Asia Pacific Aesthetic Medicine Market size surpassed USD 3.7 billion in 2020 and is predicted to record a CAGR of around 10.2% between 2021 and 2027.
Aesthetic medicine procedures are aimed at improving the physical appearance of the patients using invasive or minimally invasive/non-invasive cosmetic procedures. Widely used aesthetic procedures are Botox, hyaluronic acid fillers, lasers for hair removal, skin resurfacing and pigmentation reduction, chemical peels for skin radiance and other procedures to improve skin aesthetics and texture.
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COVID-19 pandemic has affected aesthetic medicine on large scale owing to strict government regulations, lockdown, and halt on non-emergency medical procedures. Number of aesthetic procedures has declined during pandemic in the region. There were millions of people in Asia Pacific reported with coronavirus infection. Owing to high infection and mortality rate, healthcare professionals have temporarily banned and deferred non-essential medical procedures.
Increasing prevalence of obesity and a considerable rise in the desire to conceal the signs of aging amongst the elderly population will boost the adoption of aesthetic medicine procedures in the region. Moreover, presence of key players and rising disposable income of the population will further increase the market demand.
Asia Pacific Market, By Type
Surgical procedures segment is estimated to show 7.9% growth through 2027 owing to increasing number of facial aesthetic surgeries such as eyelid and nose reshaping surgery among the teenage population. Furthermore, prevalence of breast cancer is increasing in developed as well as developing countries in the Asia Pacific region. Change in lifestyle and hereditary factors are the common causes of breast cancer among women. Thus, with growing disease incidence, women are seeking reconstructive plastic surgery post-mastectomy, called as breast augmentation surgery. Increasing number of breast augmentation surgeries substantially increases the demand for breast implants.
Asia Pacific Market, By Product
Non-energy-based aesthetic devices market accounted for 78% revenue share in 2020. The segment includes dermal fillers, botulinum toxin, implants, among others. Facial injectables such as dermal fillers and Botox are gaining wide popularity due to their non-invasive nature and ability to deliver satisfactory aesthetic results. Dermal fillers are being progressively used for number of treatments such as chin and cheek augmentation, lip enhancements, mid-facial volumization, and other corrections of facial asymmetry. Wide range of application coupled with increasing awareness amongst the people will augment the segment growth. Moreover, ongoing research and development activities, leading to the expansion of superior products such as Micro-Botox and Cosmoderm will further support the industry expansion.
Asia Pacific Market, By Gender
Female segment dominated around 75.4% market share in 2020 due to increasing number of breast augmentation and other aesthetic surgical procedures. Additionally, growing demand for various facial aesthetic procedures among women including injectables and skin rejuvenation surgeries for cheek enhancement, nasolabial folds and nose reshaping will positively influence the market growth.
Asia Pacific Market, By End-use
Hospital segment dominated the Asia Pacific aesthetic medicine market with around USD 1 billion revenue in 2020. Preference for procedures in hospitals is due to availability of advanced devices, as well as well-developed healthcare facilities. Availability of skilled and certified professionals to perform surgical aesthetic procedures, and presence of mature healthcare infrastructure will increase the procedure volume. Moreover, increasing patient affordability due to growing disposable income will upsurge the demand for advanced aesthetic procedures. Increasing inclination of people towards aesthetic procedures being performed in hospital settings will ultimately increase the demand for aesthetic medical devices in hospitals.
Asia Pacific Market, By Country
China aesthetic medicine market held more than 17% revenue share in 2020. Rising prevalence of obesity, increase in the number of breast reconstruction procedures and growing awareness regarding aesthetic procedures will boost the market demand in the country. Increasing demand for facial aesthetics among teenagers as well as aging population will fuel the market growth. Moreover, presence of several local players in China that are investing on advancing range of fillers and energy-based devices, will accelerate the market expansion.
Competitive Industry Landscape
Some of the notable industry players include Allergan, Galderma, Shanghai Haohai Biological Technology Co., Ltd., Humedix, and Cynosure, among others.
The industry participants are undertaking various inorganic and organic business strategies such as new product development, collaborations, and mergers & acquisitions to sustain market competition. For instance, in April 2019, Merz Pharma launched Belotero Revive, a combination of HA and glycerol for improving skin firmness, elasticity and hydration. This product launch helped the company in expanding its product portfolio and increasing its customer base in the region.