Report: Advancements and Demand To Drive Aesthetic Medicine Market to $212.5 Billion by 2032
A new report forecasts growth in the aesthetic medicine market.
Currently valued at US$ 75.6 billion, the report says that the value of the market is projected to reach US$ 212.5 billion by 2032, reflecting a robust compound annual growth rate of 12.17% from 2024 to 2032. The report attributes the forecasted growth to the increasing demand for accessible procedures that enhance youthful appearance, coupled with advancements in technology offering safer and more efficient options. Social media's role in showcasing procedural outcomes has also helped stimulate interest and demand.
Europe, according to the report, holds a leading position in the global aesthetic medicine market, accounting for over 27.7% of the market share. The International Society of Aesthetic Plastic Surgery (ISAPS) reports that there has been an 11.2% overall increase in aesthetic procedures in 2022, totaling more than 33.7 million surgical and non-surgical procedures worldwide, represents a 41.3% increase over the past four years (with non-surgical procedures showing a notable 57.8% increase).
Liposuction was cited as the most common surgical procedure, surpassing breast augmentation (over 1.9 million procedures performed globally), an increase of 24.8% from the previous year. The top five surgical procedures also included breast augmentation, eyelid surgery, rhinoplasty, and abdominoplasty. Non-invasive procedures accounted for more than 50% of the revenue share, with a forecasted growth rate of 12.39%. The preference for non-invasive treatments, the report said, was attributed to lower risk and minimal recovery time, making them appealing to the aging population. Popular non-surgical procedures include Botox injections, hyaluronic acid fillers, hair removal, chemical peels, and non-surgical fat reduction.
Technological advancements, such as 3D imaging and AI, have facilitated personalized treatment plans and increased the precision and effectiveness of aesthetic procedures, according to the report. The market for personalized aesthetic medicine, valued at $11.7 billion in 2022, is also expected to grow, reaching $28.6 billion by 2026.
"The aesthetic medicine industry presents numerous opportunities for growth," the authors wrote in the press release. "There is intense competition, with more than 7,500 medical spas and aesthetic clinics currently in operation in the United States. However, what makes this industry appealing to healthcare providers is its high profit margins, which often range from 30% to 60%."
Source: Biospace press release. May 20, 2024.