Medical Aesthetics Market Size, Demand, Outlook, Competitive Analysis and Forecast 2024-2031

Market Size

The Global Medical Aesthetics Market reached US$ 17.76 billion in 2023 and is expected to reach US$ 40.59 billion by 2031, growing at a CAGR of 11.23% during the forecast period 2024-2031.

The practice of performing medical procedures to assist patients in achieving their aesthetic goals is known as medical aesthetics. Many aesthetic procedures are quick, minimally invasive, safe, and effective, with little downtime required. Aesthetic medicine has become much more accessible, with more middle-ground treatments and a broader range of healthcare providers who can provide them.

Medical aesthetics services are high-technology skincare involves in the fusion of both healthcare and beauty services. It uses advanced technologies (laser or energy-based devices) to provide a based medical procedure to cause a significant change or enhancement and improve the cosmetic experience. It is not confined to a dermatologist, and plastic surgeons as doctors in all specialties seek to offer services to address their patient's aesthetics and desires.

The medical aesthetic market will be driven by various factors including the growing urge among people to look young and fit and the growing popularity of beauty clinics has increased the demand for hair removal devices.

The medical aesthetics market is highly competitive owing to the rising investments or developments and the presence of key market players holding a majority of the market share through various market tactics.

However, clinical risks and complications associated with medical aesthetic procedures in the market is hampering the global market growth in the forecast period.

Market Summary

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Market Dynamics

Growing urge among people to look young and fit

People's desire to look young and fit drives up the demand for aesthetic medicine in both developed and developing economies. The increasing use of advanced laser resurfacing technology and aesthetic injectable is propelling the global growth of aesthetic medicines. Furthermore, the economic benefits and conveniences associated with minimally invasive procedures, such as less pain and faster recovery, are increasing consumer demand.

Furthermore, physicians will add cellulite reduction and skin tightening to their service offerings due to the high-profit margins of these procedures. According to the International Society of Aesthetic Plastic Surgery (ISAPS) 2021 statistics, Germany had 1,082,892 procedures performed.

Liposuction, Eyelid Surgery, Breast Augmentation, Lip Enhancement/Perioral Procedure and Abdominoplasty are the most common surgical procedures in Germany, accounting for 80,244; 69,843; 66,945; 37,975; and 31,047 procedures, respectively.

Several major players are developing introducing new products with enhanced technology and launching them in the market. For instance, on May 15, 2023, the SKINVIVE by JUVÉDERM treatment for smoother cheek skin in adults around the age of 21 has been approved by the U.S. FDA, according to a statement from the AbbVie company. The first and only intradermal microdroplet injection of hyaluronic acid (HA) for skin smoothness to be made available in the U.S. is called SKINVIVE by JUVÉDERM. With proper care, benefits can last up to six months.

Restraints

Clinical risks and complications associated with medical aesthetic procedures

Over the past 20 years, medical cosmetic operations have become more and more popular. Due to a surge in the amount of doctors and surgeons offering secure and efficient medical aesthetic treatments as well as the development of cutting-edge goods for the same, the market for cosmetic treatments has experienced tremendous expansion.

However, there are a number of potential negative effects linked to medical aesthetic operations. Patients receiving cosmetic procedures run the risk of many dangers and consequences during the surgery or thereafter.

Botulinum toxin may have some undesirable side effects, such as dry eyes, upset stomachs, numbness, mild pain, swelling, or bruising surrounding the injection site, temporary drooping of the eyelids, temporary unwanted weakness, or temporary paralysis of nearby muscles, worsening of neuromuscular conditions, urinary issues following therapy for urinary incontinence, corneal ulceration following treatment for blepharitis, and cardiovascular events including myocardial infarction and arrhythmia among others.

The AAD states that several adverse effects, including redness, swelling, discomfort, itching, and rash, frequently appear near the injection site but normally go away within 7 to 14 days. There are a few possible side effects, including infection, filler leaking via the injection site, blood vessel damage, blindness from injections into arteries, occlusion of the blood supply to the eyes, and tissue death again from occlusion of the blood supply.

Opportunity

Rapid Advancements

Rapid advancements in the field of cosmetology and dermatology have benefited the urban population that are mainly focusing on skin aesthetics and beauty. Thus, drastic rise in preference for injectable dermal fillers will offer attractive opportunity for market expansion.

According to the Aesthetic Society of America, in 2021, around $14.6 billion dollars were spent on aesthetic procedure. Exponential demand for aesthetic medicine in developed and developing countries will increase global market size in the future.

