Aesthetic Medicine Market Expansion to USD 571.6 Billion By 2033

Trishita Deb
Trishita Deb

Updated · May 8, 2024

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Introduction

The Global Aesthetic Medicine Market is poised for significant growth, expected to increase from USD 130.7 Billion in 2023 to an impressive USD 571.6 Billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 15.9% from 2024 to 2033.

Aesthetic medicine refers to medical specialties that focus on improving cosmetic appearance through the treatment of conditions including scars, skin laxity, wrinkles, moles, liver spots, excess fat, cellulite, unwanted hair, skin discoloration, and spider veins. Traditionally, aesthetic medicine includes dermatology, reconstructive surgery, and plastic surgery, but also encompasses non-surgical procedures and all cosmetic treatments.

Government policies play a big role in the market for aesthetic medicine which may be known as rules and regulations put in place to ensure safety and effectiveness of cosmetic procedures. For example, the US Food and Drug Administration (FDA) is mandated to oversee medical devices used during treatments among other things. Moreover different countries have varying limitations based on who can perform such procedures hence these directly affect operations within this industry.

Various essential elements contribute to this significant increase. The forefront is being led by technological progression within this sector, with improved safety, reduction of recovery periods, and better results being brought about through non-invasive and minimally invasive aesthetic processes. Such innovations make beauty-enhancing procedures more attractive and available to a wider audience.

In addition, demographic changes especially in developed nations are vital. As people grow older in such regions they tend to look for means of getting rid of old age symptoms thus resulting in higher demand for cosmetic surgeries among the elderly while on the other hand youthful populations are influenced by social media platforms and showbiz stars hence desiring physical improvements. Moreover, men’s increasing acknowledgment of these acts also helps in enlarging the markets.

Aesthetic Medicine Market Size Forecast

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Key Takeaways

  • Share of Non-Invasive Procedures: Non-invasive procedures hold a significant share of the market, accounting for about 54.4% in 2023. This highlights a preference for less risky and minimally invasive treatments among consumers.
  • Clinics and Hospitals Market Share: Clinics and hospitals are key players in the aesthetic medicine market, conducting over 37% of aesthetic treatments. Their prominence is attributed to advanced facilities and experienced medical staff.
  • Increase in US Cosmetic Surgeries: The US witnessed a notable 54% increase in cosmetic surgeries in 2021, reflecting a growing interest in aesthetic enhancements among the population.
  • US Spending on Cosmetic Procedures: Americans spent approximately USD 17 billion on cosmetic procedures in 2020, indicating a significant market size and consumer investment in aesthetic treatments.
  • Growth in Botox Injections: Botox injections are expected to surge by 78% from 2023 to 2033, emphasizing their enduring popularity and efficacy in reducing wrinkles and fine lines.
  • Breast Augmentation Growth: Over the same period, breast augmentation procedures are projected to grow by 48%, indicating sustained demand for body aesthetic enhancements.
  • Regional Analysis: North America dominates the market with a 36.4% share, valued at USD 47.5 billion in 2023. The Asia Pacific region is anticipated to exhibit the highest CAGR of 11.5% from 2023 to 2033, signaling significant growth opportunities in emerging markets.

Aesthetic Medicine Statistics

Total Procedures in 2005

  • Nearly 11.5 million surgical and nonsurgical aesthetic procedures were performed in the United States.

Percentage Distribution

  • Surgical procedures accounted for 19% of the total.
  • Nonsurgical procedures made up 81% of the total.

Growth Rates Since 1997:

  • There has been an overall increase of 444% in the total number of cosmetic procedures.
  • Surgical procedures have increased by 119%.
  • Nonsurgical procedures have increased by 726%.

Top Five Nonsurgical Procedures in 2005

  • Botox™ injections: 3,294,782
  • Laser hair removal: 1,566,909
  • Hyaluronic acids (e.g., Hylaform™, Restylane™): 1,194,222
  • Microdermabrasion: 1,023,931
  • Chemical peels: 556,172

Demographic Breakdown of Procedures in 2005

  • Women underwent nearly 10,500,000 cosmetic procedures, representing 91.4% of the total.
    Men had 985,000 procedures, approximately 9% of the total.

Age Distribution of Procedures in 2005

  • Ages 35 to 50: 47% of procedures (approximately 5.3 million)
  • Ages 51 to 64: 24% of procedures
  • Ages 19 to 34: 24% of procedures
  • Ages 65 and older: 5% of procedures
  • Ages 18 and under: 1.5% of procedures

Expenditure

  • In 2008, Americans spent approximately $12.4 billion on cosmetic procedures.

Emerging Trends

  • Personalized Treatments: There’s a growing shift towards personalized aesthetic solutions, where treatments are tailored to individual genetic, lifestyle, and health profiles. This personalized approach not only enhances the effectiveness of treatments but also minimizes the risk of adverse reactions.
  • Non-Invasive Procedures: Technologies like cryolipolysis (fat freezing), high-intensity focused ultrasound (HIFU) for skin tightening, and non-invasive laser treatments are gaining popularity. These methods offer less downtime and are appealing to those seeking aesthetic improvements without the risks of surgery.
  • Regenerative Aesthetics: Treatments that use the body’s own regenerative capabilities, such as platelet-rich plasma (PRP) and stem cell therapies, are on the rise. These are used for skin rejuvenation, hair growth, and even for enhancing recovery in aesthetic surgeries.
  • Men in Aesthetics: The male demographic is increasingly venturing into aesthetic treatments, driven by a growing social acceptance and a competitive job market that sometimes favors youthful appearances.
  • Holistic and Wellness-Oriented Approaches: There is an increasing integration of wellness and preventive care into aesthetic practices. Treatments that not only improve appearance but also contribute to overall wellness are becoming popular.

Use Cases

  • Skin Rejuvenation: This includes treatments like laser resurfacing, chemical peels, and microneedling, which help reduce signs of aging and improve skin texture and tone.
  • Body Contouring: Techniques such as cryolipolysis, laser lipolysis, and high-intensity focused ultrasound are used to reduce fat and sculpt the body without the need for invasive surgery.
  • Hair Removal: Laser hair removal is a popular procedure aimed at reducing unwanted hair on various parts of the body.
  • Anti-Aging Treatments: These involve a range of injectables, such as Botox and dermal fillers, that reduce the appearance of wrinkles and restore facial volume.
  • Acne and Scar Treatment: Various methods, including lasers, fillers, and surgical techniques, are employed to treat acne scars and skin texture issues.
  • Pigmentation Treatments: Treatments such as intense pulsed light (IPL) are used to address hyperpigmentation and uneven skin tone.
  • Vascular Treatment: Procedures to address vascular issues like spider veins include sclerotherapy and laser treatments.

Conclusion

The Aesthetic Medicine Market is set to experience robust growth, forecasted to expand from USD 130.7 billion in 2023 to USD 571.6 billion by 2033, with a CAGR of 15.9%. This surge is fueled by advancements in technology, demographic trends, and a rising interest in cosmetic enhancements. The trend towards non-invasive procedures continues to dominate, supported by an increase in cosmetic surgeries and spending in the US. Innovations such as personalized and regenerative treatments, along with holistic approaches, are key emerging trends that will shape the future of this market. The sector offers substantial opportunities for growth and investment across various regions and industries.

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Trishita Deb

Trishita Deb

Trishita has more than 7 years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.