The asia pacific medical aesthetics market was valued at US$ 7,058.31 million in 2022 and projected to reach US$ 15,729.12 million by 2028; it is estimated to record a CAGR of 14.3% from 2022 to 2028.
Growing adoption of minimally invasive and non-invasive aesthetic procedures and increasing use of dermal fillers and botulinum toxin for enhancing facial aesthetics are a few factors driving the medical aesthetics market growth.
Increasing use of dermal fillers and botulinum toxin for enhancing facial aesthetics drives the overall market growth. Over the past two decades, there has been an unprecedented surge in the popularity of elective aesthetic procedures. Moreover, there is an increasing demand for less invasive aesthetic procedures such as dermal fillings and botulinum toxin A (BoNTA) in Japan, India, South Korea, China, and other Asian countries. Increased awareness about good looks and wellness, a rise in economic instability, and a surge in the demographic of people seeking plastic surgery are a few factors attributing to the demand for medical aesthetics in emerging Asian countries.
The correction of facial rhythm and loss of volume is the basic principle of aesthetic rejuvenation of the face. Botulinum toxin injections are primarily indicated to correct dynamic rhytides, while dermal fillers aim to increase volume and improve static rhytides. Botulinum toxin, a powerful neurotoxin, causes chemodenervation of muscles. Dermal fillers are a non-energy-based procedure that adds volume and fullness to a person's skin. Cost-effectiveness and rise in the aging population are the key factors driving the demand for dermal fillers across Asia Pacific.
Further, the surge in demand for superior materials and techniques required for dental aesthetics procedures has increased research activities. However, nonsurgical facial aesthetic procedures received less attention from the dental community until chemicals such as hyaluronic acid fillers and botulinum toxin were requested by patients, which led dental manufacturers to add these materials to their catalogs and advertisements. Facial rejuvenation has become a major issue of psychosocial well-being in this era of fashion, beauty, and trends. Thus, the increasing use of dermal fillers and botulinum toxin for enhancing facial aesthetics is fueling the medical aesthetics market growth.
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Asia Pacific Medical Aesthetics Market: Strategic Insights
Market Size Value in US$ 7,058.31 million in 2022 Market Size Value by US$ 15,729.12 million by 2028 Growth rate CAGR of 14.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Asia Pacific Medical Aesthetics Market: Strategic Insights
Market Size Value in | US$ 7,058.31 million in 2022 |
Market Size Value by | US$ 15,729.12 million by 2028 |
Growth rate | CAGR of 14.3% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Based on application, the medical aesthetics market is segmented into oncology, inflammatory & infectious disease, autoimmune disorders, metabolic disorders, hormonal disorders & growth failure, cardiovascular diseases, neurological diseases, and others. The oncology segment held the largest share of the market in 2022. However, the inflammatory and infectious diseases segment is expected to register the highest CAGR during the forecast period. According to the National Institute of Health (NIH) report, cancer is a complex invasive genetic disease-causing significant mortality globally. For example, protein-based medical aesthetics have significantly extended the lives of millions of cancer patients. Further, various top companies entered a research collaboration for developing novel therapeutics-based targeted protein-based technology for cancer treatment. For instance, in April 2022, Ubix Therapeutics announced a collaboration with SK medical aesthetics to develop new compounds and medicines through Ubix's Degraducer technology for cancer treatment. Such aforementioned factors are responsible for the segment growth, thereby contributing to the market growth of medical aesthetics during the forecast period.
Market Opportunity
Significant Growth Opportunities in Developing Countries
Health systems in developing economies are focusing on introducing various advanced medical aesthetic technologies into their service portfolios. Many of these countries are at the center of medical tourism. Patients from developed regions travel to emerging countries in Asia Pacific for various medical aesthetic procedures. Health facilities, medical spas, and wellness centers are increasingly offering a comprehensive range of inexpensive but high-quality medical aesthetic procedures. The rising spending on cosmetic and rejuvenation procedures to improve aesthetics is rapidly increasing among the population of Asia Pacific.
Developing countries such as Bhutan, Nepal, Sri Lanka, Taiwan, and Mongolia are likely to offer vital growth opportunities for the medical aesthetic market. The factors that are likely to serve as growth opportunities for these countries are increasing awareness of minimally invasive treatments and acceptance of aesthetic procedures in the population, growing awareness of physical appearance, increasing incidence of skin diseases, growing geriatric population, and rising availability and acceptance of technologically advanced medical devices.
Further, growing healthcare spending in developing economies in Asia Pacific enables healthcare professionals to adopt advanced technologies for performing cosmetic procedures. Apart from the above-mentioned factors, rapid urbanization, increasing investments by healthcare providers in improving infrastructure, growing awareness among the population, and a wide range of advanced products and technologies are a few factors that are acting as growth opportunities for the medical aesthetic market in developing Asian countries.
