PUBLISHER: The Insight Partners | PRODUCT CODE: 1280741
PUBLISHER: The Insight Partners | PRODUCT CODE: 1280741
According to our new research study on "Asia Pacific Medical Aesthetics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Product Type, Application, End User," the market was valued at US$ 7,058.31 million in 2022 and projected to reach US$ 15,729.12 million by 2028; it is estimated to record a CAGR of 14.3% from 2022 to 2028. Growing adoption of minimally invasive and noninvasive aesthetic procedures and increasing use of dermal fillers and botulinum toxin for enhancing facial aesthetics are a few factors driving the medical aesthetics market growth.
Growing Adoption of Minimally Invasive and Noninvasive Aesthetic Procedures
The World Health Organization (WHO) recognizes waste reduction in healthcare delivery as an important aspect of strengthening health systems. Technological advancements have led to the development of surgical approaches that minimize waste and achieve better results with the available resources. Minimally invasive surgeries (MIS) are among the approaches that result in low waste generation and reduced medical expenses; further, these surgeries ensure low absenteeism at the workplace. In the past 20 years, minimally invasive procedures have undergone several developments. For instance, South Korea has developed a minimally invasive technique to reduce operative time and postoperative edema for Zygoma reduction. Zygoma reduction is the procedure for narrowing the face for transgender facial feminization procedures. The procedure is performed with a single 5mm intraoral stab incision on each side of the face. Similarly, the minimally invasive 3-point subcutaneous tunneling procedure for blepharoplasty has become popular in South Korea and other Asian countries. The preference for a 3-point subcutaneous tunneling procedure over traditional methods of upper blepharoplasty with tarsal fixation is growing among patients due to reduced complications such as swelling, congestion, and postoperative pain. The modern concept of natural and harmonious rejuvenation is based on a comprehensive, three-dimensional, multi-layered approach that combines several active ingredients and techniques in surgical procedures depending on the specific requirement of patients. A few of these procedures include skin relaxation, volume enlargement, volume repositioning, reshaping, surface renewal, and skin tightening. Since the appearance of the skin indicates the health of a person, the number of aesthetic procedures performed across Asian countries has increased tremendously. According to the International Survey on Aesthetic/Cosmetic Procedures (ISAPS) performed in 2020, 1,058,198 aesthetic procedures were performed in Japan, contributing to 4.3% of the world's aesthetic procedures. Further, short nonsurgical procedures such as facial injections and cryolipolysis help correct facial lines, wrinkles, cellulite reduction, and unwanted fat reduction with minimal side effects. The ISAPS defines a nonsurgical cosmetic procedure as an effective and safe procedure for those willing to undergo subtle enhancement and surgical result enhancement with lower recovery periods; these procedures often do not require extensive training, unlike surgical procedures associated with greater risks. Thus, the advantages of nonsurgical procedures are increasing the number of people opting for noninvasive aesthetic procedures. Such aforementioned factors are fueling the growth of the medical aesthetics market. On the other hand, Asia Pacific is expected to witness lucrative growth over the forecast period. The market growth is primarily attributed to the technological advancements in dermatology devices, increasing developments by the market players, and favorable regulatory policies. Furthermore, increasing demand for aesthetic treatments among the male population, technological advancements in energy-based devices, and government and non-government partnerships are the other factors propelling the medical aesthetic market. In September 2022, Allergan announced the launch of its medical aesthetic innovation center in Shanghai. Allergan aims to enhance the healthy development of the medical aesthetic industry in China. Moreover, the market players are continuously developing technologically advanced aesthetic products. For instance, GBS is a leading manufacturer of aesthetic machines in China. The company offers Nailclear, a long-pulsed Nd:YAG laser, to treat nail fungus. Also, in recent years, the industry has observed drastic changes in the adoption of market strategies such as product developments, expansion of companies, approvals, mergers, and acquisitions. For instance, in September 2022, a French company, Vitalorga, launched its range of Hyaluronic Acid products in China. Additionally, rising awareness of cosmetic procedures to improve aesthetic appeal is high in China. The number of plastic surgeons in the country has increased, leading to an increasing number of plastic surgeries. According to the ISAPS 2021, China ranked 3rd for having 3,000 plastic surgeons, accounting for 6.8% of the total plastic surgeon worldwide. The above factors are likely to propel the demand for medical aesthetics in this country. Based on product type, the Asia Pacific medical aesthetics market is segmented into facial aesthetic products, body contouring devices, cosmetic implants, skin aesthetic devices, hair removal devices, tattoo removal devices, and others. In 2021, the facial aesthetic products segment held the largest share of the market. The rising R&D initiatives in the aesthetics industry and the recent regulatory approvals drive the Asia Pacific medical aesthetics market growth. Also, the high proportion of the senior population and the rising patterns of early aging due to environmental factors such as pollution contributes to the facial aesthetics products market. The popularity of dermal fillers has grown rapidly in recent years as they rejuvenate and enhance the aesthetic improvements previously only achievable with surgery but at a lower cost and with limited-to-no recovery time.
The growing concern of people about their appearance is gradually increasing, both in developed and developing countries, which leads to a rise in the number of cosmetic surgeries performed annually. According to the Aesthetic Society data published in April 2022, facial aesthetic procedures such as facelifts and brow lifts have risen 54% compared to 2021. Also, laser treatments are widely performed in Asian countries, thus, enabling the growth of the Asia Pacific medical aesthetic market. Based on application, the medical aesthetics market is segmented into facial and body contouring, facial and skin rejuvenation, breast augmentation, hair removal, reconstructive surgery, tattoo removal and others. The facial and body contouring segment held the largest share of the market in 2022; however, the breast augmentation segment is expected to register the highest CAGR during the forecast period. Nonsurgical body contouring, also known as nonsurgical fat reduction, helps remove stubborn pockets of fats in the body to shape up different areas of the body. Surgical body contouring, following major weight loss, removes excess sagging skin and fat while improving the shape of the underlying support tissue. A few of the common body contouring procedures include abdominoplasty, breast rejuvenation, buttock lift, branchioplasty, and inner thigh lift. However, nonsurgical body contouring procedures are not considered as weight loss solutions. Various players are focused on launching products to establish their foothold in the skin aesthetic devices market for body contouring. For instance, in September 2019, the Baldan Group introduced a 1,060-nm diode laser-LeShape-for nonsurgical body contouring, which is designed to protect the skin surface from any damage. Similar launches are likely to propel the growth of the market for the segment in the coming years. In addition, increasing number of breast augmentation surgeries and rising awareness of cosmetic surgeries accelerate the demand for medical aesthetics market. This will result in an increasing demand for breast augmentation products, which is expected to support the growth of the medical aesthetics market from 2022 to 2028. Joint Commission International, Centers For Disease Control And Prevention, International Society Of Aesthetic Plastic Surgery, and International Society Of Aesthetic Plastic Surgery are the primary and secondary sources referred to while preparing the report on the medical aesthetics market.