Global Medical Aesthetic Treatment Market

Overview

Medical aesthetic treatment is a general term referring to treatments that focus on the improvement of cosmetic appearance of individuals through treating medical and physical conditions, such as scars, skin laxity, wrinkles, moles, excess fat, cellulite, unwanted hair and skin discoloration. According to the Medical Insight Report, the total global consumer expenditure for medical aesthetic treatments was US$25.9 billion in 2016, and is expected to increase to US$34.1 billion in 2021, representing a CAGR of 5.7%.

Medical aesthetic treatments can be carried out by way of (i) non-invasive and minimally invasive treatments, such as treatments that utilize energy-based treatment systems, fillers, injectables, neuromodulators and topical skincare products, and (ii) invasive surgical procedures such as liposuction, facelifts and breast implants. The major providers of medical aesthetic treatments include dermatologists, plastic surgeons, as well as physicians from other specialties such as gynecologists and ophthalmologists. In addition to physicians, in some jurisdictions, aestheticians are permitted to provide certain types of medical aesthetic treatment services such as body shaping and skin tightening through the use of energy-based treatment systems.

Key Growth Drivers of the Global Medical Aesthetic Treatment Market

The growth of the global medical aesthetic treatment market is primarily driven by, among other things, the following factors:

Increased discretionary incomes

According to the World Bank, worldwide consumer expenditure increased from US$28.7 trillion to US$42.7 trillion from 2005 to 2015, representing a CAGR of 4.1%. Along with improvements in standards of living, increased individual wealth and discretionary incomes in some markets have allowed consumers to allocate more disposable incomes to medical aesthetic treatments.

Desire to achieve or maintain more youthful appearance

Consumers receive medical aesthetic treatments in part to reduce the effects of the aging process on physical appearance. In addition, according to the Medical Insight Report, the demand for medical aesthetic treatments has been increasingly driven by younger consumers who are focusing on the prevention of aging or seeking correction options for existing cosmetic conditions.

Aging population and longer life expectancy

Due to improved longevity, there are aging populations in many countries. Based on data from World Population Prospects: the 2015 Revision (United Nations, 2015), the number of persons aged 60 years or above is expected to increase by 55.4% from 901 million in 2015 to 1.4 billion in 2030, and is further projected to reach nearly 2.1 billion by 2050. According to the Medical Insight Report, such a demographic shift is expected to increase demand for anti-aging procedures and therefore drive demand for medical aesthetic treatments.

Increased awareness and acceptance of medical aesthetic treatments

Due in part to the growing endorsement of medical aesthetic treatments by celebrities and effective direct-to-customer advertising, medical aesthetic treatments have gained wider acceptance among customers. This is attributable to a focus on personal appearance stemming from the prevalence of “selfie” culture on social media, as well as an increase in the awareness of personal appearance and acceptance of aesthetic medical services among male consumers.

Shift in demand to non-invasive and minimally invasive treatments

Advances in medical aesthetic technology have enabled a wider range of indications to be treated by less painful, safer and more effective medical aesthetic treatment procedures. In particular, there has been a growing consumer preference for non-invasive and minimally invasive treatments as they are generally less costly to the consumer yet comparably effective due to technological advances. Such treatments are also perceived to be safer and to carry lower treatment risks, with limited post-procedure downtime compared to traditional invasive surgical procedures.

Overview

Medical aesthetic treatment is a general term referring to treatments that focus on the improvement of cosmetic appearance of individuals through treating medical and physical conditions, such as scars, skin laxity, wrinkles, moles, excess fat, cellulite, unwanted hair and skin discoloration. According to the Medical Insight Report, the total global consumer expenditure for medical aesthetic treatments was US$25.9 billion in 2016, and is expected to increase to US$34.1 billion in 2021, representing a CAGR of 5.7%.

Medical aesthetic treatments can be carried out by way of (i) non-invasive and minimally invasive treatments, such as treatments that utilize energy-based treatment systems, fillers, injectables, neuromodulators and topical skincare products, and (ii) invasive surgical procedures such as liposuction, facelifts and breast implants. The major providers of medical aesthetic treatments include dermatologists, plastic surgeons, as well as physicians from other specialties such as gynecologists and ophthalmologists. In addition to physicians, in some jurisdictions, aestheticians are permitted to provide certain types of medical aesthetic treatment services such as body shaping and skin tightening through the use of energy-based treatment systems.

Key Growth Drivers of the Global Medical Aesthetic Treatment Market

The growth of the global medical aesthetic treatment market is primarily driven by, among other things, the following factors:

Increased discretionary incomes

According to the World Bank, worldwide consumer expenditure increased from US$28.7 trillion to US$42.7 trillion from 2005 to 2015, representing a CAGR of 4.1%. Along with improvements in standards of living, increased individual wealth and discretionary incomes in some markets have allowed consumers to allocate more disposable incomes to medical aesthetic treatments.

Desire to achieve or maintain more youthful appearance

Consumers receive medical aesthetic treatments in part to reduce the effects of the aging process on physical appearance. In addition, according to the Medical Insight Report, the demand for medical aesthetic treatments has been increasingly driven by younger consumers who are focusing on the prevention of aging or seeking correction options for existing cosmetic conditions.

Aging population and longer life expectancy

Due to improved longevity, there are aging populations in many countries. Based on data from World Population Prospects: the 2015 Revision (United Nations, 2015), the number of persons aged 60 years or above is expected to increase by 55.4% from 901 million in 2015 to 1.4 billion in 2030, and is further projected to reach nearly 2.1 billion by 2050. According to the Medical Insight Report, such a demographic shift is expected to increase demand for anti-aging procedures and therefore drive demand for medical aesthetic treatments.

Increased awareness and acceptance of medical aesthetic treatments

Due in part to the growing endorsement of medical aesthetic treatments by celebrities and effective direct-to-customer advertising, medical aesthetic treatments have gained wider acceptance among customers. This is attributable to a focus on personal appearance stemming from the prevalence of “selfie” culture on social media, as well as an increase in the awareness of personal appearance and acceptance of aesthetic medical services among male consumers.

Shift in demand to non-invasive and minimally invasive treatments

Advances in medical aesthetic technology have enabled a wider range of indications to be treated by less painful, safer and more effective medical aesthetic treatment procedures. In particular, there has been a growing consumer preference for non-invasive and minimally invasive treatments as they are generally less costly to the consumer yet comparably effective due to technological advances. Such treatments are also perceived to be safer and to carry lower treatment risks, with limited post-procedure downtime compared to traditional invasive surgical procedures.