Why the Medical Aesthetics Market is Projected to Grow

Data from the American Society of Plastic Surgeons reveal that cosmetic surgery is on the rise and doesn’t look like it’s going to stop any time soon. Close to 18 million people underwent surgical and minimally invasive cosmetic procedures in the United States in 2018, which is a rise of nearly 25% from the previous year. The statistics reveal a running 5-year streak of growth for the Medical Aesthetics market. 

According to the American Society of Plastic Surgeons, the most popular procedures in 2018 were;

  • Breast augmentation — 313,735 procedures.
  • Liposuction — 258,558 procedures.
  • Nose reshaping — 213,780 procedures.
  • Eyelid surgery — 206,529 procedures.
  • Tummy tuck — 130,081 procedures.

Medical aesthetics is a specialty focused on enhancing facial and skin appearance using a range of treatment choices for wrinkles, skin discoloration, moles, acne scars, excess fat, unwanted hair, cellulite, liver spots, and more. Medical aesthetics also includes surgical and non-surgical procedures. Minimally invasive cosmetic procedures were also on the rise in 2018. Of the total 15.9 million cosmetic minimally-invasive procedures performed in 2018, the five most popular procedures were;

  • Botulinum Toxin Type A (7.44 million procedures, up 3 percent from 2017)
  • Soft Tissue Fillers (2.68 million procedures, up 2 percent from 2017)
  • Chemical Peel (1.38 million procedures, up 1 percent since 2017)
  • Laser hair removal (1.1 million procedures, down 1 percent from 2017)
  • Microdermabrasion (709,413 procedures, down 4% from 2017)

There is further good news for the industry as Data Breach Market Research projects that the global medical aesthetics market will have a compound annual growth rate of 12% from 2019 to 2026.

A major driver of growth in the medical aesthetics market is the heavy investment in research and development in life science, which has been yielding results. New discoveries are continuously being made for retaining youth and enhancing beauty. 

The research has brought forward new lines of aesthetic products and advancements that have better efficacy along with reducing recovery times. The global rise in the medical aesthetics market can also be attributed to emerging markets like Brazil, South Africa, and, most significantly, the Asia Pacific.

The increase in demand for minimally invasive reconstruction surgeries can also be attributed to the following;

  • The unfortunate rise in road accidents and trauma cases has seen patients coming in to get their looks back.
  • The increasing cases of tooth deformities and congenital faces have converged with the emergence of non-invasive reconstruction surgery technologies that give patients options on their appearance.
  • The rise in breast cancer awareness and treatments has given the momentum to cosmology surgeries.
  • The global rise in medical tourism, particularly in the Asia Pacific.
  • As incomes and social mobility improve, consumers are choosing to live a healthier lifestyle
  • The rise in celebrity culture has created a consumer base that is keen to mimic the lifestyle, look, and beauty regimen of celebrities. This is particularly evident in the younger generations.

Although the growth figures have the industry excited about its prospects, it still faces a lot of challenges. Chief among these is having a regulation that is specific, precise, and built for the purpose. The regulatory approval for a lot of the industry’s innovations is also time-consuming. 

Another challenge for the industry is the lack of expertise in the market. The costs of most procedures are still out of reach for the larger population. The exorbitant prices associated with some medical aesthetics procedures will continue to dampen its uptake.