Medical Aesthetics Market To Exhibit CAGR of 12.2% during 2017–2023

The medical aesthetics market stood at $8.6 billion in 2016, and it is projected to reach $19.4 billion by 2023, displaying a 12.2% CAGR during 2017–2023 (forecast period).

The growth is driven by the technological innovations in the industry and perceived health benefits of aesthetic products. Additionally, the shifting focus toward non-surgical treatments from surgical procedures, surging population of the elderly, and rising awareness among consumers about the numerous aesthetic treatments available are facilitating the market growth.

 

Medical aesthetic treatments offer multiple health benefits and an improved physical appearance, which eventually uplift the self-esteem, thus, leading to a better mood. For instance, Botox treatment helps patients in dealing with migraines and excessive sweating. The sweat glands are paralyzed as soon as Botox is injected into the armpits, thus leading to reduced sweat release. Likewise, dermal fillers are used to fill wrinkle lines on the face with a solution created from hyaluronic acid. These fillers are also used to repair the skin that has been damaged by accident wounds or scars.

 

Additionally, the medical aesthetics market growth is driven by the technological innovations in the industry. The latest development in the industry is the laser technology that offers benefits such as minute incisions, a short recovery period, and reduced intensity of pain. Due to these advantages, the technology is being applied in aesthetic treatments including body contouring, hair removal, and skin rejuvenation. Moreover, fat reduction and body contouring employ advanced laser technologies, such as low-level laser, transdermal focused ultrasound, cryolipolysis, monopolar radiofrequency (RF), and high-intensity focused ultrasound (HIFU).

 

Globally, the North American medical aesthetics market is generating the highest revenue, as the region is home to the majority of the established players that offer multiple innovations in aesthetic procedures. In recent years, the U.S. has been the largest contributor to the regional market growth. Further, the developing nations of the Asia-Pacific (APAC) region, especially India and China, are expected to grow substantially in the future. Due to this factor, APAC will emerge as the second-largest market by 2020

 

Thus, the constant technological advancements by market players will propel the market growth in the future. Additionally, the growing opportunities in emerging countries will add significantly to the revenue of the market.

Source: P&S Intelligence

Author's Note

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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