In a recent report by the American Society of Plastic Surgeons they reported that total 17,598,888 non-surgical procedures were carried out in worldwide in 2021. Botox was a clear favorite with over 7,312,616 procedures. This was followed by Dermal Fillers with 5,279,344 procedures in total.

The demand for medical aesthetic devices in these countries is rising due to rapid growth in medical tourism, an aging adult population (aged 20 and up), rising disposable incomes, and increased awareness of aesthetic specialties. The presence of many surgeons in these emerging countries is also helping to drive the medical aesthetics market forward.

Regulatory Analysis

The regulations redefine and improve safety practices and requirements. These devices comply with the relevant regulatory requirements as they relate to medical device regulation. In previous years, Europe had a framework for MDDs, but it did not include devices for cosmetic and aesthetic purposes.

The European Union Medical Device Regulation Compliance for Medical Aesthetics: The most recent European Medical Device Regulations 2017/745(MDR) do, however, cover a lot of these goods. A small number of cosmetic or aesthetic products, such as colored contact lenses, collagen implants, tattoo removal kits, and other items, are mentioned in Annex XVI of the MDR and are subject to the New Rules. Therefore, manufacturers must adhere to the requirements established in EUMDR if they intend to market Annex XVI goods across Europe.

Aiming to improve the security and efficacy of medical devices for consumers and patients, the MDR rule is an update to the existing Medical Device Directive (MDD). The legislation went into force on May 26, 2021, but considering the COVID-19 pandemic's effects, the EU delayed its full implementation until May 26, 2024. Regardless of where they were made, all medical devices including in-vitro diagnostic medical devices (IVDs) marketed or used within the EU will be subject to the legislation. Medical equipment of the second class (IIa and IIb) will also be significantly impacted by the MDR amendments, particularly those used in the aesthetic medicine field, such as fillers, threads, laser treatments, and ultrasound, among others.

Collagen implants, dermal fillers, colored contact lenses, body contour-modifying implants, skin resurfacing tools, intense pulsed light (IPL) or laser hair removal tools, and tattoo removal tools are all included in Annex XVI of the MDR and therefore subject to the novel Regulation.

U.S. Food and Drug Administration Regulatory Compliance For Aesthetic or Cosmetics Medical Devices: By rejuvenating and tightening the skin, cosmetic gadgets also reduce or get rid of wrinkles and make people look younger. These goods have received approval from the FDA and Health Canada. Through either of the two regulatory routes offered by the USFDA, manufacturers may market their products within the USA. The first option is the FDA 510(k) process, which determines that two devices are essentially equivalent after comparing them to ones that have already gained FDA authorization. Class ll drugs are normally approved via another procedure, the PMA premarket Approval Procedure, due to the higher risk.

Indian Aesthetic Devices Import/Manufacturing License: The future of the cosmetic medical device sector in India looks bright. The primary drivers of this business are the increased use of aesthetic procedures, new technology, and the rising demand for cosmetic services. To manufacture these goods in India, device makers have to register through CDSCO and secure a manufacturing license.

Numerous modern medical device advances have been created, and they provide better cosmetic advantages. Companies that manufacture cosmetic and aesthetic medical devices must learn new regulatory and quality control paradigms.

Covid-19 Impact Analysis

The market for medical aesthetics has been severely impacted by the COVID-19 outbreak. The manufacturing and supply chain for the luxury and beauty industries must address issues like timely product delivery to customers and uneven demand for goods and services.

According to the International Society of Aesthetic Plastic Surgery (ISAPS) 2021 statistics, during COVID 54.4% practitioners closed their practice temporarily, 3.8% closed practice permanently and 40.1% patient demand decreased due to safety/virus concerns worldwide.

The COVID pandemic has primarily affected the field of aesthetic surgery, which was immediately canceled during the lockdown period because it was neither urgent nor vital. On the other hand, due to changes in global population lifestyle, including sedentary living, obesity has become an increasingly common reason for liposuction or bariatric surgeries, and demand for plastic surgery has increased.

The market is currently experiencing a brief period of negative growth, that can be attributed to a number of factors, including a decline in product demand via major end users, restricted operations in the majority of industries, the temporary closure of significant end-user facilities (such as beauty salons and spas), a disrupted supply chain, and difficulties in providing necessary/post-sales services because of the lockdown.

Additionally, consumers are also looking for online cosmetic home treatments. Thus, the cosmetic brands can exploit this opportunity to renovate their online offerings, offer e-consultation services, and invest in the right technology, such as catboats and augmented/virtual reality, as more consumers seek cosmetic advice from the comfort of their homes during the pandemic, which reduces the risk of being infected.

