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(Medical-NewsWire.com, February 15, 2019 ) According to the new market research report “Medical Aesthetics Market Product (Botox, Dermal Filler, Liposuction, Cellulite Reduction, Fat Reduction, Skin Tightening, Breast Implant, Tattoo Removal, Thread Lift), End User (Clinic, Medical Spa, Hospital, Beauty Center) - Global Forecast to 2023", published by MarketsandMarkets™, The global medical aesthetics market is projected to reach USD 17.07 billion by 2023 from USD 10.30 billion in 2018, at a CAGR of 10.6%.
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The global medical aesthetics market is poised to grow at a CAGR of 10.8% in the forecast period. This market is divided into four major regions, namely, North America (U.S. and Canada), Europe (Germany, France, U.K. and Rest of Europe), Asia-Pacific, and the Rest of the World (RoW). Among these four regions, the Asia-Pacific market is projected to grow at the highest CAGR during the forecast period.
In 2016, North America is expected to account for the largest share of the global medical aesthetics market, followed by Europe. The large share of this market is attributed to high number of aesthetic procedures performed in the region, developed healthcare system and presence of large number of medical aesthetic companies. Factors such as high disposable incomes and increasing willingness of people to spend on cosmetic procedures, growing aging population in the U.S., and availability & fast adoption of advanced and effective technologies are also driving market growth. According to the U.S. Census Bureau, around 20.2% of the population in North America was above 60 years of age in 2013; this is expected to increase to 23.4% of the total population by 2020. The baby boomer population is willing towards the use of aesthetic treatments due to the increasing preference for facial and body aesthetics and the safety of cosmetic treatment for elderly patients.
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Emerging markets such as India and China offer significant growth opportunities for the medical aesthetic market owing to the increased consumer affluence and aesthetic sophistication throughout the region, changing lifestyles, rising consumer base and popularity of skin lighteners, and increasing medical tourism in the region are expected to drive the growth of the APAC market.
Allergan, Inc. (Ireland), Cynosure, Inc. (U.S.), Lumenis Ltd. (Israel), Mentor Worldwide LLC (U.S.), PhotoMedex, Inc. (U.S.), Galderma S.A. (Switzerland), Solta Medical, Inc. (U.S), Syneron Medical, Ltd. (Israel), and ZELTIQ Aesthetics, Inc. (U.S.) are some of the key players in the global medical aesthetics market.
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