The total medical aesthetic market is estimated to have grown to a peak of USD 34.6 billion in 2023, boosted by rising preferences for aesthetic appearances. According to a recent Roots Analysis report, a major paradigm shift in beauty standards and increasing requirements for medical aesthetic solutions to achieve youthful skin is expected to drive the market at a compound annual growth rate (CAGR) of 9.4% from 2023-2035.
Medical aesthetics refers to the form of cosmetic treatment that is helpful for enhancing the appearance of an individual. These solutions help to treat conditions such as acne, dark spots, uneven skin, sunspots, unwanted hair, and others. Additionally, medical aesthetic treatments are widely used for anti-aging purposes to reduce fine lines and wrinkles and foster skin rejuvenation. Various healthcare experts also use medical aesthetic procedures to reduce excessive cellulite, fat, and spider veins, significantly improving the appearance of the skin. With rising social media hype and celebrity endorsements touting the benefits of achieving a youthful appearance, the medical aesthetic market is anticipated to reach substantial growth during the forecast period.
Top Medical Aesthetic Market Statistics for 2024-2035
Some of the top medical aesthetic market statistics are listed below, drawn from research conducted by Roots Analysis:
- How big is the medical aesthetic market: Roots Analysis data estimated that the medical aesthetic market is anticipated to reach USD 102.2 billion by 2035.
- Medical aesthetic procedures statistics: In 2022, over 30 million aesthetic procedures were performed on various individuals across the globe.
- Medical aesthetic market regional statistics: North America is dominating the market and is poised to hold 48.4% of the overall revenue share in 2023. In Asia-Pacific, the medical aesthetic market is poised to grow at a compound annual growth rate of 11.52% from 2023-2035.
- Medical aesthetic companies statistics: More than 205 medical aesthetic companies are currently engaged in the industry to develop medical aesthetic solutions. Further, around 90% of these solutions address facial skin conditions, such as acne, wrinkles, and pigmentation.
- Funding statics: Over USD 3.6 billion in investment has been made in the past few years.
5 Major Growth Drivers of the Medical Aesthetic Market
The growing trend of youthful appearance and hype bolstered by social media has increased the demand for medical aesthetic solutions. Some examples of the key drivers that have fueled the growth of the medical aesthetic market are listed below.
- Aging population: The growing aging population worldwide has increased the demand for aesthetic procedures to achieve youthful and radiant skin. As people age, skin aging signs, such as dark spots, sagginess, and wrinkles, make skin visibly dull. The aging population is looking for aesthetic solutions to improve their aesthetic appearance and revitalize their skin. The superficial objective of achieving perfect skin has become a fundamental growth factor that drives the market during the forecast period.
- Increasing disposable income: Higher disposable income has become a major growth factor of the medical aesthetic market in plenty of ways. Rising disposable income has made different aesthetic treatments accessible to a wide range of populations to fulfill their dream for youthful skin. The medical aesthetic market, in turn, offers diversified treatment options to its varied clientele, which is anticipated to drive the market during the forecast period.
- Rising awareness of beauty standards: Social beauty perceptions are evolving across the globe and leading to an increase in the desire to achieve prolonged youthfulness. The hype bolstered by celebrities, social media influencers, and medical professionals has led to a surge in the demand for medical aesthetic solutions.
- Increasing demand for non-invasive / minimally invasive procedures: The growing preferences for non-invasive or minimally invasive procedures have gained significant attention in the past few years. Additionally, patients also prefer aesthetic treatments that are less invasive and require minimum downtime as well as fewer risks in comparison to other treatment options. Driven by the increasing demand for non-invasive aesthetic treatment options, key players are increasing their R&D activities to develop advanced non-invasive procedures that meet consumer's requirements.
- Technological advancements: Ongoing technological advancements are one of the primary market drivers that are accelerating the growth in this field. In order to meet the growing demand of consumers, several researchers who are actively engaged in the field continually add cutting-edge technologies such as laser therapies, advanced imaging techniques, and non-invasive procedures. Technological advancements aim to deliver a safer and less invasive treatment approach to achieve aesthetic appearance.
Top Players in the Medical Aesthetic Market
Some of the leading companies that are actively engaged in the medical aesthetic market include Allergan Aesthetics, BTL Aesthetics, Candela Medical, Classys, Lumenis, Lutronic, MedicalZone, Sinclair Pharma, Sincoheren, Skin Tech Pharma, Wontech and Zesay Beauty.
Conclusion
Overall, the future of the medical aesthetic market is promising, and the field is experiencing steady growth owing to increasing awareness about the benefits of aesthetic treatment. In the near future, medical aesthetic market players will focus on integrating advanced technology, including artificial intelligence, to offer efficient aesthetic solutions. Furthermore, increasing support from regulatory authorities, such as the FDA, for the development of aesthetic procedures contributed to the growth of the market. As the medical aesthetic industry continues to evolve, it is anticipated that companies will focus on delivering personalized aesthetic solutions that align with individuals' beauty standard goals.
For more information, please read the full report Medical Aesthetic Market, which details this market’s unique dynamics, providing insights into the historic period (2022-2023) and forecasting trends for 2024-2035.
About Author
Nancy Kapila is an accomplished pharmaceutical consultant with a rich and diverse experience spanning more than five years. Throughout her professional journey, Nancy's expertise in providing valuable insights and strategic guidance helped clients to make informed, data-driven decisions. What sets Nancy apart is her unwavering commitment to staying at the forefront of the ever-evolving pharmaceutical landscape.
About Roots Analysis
Roots Analysis is a global leader in pharma and biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists, and strategic investors for more than a decade, Roots Analysis offers a highly analytical and data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by this firm are structured in a way that enables the reader to develop a thorough perspective on the given subject.
