The global medical aesthetics market is expected to witness a CAGR of 12.2% during 2017 - 2023, to reach $19,419.7 million by 2023. Health benefits of medical aesthetics procedures, shift in the preference from surgical to non-surgical procedures and increasing aging population are the major factors driving the growth of the global medical aesthetics market. The market faces challenges such as societal stigmas and hindrances and high treatment cost and lack of reimbursements.
The global market is expected to be positively impacted by growing medical aesthetics market in emerging economies. The increasing compliance for medical aesthetics in the emerging economies is expected to provide huge growth potential for the market during the forecast years. Countries, such as China and India, have a huge market potential, as the healthcare industry is witnessing significant growth in these countries. Moreover, manufacturing of medical aesthetics products in the developing regions tends to decrease the overall cost of manufacturing, thus, reducing the cost of the product without altering its quality.
Although the U.S. remains the largest market for medical aesthetics, the demand for these products and treatments is picking up fast in emerging economies such as China, India, Brazil and Russia. Annual surveys by ISAPS in the past have indicated that Mexico and Brazil are amongst the two largest markets globally for aesthetics products. As per ISAPS survey in 2012, the combined number for plastic surgery procedures in Brazil and Mexico was more than the U.S. (1.4 million compared to 1.3 million plastic surgery procedures per year respectively).