According to a new market research report “Global Medical Aesthetics Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insight by Product (Injectables, Topicals, Energy-Based Aesthetics, Breast Implants, Others), by End User (Beauty Clinics & Centers, Spas & Salons, Hospitals, Others)” published by P&S Market Research, the global medical aesthetics market is projected to reach $19,419.7 million by 2023, growing at a CAGR of 12.2% during 2017 – 2023.
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Global medical aesthetics market worth $8,629.9 million in 2016
According to the study, the global medical aesthetics market is likely to grow from $8.6 billion in 2016 to $19.4 billion by 2023. Advancement in laser technology, growing awareness among consumers, and health benefits of medical aesthetics procedures have been driving the global medical aesthetics market. The market is further expected to gain revenue due to shift in the preference from surgical to non-surgical procedures. There has been a significant growth in non-surgical medical spa procedures in the recent years, resulting from better technologies, such as intense pulsed light and advanced laser based aesthetics equipment.
Insights on market segments
As per the findings of research, injectables held the largest share in the global market in 2016, primarily due to high sales of botulinum toxin. Topicals, the second largest medical aesthetics product segment, witnessed the highest growth during 2013 – 2016. The highest growth of topicals is attributed to their ability to treat several skin conditions without any usage of uncomfortable procedures. Beauty clinics and centers was the largest end user of the global medical aesthetics market in 2016., followed by spas and salons.
North America stands as the largest medical aesthetics market
Geographically, North America has been the largest market for medical aesthetics, with the U.S. being the largest contributor to the regional market. North America is considered as the platform for innovation in aesthetics procedures, since a majority of established and upcoming market players are either headquartered or have a significant geographical presence in the region. The emerging economies of Asia-Pacific, especially China and India, are expected to grow tremendously in future, which will make Asia-Pacific the second largest market in the coming years. Asia-Pacific is expected to outpace Europe in in terms of medical aesthetics market size by 2020.
Advancement in laser technology expected to have high impact on the medical aesthetics market
There have been many technological innovations and advancements taking place in the medical aesthetics market. The latest advancements in the laser technology have led to an increased number of its applications in medical aesthetics. These advancements in laser provide benefits such as, small incisions, decrease in the intensity of pain and fast recovery after the procedure. There has been a notable increase in the application of laser technology for various aesthetic treatments, such as hair removal, skin rejuvenation and body contouring, which is bolstering the global medical aesthetics market.
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Key players in the medical aesthetics market actively seeking acquisitions
The medical aesthetics market has witnessed number of mergers and acquisitions and strategic alliances recently. In December 2016, Allergan Plc. acquired LifeCell, a medicine company of Acelity L.P. Inc., for a cash consideration of $2.9 billion. The acquisition is expected to combine LifeCell’s business of regenerative medicines with Allergan’s medical aesthetics business. Allergan aims to strengthen its presence in regenerative medicine business with this acquisition. In April 2016, the company also acquired Topokine Therapeutics, a private company developing topical medicines for fat reduction, for a total consideration of $85.0 million. Topokine Therapeutics’ XAF5 is in late-stage development for the treatment of steatoblepharon.
Some of the other key players in the market include Allergan Plc, Valeant Pharmaceuticals International, Inc., ZELTIQ Aesthetics, Inc., Johnson & Johnson, Cutera Inc., Alma Lasers Ltd., Merz GmbH & Co. KGaA, Galderma S.A., Syneron Medical Ltd., Cynosure, Inc., Photomedex, Inc. and Lumenis Ltd.
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