Global medical aesthetics market is projected to reach $19,419.7 million by 2023, growing at a CAGR of 12.2% during 2017 - 2023.
Developments in the laser technology and rising awareness on the same among consumers are two of the major factors contributing to the growth of the medical aesthetics market. In 2016, the market attained a size of $8.6 billion, and it is predicted to generate revenue of $19.4 billion by 2023, advancing at a CAGR of 12.2% during 2017–2023 (forecast period). Medical aesthetics is a subspecialty of medicine, which uses minimally invasive treatments to improve the physical appearance of an individual.
On the basis of product, the medical aesthetics market is broadly categorized into topicals, injectables, breast implants, and energy-based aesthetics. Out of these, during the historical period (2013–2015), injectables dominated the market in terms of revenue, and these are expected to maintain their dominance during the 2017–2023 period, owing to the high sales of botulinum toxin and advent of new products. Injectables, which include derma fillers and neurotoxin, are contributing a significant amount to the growth of the market.
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The medical aesthetics market is witnessing various technological advancements and innovation. Developments in the laser technology are expanding its application in medical aesthetics and also offering benefits such as low-intensity pain, small incisions, and fast recovery after the procedure. In the past few years, there has been a significant surge in the adoption of laser technology for several cosmetic treatments, including skin rejuvenation, hair removal, and body contouring. Monopolar radiofrequency, low-level laser, and cryolipolysis are some of the technologies that are being adopted for fat reduction and body contouring.
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The increasing awareness among consumers about technologically developed medical aesthetics products and treatments is boosting the demand for such treatments around the world, which, in turn, is supporting the medical aesthetics market. With the open declaration on facial surgery by numerous celebrities, the awareness on the matter has increased, and at the same time it is readily being accepted by society. As per an article by Harley Academy, in 2015, Kylie Jenner’s lip filler treatment surged the procedure enquiries by 70.0% in the U.K.
Thus, the increasing awareness on medical aesthetics products and developments in the laser technology are augmenting the market advance further.
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