July 13, 2022 12:20 ET | Source: Straits Research Straits Research
New York, United States, July 13, 2022 (GLOBE NEWSWIRE) -- Cosmetic treatments, also known as aesthetic treatments, are non-surgical methods used to reduce the effects of aging, rejuvenate, and replenish the skin. Aesthetic Medicine primarily focuses on changing a person's cosmetic appearance to their preference. It's commonly used to cure scars, fatty tissue, hyperpigmentation, skin laxity, moles, and wrinkles, among several other things. Invasive, minimally invasive, and non-invasive cosmetic procedures are used in aesthetic medicine. The global medical aesthetic market is expanding as elderly individuals become more aware of such therapies, and innovative treatments become more widely adopted.
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Increasing Practice of Minimally Invasive Treatments to Boost the Global Aesthetic Medicine Market
Aesthetic procedures are becoming more popular, while reimbursements for conventional insurance-based medicine are decreasing. Medical Aesthetic practices, such as conducting aesthetic trials in their offices or practicing in medical spas, are becoming increasingly popular among doctors. In comparison to invasive surgeries, minimally invasive surgeries have smaller incisions, shorter hospital stays, faster healing of wounds, very little pain, lesser surgical injuries, and reduced associated complications.
Minimally invasive operations are rapidly replacing invasive surgeries. Non-invasive/minimally invasive fat reduction procedures accelerated by 7% in the United States between 2016 and 2019, as per the American Society of Plastic Surgeons (ASPS). In 2021, nearly 13.2 million cosmetic procedures, both minimally invasive and surgical, were accomplished. As a result, the development of the aesthetic medicine market is being driven by the increasing implementation of minimally invasive surgeries and access to a broader spectrum of minimally invasive treatment options.
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The aesthetics industry suffered massive setbacks as a result of the COVID-19 pandemic. Lockdowns in several countries led to the closure of beauty clinics, med spas, dermatology centers, and retail stores because many cosmetic procedures were not medically necessary. Healthcare professionals were urged to cancel non-emergency appointments by government officials and hospital administrators worldwide. COVID-19 had a detrimental effect on the invasive aesthetic treatment market in the first half of 2020, according to Springer, due to regulations on elective aesthetic treatments and overall hospital strain. Aesthetic surgeons were more concerned with maintaining cash flow to manage their expenses.
According to a survey conducted by Hamilton Fraser Cosmetic Insurance Company in the United Kingdom, COVID-19 had a significant impact on their operations, with 86% reporting a decrease in revenue and 72% stating that they had no contingency plan to deal with the pandemic. Due to increased online purchases, the cosmeceuticals (self-care) market saw a low impact during the pandemic. In contrast, invasive and minimally invasive needs, such as aesthetic surgeries, saw a significant influence due to the closure of aesthetic amenities and the temporary suspension of appointments.
During the pandemic, demand for home skincare devices has increased. For example, sales of Philips' at-home Intense Pulse Light (IPL) hair removal system have increased, with solid demand in APAC. Many dermatologists believe the lockdowns will help patients return after the pandemic. For instance, in the United Kingdom, the number of first-time dermatology clinic visitors increased by 78 percent following the lockdowns.
According to the report, the requirement for surgical cosmetic procedures is anticipated to grow as patients have more flexibility and freedom to recover from systems due to social isolation and working from home. Rhinoplasty, facelifts, neck lifts, eyelid surgery, and eye lifts have increased significantly in popularity.
According to an Allergan survey conducted in April 2020, 95% of respondents said they planned to use a neurotoxin filler treatment once COVID-19 restrictions were lifted. A similar report reveals that 86 percent of private aesthetic clinics in China reopened in the third quarter of 2020, with a 52 percent increase in patient traffic. This indicated that the market was on the rise.
The global aesthetic medicine market is divided into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. Asia-Pacific is expected to grow at a CAGR of 11% to reach an expected value of USD 64,155 million in 2030. With the increase in the demand for antiaging and antipollution products, rise in the standard of living, and growth in disposable income in Asia-Pacific countries, the aesthetic medicine market is expected to grow during the forecast period.
The aesthetic medicine market in North America is estimated to expand at a CAGR of 9.5% over the forecast period, reaching USD 83,875 million in 2030. The United States accounted for the largest share of the North American aesthetic medicine market. A Spike in the number of reconstructive surgeries is propelling the demand for aesthetic medicines in North America.
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List of Top Aesthetic Medicine Market Companies
Global Aesthetic Medicine Market: Segmentation
4.2 Value Chain Analysis: Aesthetic Medicine Market
4.4 Porter’s Five Forces Analysis
4.6 Forecast Factors & Relevance of Impact
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5.1.1 Market Size & Forecast (Value & Volume)
5.1.3 Specialty and Other Credit Cards
6.1.1 Market Size & Forecast (Value & Volume)
6.3 Central and South America and the Caribbean
6.3.6 Rest of Central and South America and the Caribbean
6.6.8 The Rest Of Middle East
7 Competitive Landscape — Manufacturers & Suppliers
Table of Content and Figure @ https://straitsresearch.com/report/aesthetic-medicine-market/toc
Aesthetic Medicine Market to Thrive at an Astonishing Healthy CAGR During Forecast Period
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