Virtual Medical Consultation is the fastest growing segment fueling the growth of Aesthetic Medicine Market

Pharmaceuticals
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The Aesthetic Medicine market is estimated to be valued at US$ 147.9 Bn in 2023 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Aesthetic medicine includes minimally invasive and non-invasive medical procedures that enhance and alter the appearance of an individual without affecting the proper functioning of the body. These procedures include anti-wrinkle injections, liposuction, fat grafts, facial contouring, acne and scar treatments, hair restoration, and breast augmentation. With growing emphasis on physical appearance and improving quality of life, the demand for aesthetic medicine is increasing rapidly.

 

Market Dynamics:

The high growth of the aesthetic medicine market can be attributed to the growing adoption of minimally invasive procedures. Minimally invasive procedures offer numerous advantages such as minimal scarring, reduced pain and recovery time, and lower medical and non-medical costs. Various non-invasive procedures such as botulinum toxin injections, chemical peels, microdermabrasion, and laser skin resurfacing are widely preferred owing to their negligible risk and ease of use. Furthermore, rising consciousness among individuals regarding physical appearance coupled with growing disposable incomes in developing economies is fueling the demand for aesthetic procedures. Advancements in technologies have further enabled practitioners to achieve better outcomes without complexity. This has increased consumer confidence in these procedures.

 

SWOT Analysis

 

Strength: The aesthetic medicine market offers several non-invasive and minimally invasive treatments that helps boost aesthetics and self-esteem. Procedures such as Botox injection, hyaluronic acid fillers and laser treatments are quick and helps reverse the signs of aging. Growing demand for aesthetic procedures amongst individuals of different age groups is fueling market growth.

 

Weakness: High procedure costs and lack of reimbursement for cosmetic procedures may restrain market growth to some extent. Furthermore, risks and complications associated with some invasive procedures like surgeries can negatively impact the market.

 

Opportunity: Rising medical tourism in developing nations for various cosmetic treatments available at affordable costs present new market opportunities. Growing awareness about various aesthetic procedures through online health communities and social media is further widening the market opportunity.

 

Threats: Stringent regulations and lengthy approval process for new treatments and devices poses significant threat to market growth prospects. Growing adoption of non-surgical aesthetic treatments such as skin rejuvenation creams can also threaten the market for aesthetic procedures to some degree.

 

Key Takeaways

 

The Global Aesthetic Medicine Market Size is expected to witness high growth, exhibiting CAGR of 14.5% over the forecast period, due to increasing prevalence of superficial imperfections and rise in disposable income. The non-invasive nature of treatments coupled with growing social acceptance of cosmetic enhancements are further fueling market growth.

 

Regional analysis: North America currently dominates the global market and is expected to continue its dominance over the forecast period owing to high willingness to pay for aesthetic treatments in the region. Asia Pacific is expected to be the fastest growing market due to rising medical tourism, increasing focus of key players on emerging nations and growing middle class population with higher disposable incomes.

 

Key players operating in the aesthetic medicine market are Alma Laser, Hologic, Inc. (Cynosure), Abbvie (Allergan), Solta Medical, Candela Medical, Merz Pharma GMBH, Revance Therapeutics Inc., Lumenis, Galderma Pharmaceuticals S.A., and Johnson & Johnson Services, Inc., among others. Key players are focusing on new product launches, partnerships and geographic expansion strategies to strengthen their market presence.

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https://www.rapidwebwire.com/aesthetic-medicine-market-size-share-growth-outlook-2023/