons, 17.7 million surgical and minimally invasive cosmetic procedures were performed in the US in 2018. The use of these surgeries rose sharply by 228% during 2018–2000 in the US, and they now account for ~90% of aesthetic interventions in the country. Minimal invasiveness results in faster recovery, lesser scarring, limited stress, and better patient satisfaction.

Based on product, the medical aesthetics market is segmented into facial aesthetic products, cosmetic implants, body contouring devices, skin aesthetic devices, hair removal devices, tattoo removal devices, and others. The facial aesthetic products segment is expected to hold the largest share of the market in 2021, and it is also expected to witness the highest CAGR from 2021 to 2028. Based on application, the medical aesthetics market is segmented into facial and body contouring, facial and skin rejuvenation, breast augmentation, hair removal, reconstructive surgery, tattoo removal, and others. The breast augmentation segment is estimated to hold the largest share of the market in 2021, and it is expected to register the highest CAGR during the forecast period. Based on end user, the medical aesthetics market is segmented into hospitals, dermatology clinics, medical spas and beauty centers, and home care. The hospitals segment is expected to be the largest shareholder in the market in 2021, and it is expected to register the highest CAGR in the market during 2021–2028.

Growing Developments in Medical Aesthetics Technology Boost Market Growth

Over the past two decades, there has been an unprecedented surge in the popularity of elective aesthetic procedures. Moreover, there is an increasing demand for less invasive aesthetic procedures such as dermal fillings and botulinum toxin A (BoNTA). The global statistics of the International Society of Aesthetic Plastic Surgery indicates the rise in the aesthetic applications of BoNTA and dermal filling implants by 7% and 18%, respectively, during 2015–2016. Nonsurgical facial rejuvenation using botulinum toxin and hyaluronic acid has become highly popular in the Middle East and other parts of the world in the last 10 years. The correction of facial rhythm and loss of volume is the basic principle of aesthetic rejuvenation of the face. Botulinum toxin injections are primarily indicated to correct dynamic rhytides, while dermal fillers aim to increase volume and improve static rhytides. Botulinum toxin, a powerful neurotoxin, causes chemodenervation of muscles. Dermal fillers is a non-energy-based procedure that adds volume and fullness to a person's skin. The cost efficiency and increasing aging population are the key factors driving the demand for dermal fillers.

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Further, surge in demand for superior materials and techniques required for dental aesthetics procedures has spurred research into the same. However, nonsurgical facial aesthetic procedures received less attention from the dental community until chemicals such as hyaluronic acid fillers and botulinum toxin were requested by patients, which led dental manufacturers to add these materials to their catalogs and advertisements. The increasing number of accredited basic and advanced hands-on training courses in the use of such materials has been advertised in most dental journals and journals that are currently available. Facial rejuvenation has become a major issue of psychosocial wellbeing in this era of fashion, beauty, and trends. Thus, the increasing use of dermal fillers and botulinum toxin for enhancing facial aesthetics is fueling the medical aesthetics market growth.

Medical Aesthetics Market: Segmental Overview

Based on end user, the medical aesthetics market is segmented into hospitals, dermatology clinics, medical spas and beauty centers, and home care. In 2021, the hospitals segment is estimated to hold the largest share of the market, and the market for the same is expected to grow at the highest CAGR during 2021–2028.

Medical Aesthetics Market: Competitive Landscape and Key Developments

ALLERGAN, Hologic Inc., Mentor Worldwide LLC, Lumenis, Cutera, Solta Medical (Bausch Health Companies Inc.), Alma Lasers, Galderma Laboratories (Nestle), Sientra, Inc. and EL.EN. S.P.A. are among the key companies operating in the medical aesthetics market. Leading players are focusing on the launch of products, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In March 2021, Solta Medical announced the launch of the Clear + Brilliant Touch laser, the company's next-generation Clear + Brilliant laser. The Clear + Brilliant Touch laser delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths.

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