According to a report by Markets and Markets, the medical aesthetics market is projected to grow by $5B in the next five years, climbing from $9.4B in 2020 to approximately $15.9B in 2025.
Here are just a few of the factors impacting this growth.
The demand for aesthetic medical procedures has and will continue to grow in such emerging markets as Brazil, India, China, and Mexico.
Increased medical tourism driven by a growing awareness of aesthetic specialties, a rise in disposable incomes, and an increasing volume of aesthetic surgeons in these countries have made for increasing opportunities for aesthetic medicine players in these countries.
Specifically, a groundswell of adults in the target market range of 25 to 65 years of age in India and China will make for especially rapid growth in the Asia Pacific region.
In addition to these markets, the anticipated North American market share is also projected to expand significantly through 2025.
This North American market growth is being driven by an increased demand for body contouring procedures to remedy the aforementioned rise in obesity due to sedentary lifestyles, alcohol consumption, smoking, and other factors.
Other factors accelerating market growth in this area include a variety of technological advancements resulting from increased R&D investment.
Aesthetic procedures that are anticipated to be significant drivers of growth over the period considered in this and other studies are dominated by cosmetic surgeries that are minimally or non-invasive.
Growth in this market segment will be driven by the decreased risk of complications, faster recovery, and lower cost of these procedures. Some of the most frequently performed non-invasive procedures include chemical peels, Botox® injections, and soft tissue fillers to remedy such issues as dull skin, loss of skin tone, pigmentation, wrinkles, and vascular conditions.
On the more invasive side of things, primary market drivers are nose reshaping and breast augmentation, the growth of which can be attributed to a rising number of skilled surgeons as well as new, advanced technologies.
The availability of these skilled surgeons and advanced technologies are anticipated to specifically account for a significant rise in market share percentage for in-hospital aesthetic procedures.
It goes without saying that COVID-19 has and will continue to have a significant effect on the aesthetic medicine industry. As one might expect, the market has endured a short-term period of negative growth.
This is attributable to such factors as declining product demand and the temporary closure of spas, beauty centers, and other facilities along with other lockdown-related difficulties that negatively impact the ability to both deliver products to end-users in a timely manner as well as providing necessary post-sales services.
Surprisingly, however, by the time elective surgeries were once again available around the beginning of June, an unexpected trend became apparent: Many prospective patients were ready to pull the trigger on a wide variety of aesthetic procedures.
The impetus? Zoom meetings.
As mentioned in an earlier blog post on the connection between Zoom meetings and aesthetic procedures, Atlanta plastic surgeon Diane Alexander told the New York Times, “I have never done so many face-lifts in a summer as I’ve done this year.” From May 18 through the end of July, she had done more than 250 procedures.
“Pretty much every face-lift patient that comes in says: ‘I’ve been doing these Zoom calls and I don’t know what happened but I look terrible,’” Alexander said, adding that: “This is the weirdest world I live in. The world is shut down, we’re all worried about a global crisis, the economy is completely crashing, and people come in and still want to feel good about themselves.”
Of course, Another impetus for this surge in demand is that, as a consequence of the COVID shutdown, many of us have had to cancel previously planned trips or events or other planned expenditures. For those who are able to work at home, that translates to extra disposable income. Why not use that money to have a little work done?
These aren’t the only factors driving growth in the aesthetic medicine market. Others mentioned in the report include:
- Increasing adoption among geriatric individuals
- The growing adoption of noninvasive and minimally invasive aesthetic procedures
- A rising prevalence of obesity worldwide
- The availability of user-friendly and technologically advanced products
- The increasing demand for aesthetic treatments among men
- And finally, increasing public awareness about cosmetic procedures.
At the same time, there are still negative drivers exerting some drag on the growth anticipated by these studies. Some of these include negative perceptions toward aesthetic procedures in general. Some people consider anti-aging treatments, such as cosmetic surgery or Botox®, as self-centered, vain, or a sign of mental unwellness, which can deter them from seeking such treatments for themselves.
These, however, have always been ideas that aesthetic medical practitioners have had to contend with. There will always be individuals for whom the idea of an aesthetic procedure is unpalatable.
In general, though, the pluses outweigh the minuses, and it seems that, for the foreseeable future, the outlook is bright for the continued growth of the aesthetic medical global market.