The global medical aesthetics market is slated to rise at a steady pace on account of increasing disposable incomes and growing awareness of medical procedures. The findings have been shared by Fortune Business Insights in its report, titled “Medical Aesthetics Market Size, Share and Global Trend By Product (Facial Aesthetic Products, Body Contouring Devices, Cosmetic Implants, Skin Aesthetic Devices, Physician-Dispensed Eyelash Products, Hair Removal Devices, Tattoo Removal Devices, Thread Lift Products, Nail Treatment Laser Devices), By End User (Hospitals, Specialty Clinics, Others), and Geography Forecast till 2026”.
The report gives information about medical aesthetics, the procedures it involves, and the nature of these procedures. Medical aesthetics is an umbrella term used to describe surgical and non-surgical procedures of cosmetic enhancement. These procedures are applied to treat conditions such as moles, unwanted hair, scars, spider veins, liver spots and many more. Within these procedures are specialisations in the form of plastic surgery, reconstructive surgery and dermatology.
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Major Leading Players Mentioned:
- Alma Lasers
- Johnson and Johnson Services
- Solta Medicals
Rising Awareness about Nature of Medical Procedures to Drive the Market
According to the report, the global medical aesthetics market is poised to grow during the forecast period as a result of increasing mindfulness about the virtually non-invasive nature of the surgeries involved. These surgeries differ from traditional surgeries. For example, a minimally invasive plastic surgery typically involves use of a laser which can quickly remove the outer layer of the skin. Moreover, such surgeries normally have less recovery time, which has only pumped up their demand in the global medical aesthetics market. Besides these factors, increasing level of disposable income, particularly in the developing countries, has and will continue to fuel the market in the forecast period.
Another notable driver of the global medical aesthetics market is the growing concern among people about their looks as they age. Cosmetic surgeries and procedures seem to feed their psychological needs to “look young” or “look beautiful”, in the hope of improving their quality of life. Even though such surgeries are costly, people are ready to spend on them. A report by the American Society of Plastic Surgeons revealing that, in America, approximately $ 16 billion were spent on cosmetic procedures in 2016 substantiates this fact.
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And Yet Complications in the Medical Procedures Likely to Encumber the Rise of the Market
Inherent complications in the medical procedures prove to be the major obstacles for the global medical aesthetics market to grow and develop. Complications can include bleeding, scars, and infections, to name a few. Compounded to this are the taboos, ethical judgements, and general distrust towards western cosmetic treatments, especially in developing and underdeveloped countries of the east. Overcoming these hurdles will prove to be a major challenge for this emerging market.
The Environment is Competitive Already
Competition among the major players in the global medical aesthetics market is already fierce as each competitor looks to gain a competitive edge. This is mainly done through greater investment in research and innovation, diversifying product portfolios, and regular product launches. Allergan PLC already has a significant market presence with its landmark wrinkle-reducing neurotoxin, Botox. Similar efforts have been put in by companies like Merz Pharmaceuticals GMBH and Galderma SA to develop products for doctors who want to capitalise on the growing demand for non-invasive beautification surgeries.
Fortune Business Insights identifies some major players in the global medical aesthetics market. They include Alma Lasers, Johnson and Johnson Services, Allergan, Solta Medicals, among others.
North America and Europe to Lead the Market
North America and Europe are expected to hold the lion’s share in the global medical aesthetics market in the forecast period. The North American market, in particular, is set to grow the fastest owing to increased private investments in developing minimally invasive surgical instruments and technologies, and a growing demand for minimally invasive surgeries. Asia-Pacific is another major region where the global medical aesthetics market will witness positive growth in the coming decade. This will primarily take place as a consequence of increasing disposable incomes, and rising populations.
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