As per the research article published in the Journal of Cutaneous and Aesthetic Surgery (September 2020), airborne contaminants are associated with certain lasers, such as ablative fractional lasers and high-peak-power ultrashort-pulsed lasers, such as nano- and picosecond lasers.

Also, devices, such as excimer lamps and skin-tightening devices, have probes that come in close contact with the skin, and the risk of transmission of the SARS-CoV2 virus is high. Therefore, COVID-19 has had a significant impact on the global market for medical aesthetic products.

Aesthetic practitioners have been greatly impacted by the onset of the COVID-19 pandemic. According to a survey, more than 90% reported that their practice had been affected by the virus.

The physical impact on business cannot be underestimated, with over 9.8% of practitioners moving to a new employment situation or practice and number of surgeons got reduced by 4.7% worldwide.

Aesthetic practitioners, many of whom also work in the NHS, face a difficult and uncertain future where their aesthetic businesses are concerned.

These staggering statistics highlight the significant impact, and potential lasting legacy, that the virus is having on the aesthetics market, and the lives of those working within it.

As consumers readjust to socializing post-COVID-19, it is expected that aesthetic clinics would have to upgrade their sanitation processes to provide both peace of mind to clients and also avoid in-store infections.

Around 61.6% of practitioners reported that they have already returned to pre-pandemic levels and owing to the rise in consciousness towards health, obesity and physical appearance among people.

With economic growth on the long run horizon, significant uplift is expected not only from rising incomes but also from an increasing proportion of that income spent on medical aesthetics.

Market Segmentation Analysis

Facial Aesthetic Devices

The market value for facial aesthetic devices is likely to reach USD XX million in 2031, from its recorded value of USD XX million in 2023, growing with a CAGR of XX% during the forecast period 2024 to 2031.

Aesthetic devices are used to help achieve the desired effect. However, a procedure cannot always give the wanted results, the effects can be temporary, and there are risks involved when using any device, including aesthetic devices.

Facial aesthetics devices are specialized medical devices used to enhance the appearance and address various cosmetic concerns of the face. These devices are commonly employed in the field of aesthetic medicine and plastic surgery to provide non-invasive or minimally invasive treatments that can improve facial features, reduce signs of ageing, and rejuvenate the skin. These treatments are generally less risky and involve shorter recovery times compared to surgical procedures.

Dermal fillers play a crucial role in facial aesthetics by providing volume, contouring, and rejuvenation to the face. They are injectable substances that are used to restore or enhance facial features, minimize the appearance of wrinkles and lines, and achieve a more youthful and balanced appearance.

Owing to maintaining a youthful appearance, growing awareness and acceptance, increasing applications for various facial problems, and advancements in dermal fillers are the factors expected to drive dermal fillers in the facial aesthetics market.

For instance, on June 7, 2023, South Korean company Samyang Holdings Biopharm Group, is planning to expand into the global medical aesthetics market with its biodegradable polymer filler, Lafullen. Lafullen is a dermal filler, that is primarily composed of a biodegradable polymer substance called polycaprolactone (PCL) that has a duration of over two years.

The composition of the dermal filler is a crucial consideration. Most commonly used dermal fillers are made from biocompatible substances, such as hyaluronic acid, calcium hydroxylapatite, or poly-L-lactic acid. These substances are generally well-tolerated by the body and have a low risk of adverse reactions. The safety profile of the filler, including its clinical trials, FDA approvals, and track record of use, is essential in the selection process and there are so many clinical trials going on for the same.

For instance, on November 3, 2022, LifeSprout, a privately held regenerative medicine company founded with technology licensed from Johns Hopkins University, announced positive six-month interim results from its pivotal clinical trial of Lumina, a revolutionary dermal filler. Lumina achieved its primary endpoint of correction of moderate-to-severe nasolabial folds (NLF) with good safety.

Hyaluronic acid gel fillers are injected to restore volume lost due to ageing or illness, to give face shape, and to maintain the youthful appearance.

Hyaluronic acid is found naturally throughout the body, with the highest concentrations in the joints, eyes, and skin. In the skin hyaluronic acid attracts water, which allows the skin to become more hydrated.

Hyaluronic acid injections can improve skin contour and reduce depressions caused by scars, injuries, or lines. These injections improve acne scars, cheek depressions, crooked feet, deep smile lines, brown lines, marionette lines, lip border redefining, burns, acne, wound scars, smoker's lines, facial scars, and worry lines across the forehead.

