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Medical Aesthetics - The Science of Radiant Transformation

In the recent years, the increased desire to achieve prolong youthfulness, influence of social media, technological advancements, celebrity endorsements and the hype bolstered by certain beauticians and medical professionals have led to a surge in the demand for medical aesthetic solutions. It is worth highlighting that COVID has also contributed significantly towards the increased number of annual aesthetic treatments. In fact, according to the American Academy of Facial Plastic and Reconstructive Surgery, the pandemic has led to a 10% increase in the number of cosmetic surgeries.  Medical aesthetics is a well-established branch of modern medicine, which primarily focuses on enhancing the cosmetic appearance of an individual without clinical surgery.

These treatments are mainly used for anti-aging purposes by reducing fine lines and wrinkles, lifting flabby skin and skin rejuvenation.  Additionally, medical aesthetic procedures can also help in reducing excess fat and cellulite, unwanted hair, and spider veins. Further, according to a study conducted by the International Society of Aesthetic Plastic Surgery (ISAPS), over 15 million invasive aesthetic procedures and 19 million non-invasive aesthetic procedures have been performed in 2022, globally.  It is worth mentioning that nearly 90% of the industry clientele are women, however, these aesthetic procedures are also gaining popularity among men.

According to Roots Analysis, the Medical Aesthetics Market is estimated to be USD 33.9 billion in 2023 and is anticipated to grow at a CAGR of around 7.3% till 2035. In terms of type of products and / or device offered, the majority of the market is likely to be driven by breast implants procedures. In terms of gender, current medical aesthetics market is dominated by female (90%) clientele. Additionally, most of the medical aesthetic companies rely on other companies / distributors for supply of their products. Further, amongst the end-users, clinics / medical spas and dermatology / cosmetology centers are anticipated to represent the highest share of the medical aesthetics market.

Presently, more than 200 medical aesthetics companies are engaged in offering various products and devices to fulfil aesthetic requirements of clients. The landscape of medical aesthetics features a mix of large, mid-sized, small and very small firms. These players offer numerous products and / or devices, including Botulinum toxin, aesthetic fillers, chemical peels, microdermabrasion devices, microneedling devices, nose lifting products, thread lift products, aesthetic implants, facial aesthetics devices, gluteal implants, body contouring devices, laser hair removal devices, intense pulsed light (IPL) hair removal devices, breast implants, breast lifting / reconstruction devices, nail treatment devices and tattoo removal devices. These products and / or devices can be used for several aesthetic purposes, such as skin resurfacing, skin lightening, skin tightening, fat reduction, cellulite reduction and breast augmentation. Additionally, medical aesthetic companies offer all types of invasive, non invasive and minimally invasive solutions to address the requirements of all end users, such as hospitals, medical aesthetic clinics and individuals in home care settings.

According to a study conducted by the International Society of Aesthetic Plastic Surgery (ISAPS), in 2022, Botulinum toxin was the most popular minimally invasive medical aesthetic procedure with over nine million procedures performed worldwide. The cost of the treatment usually ranges from USD 400-500, making it a cost-efficient alternative as compared to surgical approaches while providing immediate results. This is followed by dermal filler procedures, which constitute 25% of the total number of non-surgical procedures. Further, breast implants are the most commonly performed surgical procedures, globally.

This can be attributed to increased incidences of breast cancer and constant innovations occurring in the field of breast implants. It is interesting to note that several innovations are going on to provide natural looking results to people seeking breast augmentation procedures. In fact, researchers in this field are working in developing micro-implants. These breast implants are designed in such a way that they can be inserted into the breast tissue by making small incisions and thus providing more natural looking results and ensuring maximal comfort.

Additionally, some studies are also investigating the potential of stem cell breast implants, which involve removal of stem cells from the stomach and injecting them into the breasts that may result in one cup increase in size. Further, some plastic surgeons are also working on developing lightweight silicone aesthetic implants, wherein they are trying to reduce the weight of weight by 30%.  The increasing efforts of researchers will significantly accelerate the growth of breast implants market.

In recent years, several partnerships have been inked by various stakeholders in order to consolidate their presence and enhance their capabilities / product portfolio to meet the growing demand for medical aesthetic procedures.  In fact, the partnership activity has witnessed a CAGR of ~15% in the past few years. It is worth mentioning that acquisitions and mergers emerged as the most common type of partnership model adopted by stakeholders in this domain. For instance, Reveal Lasers acquired NEOconcepts (July 2023) to gain their extensive medical aesthetic devices portfolio, particularly intended for facial aesthetic purposes. 

Further, the partnerships signed in the medical aesthetics market have been primarily focused on distribution of different products and devices across multiple geographies. In addition, some medical aesthetic companies have also collaborated for product / technology integration purposes to advance the development of innovative aesthetic devices. We expect the medical aesthetic companies to continue to partner with other firms, hospitals and medical aesthetic clinic to expand their product portfolio in order to meet the rising demand of global clientele and drive the medical aesthetics market growth during the forecast period.

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