Report : Asia Pacific Medical Aesthetics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Facial Aesthetic Products, Cosmetic Implants, Body Contouring Devices, Skin Aesthetic Devices, Hair Removal Devices, Tattoo Removal Devices, and Others), Application (Facial and Body Contouring, Facial and Skin Rejuvenation, Breast Augmentation, Hair Removal, Reconstructive Surgery, Tattoo Removal, and Others), and End User (Hospitals, Dermatology Clinics, Medical Spas and Beauty Centers, and Home Care)
Facial and Body Contouring Segment to Dominate APAC Medical Aesthetics Market during 2019–2028
According to The Insight Partners market research study on “APAC Medical Aesthetics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product, Application, and End User,” is expected to reach US$ 4,715.86 million by 2028 from US$ 1,870.28 million in 2021. The market is estimated to grow at a CAGR of 14.1% from 2021 to 2028. The report provides trends prevailing in the APAC medical aesthetics market along with the drivers and restraints pertaining to the market growth. Growing adoption of minimally invasive and non-invasive aesthetic procedures is the major factor driving the growth of the APAC medical aesthetics market. However, clinical risks and complications associated with procedures may hinder the growth of APAC medical aesthetics market.
Countries in Asia-Pacific are witnessing huge challenges due to the COVID-19 pandemic. Considering the economic operations and geographic conditions, the outbreak has adversely affected medical tourism, manufacturer of medical equipment, laser systems, accessories and other problems posed by shortage of healthcare infrastructure in Asia-Pacific low-income countries. To prevent the spread of novel coronavirus, restrictive measures have been taken in countries such as India, South Korea, Singapore, Malaysia, and the Philippines. According to WHO, due to the rapidly changing risk of COVID-19 affected countries and constantly controlling outbreak trends, any additional health measures are likely to significantly interfere with international travel and trade. Countries such as Japan and Australia are conducting virtual international conferences to anticipate the impact of the pandemic on the cosmetic industry in Asia Pacific. The ongoing COVID-19 pandemic has created a seismic shift in living and cosmetic habits in the region and the beauty industry has borne a significant brunt of this shopper shake-up. China is specifically facing issues with the pandemic, leading to the disruption of the supply chain, projected losses in revenue, marketing and sales within all industries, especially the beauty industry, as well as the concerns of health within the production units and other public places. On the other hand, unlike to North America and Europe, as of now most of the Asian countries have not imposed second lockdown. Hence, the businesses in the countries are slowly recovering their economies. Also, the local demand for cosmetic treatments and post pandemic care is enabling the aesthetic industry to recover the losses. Urban areas spas and clinics are experiencing adjusting to a changing market. Thus, these factors are likely to create opportunities for the market to bring its economy on track.
The market for medical aesthetics is segmented into product, application, end user, and country. Based on product market is segmented into facial aesthetic products, body contouring devices, cosmetic implants, skin aesthetic devices, hair removal devices, tattoo removal devices and others. In 2020, the facial aesthetic products segment held the largest share of the market, by product. Based on facial aesthetic products type market is segmented into dermal fillers, botulinum toxin, and microdermabrasion devices. Based on cosmetic implants type market is segmented into breast implants, facial implants, and others. Based on body contouring devices market is segmented into liposuction devices, nonsurgical fat reduction devices, and cellulite reduction devices. Based on skin aesthetic devices market is segmented into laser skin resurfacing devices, light therapy devices, nonsurgical skin tightening devices, and micro-needling products. Based on the application market was segmented into facial and body contouring, facial and skin rejuvenation, breast augmentation, hair removal, reconstructive surgery, tattoo removal and others. In 2020, the facial and body contouring segment held the largest share of the market, by application. Based on the end user market was segmented into hospitals, dermatology clinics, medical spas and beauty centers and home care. In 2020, the hospitals segment held the largest share of the market, by end user. Based on country, the market is segmented into the Japan, China, India, Australia, South Korea, and rest of APAC. Japan held the largest share of the market in 2020.
Allergan Plc, Alma Lasers, Cutera Inc, Galderma, Hologic, Inc, Lumenis, and Mentor Worldwide, LLC are among the leading companies in the APAC medical aesthetics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, AbbVie had wrapped up its $63 billion acquisition of Allergan plc following receipt of regulatory approval from all government authorities required by the transaction agreement and approval by the Irish High Court. This move significantly expands and diversifies AbbVie’s revenue base and complements existing leadership positions in immunology.