Market Challenges And Opportunities

Global Aesthetic Medicine Market Drivers:

High demand for aesthetic treatments to propel market growth

One of the key factors expected to augment growth of the global aesthetic medicine market during the forecast period is the high demand for aesthetic treatments worldwide. For instance, aesthetic or cosmetic treatments are non-surgical procedures designed to combat signs of ageing, rejuvenate and refresh skin. In April 2022, Sinclair Pharma announced that Perfectha Lidocaine has received European CE mark for wrinkle repair, facial contouring, & volume restoration, offering immediate natural-looking and long-lasting result. The approval also paves the way for the launch of Perfectha Lidocaine in the U.K. and all major European markets.

Rise in adoption of minimally invasive treatments to drive market growth

Another factor which is driving the growth of the global aesthetic medicine market is the increasing adoption of minimally invasive treatments across the globe. For instance, in August 2020, Lumenis Ltd. launched new non-invasive aesthetic body treatment, NuEra Tight with FocalRF technology. Body Sculpting takes on a whole new meaning with NuEra Tight offering a personalized solution for Fat Reduction, Skin Tightening, Cellulite and Wrinkle Reduction, all in one device. A platform introduces the breakthrough in personalized non-invasive RF body treatments to match the unique needs of every patient. It is also fit for all body types.

Global Aesthetic Medicine Market Opportunities:

Increasing awareness among people about overall appearance or aesthetic procedures is expected to offer significant growth opportunities for players in the aesthetic medicine market. For instance, with the increasing awareness among people, the number of aesthetic procedures and the use and demand for aesthetic devices or medicine is also increasing. In January 2023, Galderma announced the launch of FACE, an augmented reality application. The app gives patients a real-time, realistic before and after view of possible results. This helps address concerns about end results, ultimately leading to greater patient satisfaction.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the aesthetic medicine market. For instance, aesthetic fillers are crucial in anti-aging treatments and particularly used to stop sign of early aging and hyperpigmentation. Thus, the use and demand for aesthetic fillers is also increasing. Dermal fillers, lip and facial fillers, soft tissue fillers, and wrinkle fillers are approved by the Food & Drug Administration (FDA) to help create a smoother and fuller appearance in the face. According to the World Health Organization (WHO), by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).

Global Aesthetic Medicine Market Restraints:

High cost of aesthetic procedure to hamper market growth

Another factor which is hampering the growth of the aesthetic medicine market is the high cost of aesthetic procedures. For instance, the top cosmetic surgeries are breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck, and facelift. In India, cost of the plastic surgery ranges from INR 15,000 (US$ 188) to INR 250,000 (US$ 3,133) or even more. The average cost of breast augmentation surgery is around US$ 4,516, according to the American Society of Plastic Surgeons. However, the cost can vary depending on type of surgery.

Social stigma and poor reimbursement to hinder market growth

One of the key factors expected to hamper growth of the global aesthetic medicine market is the social stigma and poor reimbursement. Social stigma concerns are expected to hamper the growth of the market, as social stigma acts as a barrier to aesthetic procedures. For instance, there is still stigma that such aesthetic procedures are only for female population, although the number of male undergoing aesthetic procedures has been increasing over the years. Moreover, Mediclaim policies are not designed/developed to cover the cost of cosmetic surgeries, as well as such procedures are not covered by most insurance companies.

Restraints & Challenges: