The global aesthetic medicine market size is expected to reach USD 16.8 billion by 2026, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 8.8% from 2019 to 2026. Growing geriatric population across the globe is expected to be the key factor driving the product demand. Several other prominent factors boosting the market growth include increasing disposable income levels and rising demand for aesthetic treatments due to increased awareness about the efficacy of these treatments.
Moreover, with the rising number of working individuals, especially in the emerging markets, the demand for aesthetic medicines is going to increase over the forecast period. However, stringent regulatory framework, to ensure product safety and efficacy, and high costs of the overall treatment may limit the growth of this market in future. In addition, surgical and minimally invasive procedures require skilled professionals. Thus, lack of experts in the field may also have a negative impact on the market development.
Further Key findings from the study suggest:
- Anti-wrinkle products segment is expected to maintain its dominance throughout the forecast period due to rising awareness about the effectiveness of these products
- Clinics and beauty centers was the largest end-use segment in 2018 as majority of the procedures require skilled professionals
- Moreover, stringent regulatory guidelines limit the use of high-risk devices and treatments, which is also contributing to the segment growth
- Presence of target population in China and India coupled with increasing disposable income and improving living standards is spurring the product demand in Asia Pacific region
- Some of the key companies in the global aesthetic medicine market include Allergan, Inc.; Alma Laser; Cynosure; Galderma S.A.; Lumenis; Johnson and Johnson; Solta Medical, Inc.; and Syneron Medical Ltd.