Global medical aesthetics market is projected to reach $19,419.7 million by 2023, growing at a CAGR of 12.2% during 2017 - 2023.
According to the study, the global medical aesthetics market is likely to grow from $8.6 billion in 2016 to $19.4 billion by 2023. Advancement in laser technology, growing awareness among consumers, and health benefits of medical aesthetics procedures have been driving the global medical aesthetics market. The market is further expected to gain revenue due to shift in the preference from surgical to non-surgical procedures. There has been a significant growth in non-surgical medical spa procedures in the recent years, resulting from better technologies, such as intense pulsed light and advanced laser based aesthetics equipment.
Geographically, North America has been the largest market for medical aesthetics, with the U.S. being the largest contributor to the regional market. North America is considered as the platform for innovation in aesthetics procedures, since a majority of established and upcoming market players are either headquartered or have a significant geographical presence in the region. The emerging economies of Asia-Pacific, especially China and India, are expected to grow tremendously in future, which will make Asia-Pacific the second largest market in the coming years. Asia-Pacific is expected to outpace Europe in in terms of medical aesthetics market size by 2020.
Some of the other key players in the market include Allergan Plc, Valeant Pharmaceuticals International, Inc., ZELTIQ Aesthetics, Inc., Johnson & Johnson, Cutera Inc., Alma Lasers Ltd., Merz GmbH & Co. KGaA, Galderma S.A., Syneron Medical Ltd., Cynosure, Inc., Photomedex, Inc. and Lumenis Ltd.