The Aesthetic Medicine Market is estimated to be valued at US$ 147.9 Bn in 2023 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Aesthetic medicine includes cosmetic treatments that enhance physical beauty and overall appearance. It involves minimally-invasive or non-invasive procedures such as botox, hair removal, chemical peels, laser skin resurfacing and sclerotherapy. These treatments help reduce signs of aging, treat sun damage, scarring, skin discoloration and fix flaws. The rising demand for youthful appearance, physical attractiveness and self-esteem have boosted the aesthetic medicine market. Market key trends: The growing demand for minimally invasive procedures is estimated to be a key trend fueling the market growth. Minimally-invasive treatments offer faster recovery time, less pain, fewer risks of complications and visible results quickly. For instance, procedures like botox and dermal fillers takes less than an hour and one can resume regular activities on the same day. Liquid facelift and thread lift are new minimally invasive treatments gaining popularity. Furthermore, availability of newer technologies for fat reduction, skin tightening and rejuvenation is also driving the market. For example, procedures utilizing radiofrequency, ultrasound and laser have emerged as alternatives to surgical procedures. Social media influence and changing beauty standards have further driven more consumers to undergo aesthetic treatments for enhanced appearance. Porter's Analysis Threat of new entrants: The aesthetic medicine market requires high capital investments and established relationships with practitioners, medical institutions, and customers, making it difficult for new companies to enter the market. Bargaining power of buyers: Individual consumers have moderate bargaining power as they have many options available within the large market. However, practitioner-buyers like hospitals and clinics have greater power as they make bulk purchases. Bargaining power of suppliers: A few large companies dominate the supply of aesthetic equipment, devices, and products. This gives them significant power to influence prices in the market. Threat of new substitutes: Alternative non-invasive and minimally invasive treatments pose threats, but the market is growing due to demand for aesthetic treatments with fewer risks and downtime. Competitive rivalry: The market is competitive with many global players offering similar products and technologies. Companies compete based on quality, brand recognition, and consumer experience. SWOT Analysis Strengths: Non-invasive aesthetic treatments have minimal risks and downtime. Growing social acceptance of cosmetic procedures drives market demand. Weaknesses: High procedure costs can limit the consumer base. Lack of insurance coverage increases out-of-pocket costs for patients. Opportunities: Rising disposable incomes in developing economies are expanding the consumer pool. New product innovations are expanding treatment options. Threats: Stringent regulatory approvals pose delays. Economic slowdowns can negatively impact discretionary spending on aesthetic treatments. Key Takeaways The Global Aesthetic Medicine Market Size is expected to surpass US$ 147.9 Bn by 2023, exhibiting a CAGR of 14.5% over the forecast period, due to the rising aging population seeking anti-aging treatments and increasing social acceptance of cosmetic enhancements. The growing geriatric population susceptible to age-related changes and ailments provides a firm foundation for market growth. In terms of region, North America is expected to continue dominating the aesthetic medicine market thanks to the well-developed healthcare infrastructure and higher disposable incomes enabling discretionary spending on aesthetic treatments. However, Asia Pacific is poised to be the fastest-growing market owing to the improving access to healthcare in countries like China, India and South Korea. Key players operating in the aesthetic medicine market are Alma Laser, Hologic, Inc. (Cynosure), Abbvie (Allergan), Solta Medical, Candela Medical, Merz Pharma GMBH, Revance Therapeutics Inc., Lumenis, Galderma Pharmaceuticals S.A., and Johnson & Johnson Services, Inc., among others. Leading companies continue introducing innovative solutions to strengthen their market position. Read more https://www.ukwebwire.com/aesthetic-medicine-market-size-share-growth-outlook-2023/
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