July 12, 2024
Aesthetic Medicine Market

Aesthetic Medicine Market: Growing Demand for Non-Invasive Cosmetic Procedures Driving Market Growth

The global aesthetic medicine market is estimated to be valued at US$129.1 Bn in 2022 and is expected to exhibit a CAGR of 14.5% over the forecast period of 2023-2030, according to a new report published by Coherent Market Insights.

Market Overview: Aesthetic medicine refers to the branch of medicine that focuses on improving cosmetic appearance through non-invasive procedures. These procedures include injectables, laser treatments, facial rejuvenation, and body contouring. Aesthetic medicine provides several advantages, such as minimal downtime, quick results, and lower risks compared to surgical procedures. The increasing desire among individuals to enhance their physical appearance and boost self-confidence is driving the demand for aesthetic medicine products.

Market Key Trends: One key trend in the aesthetic medicine market is the rising popularity of minimally invasive cosmetic procedures. The demand for non-surgical treatments, such as Botox injections and dermal fillers, is on the rise as these procedures offer effective results with minimal risk and discomfort. Additionally, advancements in technology have led to the development of innovative devices and techniques, further driving the growth of the aesthetic medicine market.

Key Players: 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 are the major players operating in the global aesthetic medicine market.
Porter’s Analysis

Threat of New Entrants: The aesthetic medicine market poses a moderate threat of new entrants. While the market is lucrative and growing rapidly, the presence of established players with strong brand recognition and a wide range of product offerings creates barriers to entry for new competitors.

Bargaining Power of Buyers: The bargaining power of buyers in the aesthetic medicine market is moderate. The market is driven by consumer demand for innovative and effective aesthetic treatments, giving buyers some leverage in negotiating prices and seeking better value for their money.

Bargaining Power of Suppliers: The bargaining power of suppliers in the aesthetic medicine market is moderate. The market relies on a variety of suppliers, including manufacturers of aesthetic devices, pharmaceutical companies, and distributors. While suppliers hold some power due to the specialized nature of their products, the presence of multiple suppliers and potential for price competition mitigates their bargaining power.

Threat of New Substitutes: The threat of new substitutes in the aesthetic medicine market is low. The market primarily offers non-surgical procedures and innovative aesthetic products that have gained significant customer trust. There are limited alternatives that can deliver comparable results, making the threat of substitution minimal.

Competitive Rivalry: The competitive rivalry in the aesthetic medicine market is high. The market is characterized by intense competition among key players, all striving to capture a larger market share. Players differentiate themselves through the development of advanced technologies, strategic partnerships, and extensive marketing efforts.

Key Takeaways

The global Aesthetic Medicine Market Trend is expected to witness high growth, exhibiting a CAGR of 14.5% over the forecast period (2023-2030). The market’s rapid expansion can be attributed to the increasing demand for minimally invasive cosmetic procedures, advancements in aesthetic technologies, and growing consumer consciousness regarding physical appearance. Additionally, the rise in disposable income and the influence of social media have fueled the adoption of aesthetic treatments.

Regionally, North America dominates the aesthetic medicine market, owing to the presence of a large target population, high healthcare expenditure, and advanced healthcare infrastructure. Furthermore, the Asia-Pacific region is the fastest-growing market, fueled by rising healthcare expenditure, a growing middle-class population, and the increasing adoption of Western beauty standards.

The key players operating in the aesthetic medicine market include 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. These players focus on continuous product innovation, strategic acquisitions, and partnerships to strengthen their market position and gain a competitive edge.

In conclusion, the aesthetic medicine market is witnessing significant growth, driven by factors such as increasing demand for aesthetic treatments, advancements in technology, and growing consumer awareness. The market is highly competitive, with key players continuously striving to provide innovative solutions. The regional analysis highlights North America as the dominant market, while the Asia-Pacific region presents immense growth opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it