Global Aesthetic Medicine Market is set to exceed USD 18.5 billion by 2024; according to a new research report by Global Market Insights. Developments in surgical as well as non-surgical aesthetic procedures will be the key factor that will drive the global aesthetic medicine industry during the forecast period. Availability of advanced aesthetic devices that offer effective, time-saving and minimally invasive treatments will increase the adoption of such devices. Huge investments in R&D will lead to innovations in aesthetic medicines thereby augmenting the aesthetic medicine industry growth. For instance, Ideal Implants Inc. developed ideal implant, a structured breast implant that combines benefits of saline implants and silicone implants.
Rising demand for aesthetic procedures among the rapidly growing geriatric population base will serve to be another positive impact rendering factor in the market growth. According to the American Society of Plastic Surgeons report, in 2016, around 85,000 facelift procedures were performed in the U.S. population aged 55 years and above. Moreover, increasing prevalence of obesity in developed as well as developing countries will spur the demand for body contouring procedures thereby accelerating the market growth. However, strict regulations for designing and manufacturing aesthetic devices may hamper the aesthetic medicine market growth in the foreseeable future. Furthermore, high cost of aesthetic procedures coupled with poor reimbursement scenario will hinder the aesthetic medicine industry growth.
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Global aesthetic medicine market is flooded with a variety of FDA-approved products. For instance, the device called EMSculpt, which has been approved by the Food and Drug Administration for fat reduction in abdomen and buttocks, is being hailed as a revolutionary technology in the aesthetic medicine industry. The device sends 20,000 electromagnetic pulses to stimulate muscles in the problem area over a 30-minute session which equals to doing as many as 20,000 squats in 30 minutes.
The EMSculpt is possibly the first tool that aims to tone muscles and is scientifically proven to be successful. The process is painless, non-invasive and studies have shown Treatment with EMSculpt can lead to a 19% reduction in abdominal fat and a 16% increase in muscle mass. EMSculpt aptly presents the positive appeal of aesthetic medicine in making it possible to gain the much-coveted abs without having to spend hours toiling at the gym or going into a sternly regulated diet regime. Having brought forth the concept of body perfection within reach, aesthetic medicine market is thus gaining quite some traction lately.
The omnipresence of social media has helped in adding a significant growth trajectory to the aesthetic medicine market as lookism and to some extent narcissism have been greatly injected in the social structure by social media which is increasingly changing body perceptions. Social media users are not only continually being exposed to perfect airbrushed celebrity images but are also taking advantage of filters available in Instagram and Snapchat and aspiring to achieve the look in real life without filters. As a consequence, many young customers opting for aesthetic medicine have been approaching plastic surgeons with micro-optimized photos of themselves that can make the whole face look better by adding millimeter level of changes all over the face.
Though this has been considered an unhealthy approach towards beauty by many, research shows that small changes in one’s appearance can boost psychological well-being. As these procedures are being viewed less as means of self-indulgent people wasting money on looking youthful and more as a means for normal, emotionally stable people opting for a way to feel confident and more professional, aesthetic medicine industry size is growing at a considerable pace.
The aesthetic medicine market has been traversing alongside a progressive path as technological advancements have come to add more non-invasive and minimally invasive procedures that avoid the cutting and sewing of skin leading to scars and considerable recovery time. Though tummy tucks, breast implants and face lifts are still prevalent, removal of brown spots, wrinkle reduction or Vampire facials and Face whisperers are gaining increasing popularity. For instance, instead of using chemicals, face whisperers use natural body tissue to smooth out wrinkled skin. Procedures that involve no chemicals like Botox or fillers are safer, faster and more convenient and are thus adding a new growth dimension to aesthetic medicine industry.
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Some of the prominent industry players operating in global aesthetic medicine market are Allergan, Alma Laser, Cynosure, Galderma, Lumenis, Johnson& Johnson, Merz Aesthetics, PhotoMedex, Syneron Medical, Valeant International and Zeltiq Aesthetics. Key strategies adopted by most of the key industry players include acquisitions, mergers, partnerships and new product launch to strengthen product portfolio and maintain their market position.
Aesthetic Medicine Market, by Type, 2013-2024 (USD Million)