The medical aesthetics industry has seen tremendous growth over the past decade driven by increasing demand for non-surgical cosmetic procedures. Procedures like Botox injections, dermal fillers, chemical peels and laser skin treatments have become increasingly popular among people looking to enhance their appearance without undergoing invasive surgery. Growing social media culture and public figures openly discussing their use of aesthetic procedures have also contributed to the declining stigma around cosmetic enhancements.
Global medical aesthetics market analysts estimate the medical aesthetics market was valued at over $10 billion in 2019 and projected to reach nearly $18 billion by 2027.
North America currently dominates the global market led by the United States, which accounts for over 40% of global revenues. However, developing regions like Asia Pacific and Latin America are expected to see the fastest growth in the coming years as disposable incomes rise and more options become available at affordable price points.
Rise of Non-Invasive Options
A key driver of growth has been the advent of non-invasive alternatives to surgical procedures. Treatments like Botox, fillers, laser resurfacing and body contouring using technologies like CoolSculpting allow patients to address aging and restore youthfulness without extensive downtime. These minimally-invasive treatments have shorter recovery times, little to no surgery involved, and lower risks of complications compared to traditional cosmetic surgeries.
The popularity of procedures like Botox injections that take under 30 minutes and have patients back to work the same day is a testament to growing consumer preference for convenience and less disruption to their daily lives. This has enabled medical aesthetics to move beyond traditional medi-spas and become mainstream offerings found even within dermatologist and plastic surgeon clinics.
New Technologies Expand Treatment Options
Constant innovation is also fueling market expansion as new technologies deliver enhanced outcomes. For instance, the advent of laser and light-based aesthetic devices has enabled non-ablative skin tightening and wrinkle reduction. Meanwhile, the refinement of hyaluronic acid dermal fillers allows for more natural looking results and longer durations between treatments.
Furthermore, body contouring now goes beyond limited liposuction with techniques like truSculpt that harness different energy sources to breakdown fat cells. The convenience of in-office treatments coupled with marketing by practices has further normalized the use of these technologies for cosmetic enhancements.
Rise of Medical Aesthetic Service Providers
Easy access to affordable treatments and shifts in perception have created a booming market for medical aesthetics providers. Both largechain medi-spas and independent practitioners are catering to growing demand. The American Society for Aesthetic Plastic Surgery reported the number of board-certified doctors offering non-surgical treatments increased by over 35% between 2017 to 2020.
At the same time, practices are differentiating themselves through varied service models. While some focus on specific subsets like laser aesthetics or body contouring, others provide a full menu under one roof. Consolidation has also been witnessed as large chains acquire smaller competitors to build regional or national footprints. This ensures convenience through wider clinic networks while leveraging economies of scale benefits.
Securing a Skilled Medical Workforce
The rapid industry expansion does pose manpower challenges, especially as more sophisticated equipment and techniques require higher clinical expertise. Many countries still face physician shortages to fully meet market needs. Concerted efforts are being made to train more providers through aesthetic fellowships and certification courses offered by specialty boards and associations.
At the same time, there is greater delegation of certain low-risk services to non-physician staff to improve capacity. Licensed medical aestheticians or nurses are now commonly performing activities like chemical peels, microneedling, and injection of lower risk areas after completing manufacturer training programs. However, medical oversight is still crucial, especially as procedures evolve and patients present with multiple comorbidities.
Conclusion
Overall, the secular trends of aging populations and growing health and beauty consciousness position the medical aesthetics market field for continued gains going forward. New product introductions and technology upgrades will broaden treatment scopes and allow access to enhanced solutions. While practitioner and facility expansion holds opportunities for investors and operators, prioritizing appropriate credentialing and safety oversight will be important to sustain long term consumer confidence and trust in this growing specialty.
