July 23, 2024

Medical Aesthetics Market: Growing Demand for Minimally Invasive Procedures Drives Market Growth

The Global Medical Aesthetics Market is estimated to be valued at US$13.9 billion in 2023 and is expected to exhibit a CAGR of 11.0% over the forecast period of 2023-2027, according to a new report published by Coherent Market Insights.

Market Overview:
The medical aesthetics market includes a range of procedures and products that aim to enhance a person’s physical appearance. These procedures can be non-invasive or minimally invasive, such as dermal fillers, botulinum toxin injections, laser treatments, and cosmetic surgery. The rising demand for minimally invasive procedures, which offer quicker recovery times and fewer side effects compared to traditional surgical methods, is a major driver for market growth. Furthermore, the increasing desire for cosmetic enhancements and advancements in technology are also fueling the market growth.

Market Key Trends:
One key trend in the medical aesthetics market is the growing popularity of non-surgical body contouring procedures. Non-surgical body contouring treatments, such as cryolipolysis and radiofrequency energy-based devices, offer a non-invasive alternative to traditional liposuction procedures. These treatments target and eliminate fat cells, resulting in body contouring and fat reduction. The increasing demand for non-surgical body contouring procedures can be attributed to the desire for a more toned and sculpted physique without the need for surgery or downtime. Advancements in technology and the availability of innovative devices have made these treatments more effective and accessible to a wider population.

Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the medical aesthetics market is low. This is due to high barriers to entry, such as the requirement for significant capital investment in research and development, regulatory approvals, and manufacturing facilities. Additionally, established players have strong brand recognition and customer loyalty, making it difficult for new entrants to establish a foothold in the market.

Bargaining power of buyers: The bargaining power of buyers in the medical aesthetics market is moderate. While buyers have options to choose from a range of products and services, the high demand for these treatments provides some leverage to the sellers. However, buyers can still negotiate discounts and favorable terms based on their volume of purchases.

Bargaining power of suppliers: The bargaining power of suppliers in the medical aesthetics market is low. There are numerous suppliers of raw materials, equipment, and services, giving buyers a wide range of options. Additionally, the market is highly competitive, which further limits the suppliers’ ability to dictate terms.

Threat of new substitutes: The threat of new substitutes in the medical aesthetics market is relatively low. There are limited alternatives to the treatments offered in this market, especially for non-invasive procedures. The high efficacy and safety of these treatments make them difficult to replace with alternative solutions.

Competitive rivalry: The competitive rivalry in the medical aesthetics market is high. There are several key players, such as Cynosure, Inc., Allergan, Inc., Alma Lasers, Ltd., and others, competing for market share. Innovation, pricing strategies, and marketing efforts are the key drivers of competition in this market.

Key Takeaways:

The Global Medical Aesthetics Market  is expected to witness high growth, exhibiting a CAGR of 11.0% over the forecast period (2023-2027). This growth is primarily driven by factors such as the increasing demand for minimally invasive and non-invasive aesthetic procedures, advancements in technology, and growing emphasis on physical appearance and self-confidence.

In terms of regional analysis, North America is currently the fastest-growing and dominating region in the medical aesthetics market. This can be attributed to the high disposable income, well-established healthcare infrastructure, and a large consumer base willing to spend on aesthetic treatments. Additionally, the presence of key players in this region contributes to its market dominance.

Key players operating in the medical aesthetics market include Cynosure, Inc., Allergan, Inc., Alma Lasers, Ltd., Mentor Worldwide LLC, Lumenis Ltd., ZELTIQ Aesthetics, Inc., PhotoMedex, Inc., Galderma S.A., Syneron Medical, Ltd., and Solta Medical, Inc. These companies have a strong market presence and offer a wide range of products and services in the field of medical aesthetics. They focus on research and development, strategic collaborations, and mergers and acquisitions to maintain their competitive edge.

In summary, the medical aesthetics market is projected to experience significant growth in the coming years. Factors such as increasing demand for aesthetic treatments, advancements in technology, and regional dominance of North America contribute to this growth. Key players in the market play a crucial role in shaping the industry through innovation and strategic initiatives.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it