Growing geriatric population is main driving factor for the growth of the medical aesthetics market
The global medical aesthetics market was valued at USD 10.1 billion in 2018 and is expected to reach USD 20.4 billion in 2026, growing at a CAGR of 9.0% during the forecast period.
Medical aesthetics utilizes minimal invasive treatments in order to improve the physical appearance of an individual with the use of healthcare and beauty services, including laser and other energy-based device. It comprises of both surgical and non-surgical procedures, and the clinical physicians can opt for a combination of both procedures, in order to enhance the physical aesthetics of the patient. It further includes convenient replacement of missing body parts caused due to trauma, accidents, and other congenital disorders is possible by use of aesthetic implants. It embraces an array of treatments and solutions, which assist in the fulfilment of the aesthetic needs of a person for botulinum toxin, skin tightening, body contours & firming, scar treatment, skin rejuvenation and oxygenation, fat reduction, stretch marks, wrinkle and fine lines reduction.
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The rapid growing ageing population and considerable focus on personal grooming are primarily driving the demand for medical aesthetics products. For instance, as per the United Nations (UN), by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). By 2050, one in four persons living in Europe and Northern America could be aged 65 or over. The number of persons aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050. Due to this rise in the ageing population, the manufacturers of skin care products have introduced anti-ageing products that help to reduce and prevent signs of skin ageing.