Medical aesthetics market is poised for significant growth, with sales expected to reach US $38.4 billion by 2030, reflecting a projected CAGR (Compound Annual Growth Rate) of 11.0%. This surge can be attributed to several key factors, including rising disposable incomes, increasing awareness of procedures, and a growing emphasis on appearance.
Medical Aesthetics Market Summary:
The future of the medical aesthetics market looks promising, with a projected increase in growth. This can be attributed to factors such as higher disposable incomes, a greater understanding of available procedures, and a growing emphasis on personal appearance.
There is an anticipated shift in market share, as North America is projected to lose some ground while Asia-Pacific gains market share. This trend is expected to be influenced by various factors, including the growth of disposable incomes, a greater understanding of procedures, and a heightened emphasis on personal appearance.
Medical Aesthetics Market Projected Sales by Region:
According to the data, it is anticipated that every region will witness an increase in medical aesthetics sales between 2023 and 2030. Let’s take a closer look at the projected growth in each region:
The Asia-Pacific region is projected to experience rapid growth, with a compound annual growth rate (CAGR) of 12.70%. The significant expansion can be credited to the expanding middle class with increasing disposable incomes, a growing recognition of medical aesthetics procedures, and a population that skews towards the younger side. In China, there is an increasing interest in facial contouring procedures like rhinoplasty and genioplasty. One contributing factor to this phenomenon is the rising popularity of Korean pop culture, which has led to a shift in preferences for certain facial features.
Europe is projected to experience a growth rate of 11.10%, which is slightly lower compared to the Asia-Pacific region. The potential for growth in this industry is driven by a growing emphasis on personal appearance, higher levels of disposable income, and a population that is getting older.
North America is projected to have the slowest growth rate, with a CAGR of 10.20%. One possible reason for this trend is the maturation of the market, with a significant number of individuals having already experienced various medical aesthetic procedures. As an example, the United States holds the title of being the largest market for medical aesthetics procedures globally. One of the reasons for this is the presence of a sizable and prosperous population, along with a highly advanced healthcare system.
The Middle East and Rest of the World regions are projected to see growth, albeit at a more moderate pace compared to Asia-Pacific. This growth can be attributed to various factors, including the upward trend in disposable incomes and the growing recognition of the importance of aesthetic procedures. Moreover, countries such as Brazil have a rich background in plastic surgery, and the market for medical aesthetics is steadily expanding. This can be attributed to a variety of factors, such as a strong emphasis on aesthetics and a willingness to readily adopt cosmetic procedures.
Medical Aesthetics Market Share 2023
The global medical aesthetics market is expected to grow significantly in the coming years, with the Asia-Pacific region leading the charge. However, the market share is expected to shift slightly, with North America losing some ground and Asia-Pacific gaining market share. This trend is likely to be driven by factors such as rising disposable incomes, increasing awareness of procedures, and a growing focus on appearance.
In the year 2023, North America is projected to have the largest market share. However, it is anticipated that by 2030, there will be a slight decline in North America’s market share. One possible reason for this trend is the maturing market, where a significant number of individuals have already experienced various types of medical aesthetic procedures.
Europe is projected to experience a slight uptick in market share, rising from 25.0% in 2023 to 25.1% in 2030. The potential for growth in this industry is driven by a growing emphasis on personal appearance, higher levels of disposable income, and a population that is getting older.
The Asia-Pacific region is projected to experience substantial market share growth, rising from 23.4% in 2023 to 26.1% in 2030. The significant expansion can be credited to the expanding middle class with increasing disposable incomes, a growing recognition of medical aesthetics procedures, and a population that skews towards the younger side.
Market share in the Middle East and Rest of the World regions is projected to decline. There are various reasons for this, such as decreased spending power and societal views on cosmetic treatments.
Medical Aesthetics Market Customer Behaviors
Various customer behaviours contribute to the current trends in the medical aesthetics market: With an increase in disposable income, individuals are increasingly inclined to invest in procedures that can enhance their appearance.
Raising awareness of procedures: The surge in social media usage and the promotion of aesthetic procedures by celebrities and influencers has led to a heightened awareness of these treatments.
Prioritizing appearance: Society’s increasing emphasis on appearance has prompted individuals to pursue procedures that can assist them in attaining their desired aesthetic.
Growing demand: The increasing number of older individuals is fueling the need for procedures that can enhance both appearance and well-being.
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