To smooth wrinkles, restore lost volume, and enhance facial features, the hyaluronic acid filler is often injected into particular regions of the face. It is widely used to treat nasolabial folds (lines from the nose to the corners of the mouth), marionette lines (lines from the corners of the mouth to the chin), and to enhance fullness to the lips and cheeks.

One of the most significant benefits of hyaluronic acid fillers is their reversibility. If a person is unsatisfied with the results or has any negative side effects, an enzyme called hyaluronidase can be utilised to dissolve the filler and return the face to its previous form.

For instance, on May 15 2023, Allergan Aesthetics, an AbbVie company announced the U.S. FDA approval of SKINVIVE by JUVÉDERM to improve skin smoothness of the cheeks in adults over the age of 21.1 SKINVIVE by JUVÉDERM is the first and only hyaluronic acid (HA) intradermal microdroplet injection for skin smoothness.

Market Geographical Share

North America region in Medical Aesthetics market is likely to reach USD XX million in 2031, from its recorded value of USD XX million in 2023, growing with a CAGR of XX% during the forecast period.

North America has a strong culture that rewards beauty, youth, and personal attractiveness. There is a strong emphasis on looking youthful and appealing, which fuels the need for medical aesthetic procedures.

The growing ageing population, rising obesity rates, increased awareness of cosmetic operations, and expanding acceptance of minimally invasive devices are among the primary drivers driving market expansion.  For example, according to ACL, those aged 65 and older made up 16% of the population in 2019 but are anticipated to increase to 21.6% by 2040. The number of people aged 85 and more is expected to more than double from 6.6 million in 2019 to 14.4 million in 2040 (a 118% rise).

Additionally, for instance, in July 2021, Allergan received approval from the US FDA to expand the label of BOTOX to include eight new muscles for the treatment of upper limb spasticity in adults. Additional elbow and forearm muscles (brachialis, brachioradialis, pronator teres, and pronator quadratus) are now being treated.

Additionally, the strategies by key players helps the market growth in the region. Allergan Aesthetics, an AbbVie business and global leader in medical aesthetics treatments, announces the U.S. release of 'The Future of Aesthetics' global trends research, created to understand what is impacting the aesthetics industry of tomorrow.

Consumer interest in medical aesthetics is growing, and the North American medical aesthetics industry is predicted to increase at a rate of more than 10% per year until 2026. Between 2017 and 2020, the quantity and variety of non-surgical aesthetic procedures performed worldwide increased by over two million. This trend is anticipated to continue, with 23 million dermal fillers and 14.6 million body operations on the horizon by 2025.

Market Companies

The Global Medical Aesthetics market is expected to be moderately competitive, owing to the presence of big brands. Also, the market is expanding due to the presence of several large and regional players entering the market.

The key players that are contributing to the growth of the global market include Allergan Aesthetics (AbbVie Inc.), Alma Lasers, Ltd., Cutera, Inc., Cynosure, El.En. S.p.A., Fotona, Galderma, Sientra, Inc., Sinclair Pharma and Mentor Worldwide LLC , among others.

The key players are adopting strategies such as partnerships, mergers, acquisitions and regional expansion to stand out as strong competitors in the market. Novel services and enhanced focus on research and development are other ways the leading players can improve their market presence.

Abbvie Inc.(Parent Company) – Overview

AbbVie is a biopharmaceutical company in the U.S. It began as a spin-off from Abbott Laboratories

The company now operates in several key therapeutic areas, including immunology, oncology, neuroscience, eye care, virology, women's health, and gastroenterology, as well as products and services from its Allergan Aesthetics portfolio.The company engages in the development and sale of pharmaceutical products.

AbbVie takes pride in developing new treatments for chronic conditions and life-threatening illnesses, and its drugs include cancer treatment Imbruvica and Humira, an immunosuppressant used to treat arthritis and Crohn's disease

With the Allergan acquisition, the company brings together over 30 brands and leadership positions to expand and diversify the product portfolio.

Allergan Aesthetics (Subsidiary) – Overview

Allergan Aesthetics is a subsidiary of AbbVie Inc, and it develop, manufacture, and market a portfolio of leading aesthetics brands and products.

Their aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and more.

It has research and development team focused on driving innovation in aesthetics

It is committed to providing the most comprehensive science-based product offerings available.

Allergan Aesthetics strives to provide innovation, education, exceptional service, and a commitment to excellence to their customers.

Some of the brands and products offered by Allergan Aesthetics include JUVÉDERM, BOTOX and Natrelle Breast Implants.