The global aesthetic medicine market is expected
to reach USD 11.9 billion by 2022, according to a new report by Grand View
Research, Inc. Some key drivers of the market include growth in aging
population, increasing disposable income, and increasing awareness about the
efficacy of aesthetic treatments.
People aged
between 25 to 65 years have prominent aging signs such as wrinkles, fine lines,
and dark spots. For instance, according to the CIA World Fact Book,
approximately 47.2% of the total population of China was aged between 25 to 54
years in 2014. Growth in geriatric population is likely to boost demand via
widening the consumer base.
Moreover,
the need for improved aesthetics in the growing working class population is
likely to boost usage rates over the forecast period. For instance, according
to sources, the U.S. alone had a working population of 139.206 million in 2011.
With improving employment rates especially in the emerging markets, the demand
for aesthetic medicine is going to advance over the forecast period.
However, the
presence of stringent regulatory framework to ensure product safety and
efficacy is one of the prime factors limiting the growth of the global
aesthetic medicine market. Moreover, surgical and minimally invasive procedures
require skilled professionals. This coupled with the growing overall treatment
cost, is expected to restraint market growth.
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Further key findings from the study suggest:
- Anti-wrinkle products accounted for the largest market share of 50.2% in 2014 owing to high consumer awareness levels regarding product availability, affordable cost, and high efficacy rates
- The segment is expected to maintain its dominance throughout the forecast period. Minimally invasive technique, lesser side effects, and better results are some factors that are expected to drive the anti-wrinkle market towards expedited growth
- Botulinum toxin is one of the oldest anti-wrinkle products available in the market. Therefore, awareness about the effectiveness of this product is high as compared to other products, resulting in the segment dominating in terms of revenue share.
- Hyaluronic acid owing to, low side effects and high efficacy rates also accounted for a large market share in 2014
- Clinics and beauty centers, was the largest end-use segment in 2014 as majority of the techniques demand skilled professionals to perform the procedure. Moreover, stringent regulatory guidelines limit the use of high-risk devices and treatments to professionals. As a result, the clinics and beauty center segment is expected to maintain its market position throughout the forecast period.
- Asia pacific accounted for the largest market share of around 32.5% in 2014. Growing penetration of the technologically advanced products, cheaper treatment cost, and presence of skilled professionals are some factors driving regional growth. Moreover, growing popularity of the emerging Asia Pacific countries as medical tourism hubs will boost demand over the forecast period.
- The presence of a large target population pool in China and India between 25 to 65 years coupled with rapidly increasing disposable income and improving standards of living is spurring the demand for aesthetic medicine in this region.
- Some key players operating in the global market include Allergan, Inc., Alma Laser, Cynosure, Galderma S.A., Lumenis, Johnson and Johnson, Solta Medical, Inc. and Syneron Medical Ltd.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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