Factors such as the surging public focus on physical appearance and the rising advancements in laser technology are expected to drive the medical aesthetics market at a healthy CAGR, of 12.2%, during the forecast years (2017–2023). According to P&S Intelligence, the market was valued at $8.6 billion in 2016, and it is projected to generate $19.4 billion revenue by 2023. Medical aesthetics refers to the branch of scientific research that uses minimally invasive surgical procedures to improve the physical appearance of people.
The surging public emphasis on physical appearance is one of the key growth drivers for the market. The enhanced self-esteem provided by some of the medical aesthetic treatments will result in improving the psychological conditions of patients. For instance, treatments such as Botox can help people in dealing with migraines and enormous swearing. Injection of Botox in the armpits of people immediately paralyses the sweat glands, which leads to less sweat release.
In recent years, companies operating in the medical aesthetics market have been focusing on collaborations and acquisitions to gain a competitive edge. For example, in August 2016, Merz North America acquired ON Light Sciences Inc., to manufacture technologies for laser-enabled dermatologic procedures, such as the CE marked and the FDA 510(k) cleared DeScribe Transparent PFD (perfluorodecalin) patch for tattoo removal. Other players engaging in such strategic measures include Allergan plc., Merz GmbH & Co. KGaA, Valeant Pharmaceuticals International Inc., Hologic Inc., Johnson & Johnson, and Alma Lasers Ltd.
The product segment of the medical aesthetics market is categorized into topicals, injectables, breast implants, and energy-based aesthetics. Under this segment, the injectables category accounted for the largest market share in 2016, due to the high sales of botulinum toxin. This category is further bifurcated into dermal fillers and neurotoxin. Whereas, the energy-based aesthetics category is expected to demonstrate the fastest growth during the forecast period, due to the surging adoption of laser and radiofrequency devices. This category is further classified into ultrasound, laser, radiofrequency, and light-based.
Globally, the North American medical aesthetics market generated the highest revenue in 2016, wherein the U.S. accounted for larger revenue. The dominance of the North American market is attributed to the continuous innovations in aesthetics procedures, owing to the strong presence of established and upcoming industry players in the region. Whereas, Asia-Pacific (APAC) is expected to hold the second position in the global market, wherein India and China will create a huge demand for medical aesthetics products, in the forthcoming years.
Get Deep Analysis With Revenue Estimation: Medical Aesthetics Market Growth Forecast Research Report