End User Insights
Based on end user, the medical aesthetics market is segmented into hospitals, dermatology clinics, medical spas and beauty centers, and home care. The hospitals segment held the largest market share in 2022 and is anticipated to register a significant CAGR during the forecast period. The beauty & aesthetic industry has grown significantly in the recent past. Cosmetic procedures carried out in aesthetic clinics and hospitals are likely to become the main contributors to the wellness industry worldwide. Exposure to global trends, increasing disposable incomes, and changing lifestyles are among the common factors that are resulting in the increasing number of visits to these institutes, followed by the growing number of procedures being performed. Cosmetic treatments are known to have a major impact on the confidence and self-image of the people seeking those treatments, and this factor can continue to boost the popularity of various cosmetic enhancement procedures, such as nose jobs and breast enhancements, in the coming years. These procedures are safely conducted and do not require long waiting as well as recovery time. Moreover, the procedures can easily be performed multiple times in the outpatient facilities to discover ways to increase their product's effectiveness and efficiency with the new concept that will shape the market. Such aforementioned factors are responsible for the segment growth, thereby fueling the medical aesthetics market.
Medical Aesthetics Market, by Product Type – 2022 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Companies operating in the medical aesthetics market adopt the product innovation strategy to meet the evolving customer demands worldwide, permitting them to maintain their brand name in the medical aesthetics regional market.- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Medical Aesthetics Market – Segmentation
Based on product type, the medical aesthetics market is segmented into monoclonal antibodies, recombinant vaccines, conventional vaccines, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, recombinant enzymes, cell & gene therapies, cytokines/interferon/interleukins, and others. Based on application, the medical aesthetics market is segmented into facial and body contouring, facial and skin rejuvenation, breast augmentation, hair removal, reconstructive surgery, tattoo removal and others. Based on end user, the market is segmented as hospitals, dermatology clinics, medical spas and beauty centers and home care. Based on country, the medical aesthetics market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, Indonesia, Singapore, Thailand, the Philippines, Vietnam, and the Rest of APAC.
A few of the leading companies operating in the medical aesthetics market are AbbVie Inc, Bausch Health Co Inc, Lumenis Be Ltd, ARC Laser Gmbh, Alma Lasers Ltd, El.En. SPA, Crown Laboratories Inc, Merz Pharma GmbH & Co KgaA, Quanta System SpA, Galderma SA, Venus Concept Inc, PharmaResearch Co Ltd, andNeoasia (S) Pte Ltd.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Thailand, Vietnam
Frequently Asked Questions
The medical aesthetics market majorly consists of the players such AbbVie Inc, Bausch Health Co Inc, Lumenis Be Ltd, ARC Laser GmbH, Alma Lasers Ltd, El.En. SPA, Crown Laboratories Inc , Merz Pharma GmbH & Co KgaA, Quanta System SpA, Galderma SA, Venus Concept Inc, PharmaResearch Co Ltd, Neoasia (S) Pte Ltd, and others.
Allergan plc (an AbbVie, Inc.) company and Galderma are the top two companies that hold huge market shares in the medical aesthetics market.
The facial aesthetics products segment held the largest share of the market in the APAC medical aesthetics market in 2022.
The CAGR value of the medical aesthetics market during the forecasted period of 2022-2028 is 14.3%.
Aesthetic medicine is a medical specialty that focuses on enhancing facial and skin appearance with the help of numerous treatment choices for wrinkles, skin discoloration, moles, acne scars, excess fat, unwanted hair, cellulite, liver spots, and others. It also comprises of surgical and non-surgical procedures. Liposuction, breast implants, facelifts, radiofrequency ablation are various surgical procedures while radiofrequency skin tightening, chemical peel, non-surgical liposuction, are non-surgical procedures.
The facial and body contouring segment dominated the APAC medical aesthetics market and held the largest market share in 2021.
Key factors that are driving the growth of this market are growing medical tourism, growing adoption of minimally invasive aesthetic procedures, and increasing use of dermal fillers and botulinum toxin for enhancing facial aesthetics are expected to boost the market growth for the medical aesthetics over the years.
The List of Companies - Asia Pacific Medical Aesthetics Market
- AbbVie Inc.
- Bausch Health Co Inc.
- Lumenis Be Ltd
- ARC Laser GmbH
- Alma Lasers Ltd
- El.En. SPA
- Crown Laboratories Inc.
- Merz Pharma GmbH & Co KgaA
- Quanta System SpA
- Galderma SA
- Venus Concept Inc.
- PharmaResearch Co Ltd
- Neoasia (S) Pte Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
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- Primary Research:
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For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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