Aesthetic Medicine Market Size to Surpass $155.67B USD by 2030
According to Precedence Research, the global aesthetic medicine market size is projected to surpass around USD 155.67 billion by 2030 and is expanding growth at a CAGR of 9.5% from 2022 to 2030.
The global aesthetic medicine market size was valued at USD 69.47 billion in 2021. Demand for aesthetic medicine remains strong in 2021. Some sales insight revealing the strong growth of aesthetic medicine during the past few years are listed below:
The global aesthetic medicine market value is expected to reach US$142.2 billion by 2030
The non-invasive procedures segment captured a market share of around 51% in 2020
Around 4.4 million Botox injection procedures were performed in 2020 in US
India is among the top five non-surgical procedures performing nations at global level
Global geriatric population is expected to reach 1.5 billion by 2050
North America accounted for a revenue of around US$20.66 billion in 2020
Asia Pacific aesthetic medicine market is projected to grow at a CAGR of 10.7% from 2021 to 2030
Botox injection procedures increased by 845% from 2000 to 2018, in US
Approximately 36% of the Global Aesthetic Medicine Market Captured by North America
The rapidly shifting consumers’ attitude towards beauty, wellness, and aging has surged the awareness and acceptance of aesthetic medicines and procedures, which has resulted in an increasing demand for the aesthetic medicines among the men. US is the largest market in North America. The presence of aesthetic treatment services via beauty bars, med spas, and aesthetic clinics in the region has significantly fostered the growth of the aesthetic medicine market. The rapidly aging population in US is expected to be a prominent growth driver of the market in the upcoming future. It is estimated that around 24% of the total population in US will constitute the elderly population by 2060. The rising concerns among the middle and high income groups regarding their physical appearance are expected to boost the demand for the aesthetic medicine in US. Botox injection is the leading procedure and the most demanded procedure in North America. According to the American Society of Plastic Surgeons Botox injections procedures has increased by around 845% between 2000 and 2018.
What are the key trends in the Global Aesthetic Medicine Market?
The growing urge among the people to look young and fit is fueling the demand for the aesthetic medicine in the developed and developing economies. The rapidly surging popularity of the non-invasive and minimally invasive surgical procedures is driving the growth of the aesthetic medicine market across the globe. The demand for the cosmetics surgery is boosting the growth of the aesthetic medicine market. The rising adoption of advanced laser resurfacing technology and aesthetic injectable is propelling the growth of the aesthetic medicines globally. Furthermore, the economic benefits and conveniences associated with the minimally invasive procedures like less pain and quick recovery is fostering its demand among the consumers.
What are the key challenges in the Global Aesthetic Medicine Market?
There is a risk of potential side effects associated with the aesthetic procedures. There are certain complications and risks that the consumers may face during or after the procedure. The associated risks are the major factor that may restrict the consumers to adopt the aesthetic treatments. Furthermore, the high costs involved with the treatment and the low awareness in the developing and underdeveloped economies may hamper the market growth during the forecast period. Furthermore, the manufacturers faces a complicated regulations pertaining to the commercialization of various aesthetic medicines.
Asia Pacific is expected to grow at the highest CAGR of 10.7% during the forecast period
The emerging economies like China, India, and South Korea are the growth drivers of the Asia Pacific aesthetic medicine market. South Korea has become a hub for aesthetic treatments owing to the presence of advanced treatment facilities and skilled cosmetics surgeons. The rising awareness among the population regarding the availability of various invasive and non-invasive procedures to improve the aesthetic appearances and anti-aging injectable is boosting the growth of the market. The rapidly growing geriatric population in the region is projected to increase the demand for the aesthetic medicines in the forthcoming years. According to the United Nations, the low and middle income countries are expected to be the home of around 80% of the global geriatric population by 2050. Furthermore, around 93% of the road traffic accidents occur in low and middle income nations, which also contribute towards the increasing demand for the aesthetic medicine market in Asia Pacific. The rising technological advancements and rising penetration of the aesthetic treatment products in the region coupled with rising personal disposable income is augmenting the growth of the aesthetic medicine market in Asia Pacific.
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