North America Aesthetic Medicine Market size exceeded USD 8 billion in 2020 and is predicted to expand at over 8.8% CAGR from 2021 to 2027.
Aesthetic medicine term is broadly associated with improvement or enhancement of aesthetic appearance through several treatment procedures. Aesthetic medicine entails invasive, minimally invasive and non-invasive techniques to alter or augment body and skin aesthetics. Some of the common procedures include body contouring, facial, hair and tattoo removal.
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With significantly increasing number of aesthetic procedures in North America, the demand for devices will also expand over the coming years. Presence of major industry players operating in medical aesthetics industry has become one of the notable market growth drivers. Awareness and preference for non-invasive cosmetic surgeries including facial rejuvenation and injectables further boosts potential for advanced products in the region.
Incidence of COVID-19 has significantly impacted the non-essential services sector including the aesthetic medicine market. Number of aesthetic procedures has witnessed decline during pandemic in highly affected areas in the region. There are more than 30 million people in the U.S. reported with coronavirus infection. Due to the risk of infection, physicians reported decrease in number of patients for non-invasive cosmetic procedures. However, with relaxation of stricter guidelines and decrease in infected people, the market will foresee recovery and increase in procedure demand in coming years. Moreover, with development of effective vaccines and therapeutics for treatment of COVID-19 and standard operational protocols in aesthetic facilities, the demand for procedures is expected to be as of pre-pandemic situation.
North America Market, By Type
Non-surgical segment dominated the North America aesthetic medicine market with more than 65% revenue share in 2020. As per the Aesthetic Society, in 2019, more than 3,00,000 non-surgical aesthetic procedures were performed in the region. Development in devices resulted into high procedural outputs leading to greater patient outcomes benefit the segment expansion. Advanced medical aesthetic devices enable comfortable and effective non-invasive lipolysis. Minimal invasion, reduced recovery time post-procedure and improved efficiency associated with non-invasive treatments will drive the segment growth.
North America Market, By Product
Non energy-based segment in the North America aesthetic medicine market will witness 8.5% growth during the forecast timeframe. Non energy-based segment includes dermal fillers, botulinum toxin injectables, facial implants and breast implants among others. The segment growth is highly attributed to lucratively growing demand for injectables. Significantly rise in procedural volume of botulinum toxin contributed in growing product demand for injectables. According to the Aesthetic Society, in America more than 2,500,000 non-invasive injectable procedures were reported in 2019.
North America Market, By Gender
Female segment size was over USD 6 billion in 2020. Consciousness towards aesthetic appearances among women has driven the procedure demand. Increasing procedural volume specifically for breast augmentation, botulinum toxin and liposuction has positively impacted the overall industry revenue. Focus on facial aesthetics with ability to spend on costly procedures by working population in developed economies will further stimulate the segment growth. Additionally, preference for skin rejuvenation and wrinkle treatments within middle-aged women contribute to segment revenue growth.
North America Market, By End-use
Hospitals segment constituted significant revenue, accounting for 28% North America aesthetic medicine market share in 2020. Facility infrastructure development in hospitals offering range of specialized aesthetic treatments has led to consumer preference for these facilities. Expanding facility network across the region has further stimulated adoption of advanced products to experience sophisticated and efficient care. Therefore, expanding facilities providing accessibility and affordability to consumers will propel the segment growth. However, incidence of COVID-19 has significantly affected number of aesthetic procedures in hospitals due to risk of infection during operations.
North America Market, By Country
U.S. aesthetic medicine market held around 88% revenue share in 2020 due to growing population opting for aesthetic procedures. Ability of significant portion of the U.S. population to spend on high value cosmetic procedures has further offered growth opportunities to the market. Moreover, infrastructure development with adoption of highly advanced devices assisting in aesthetic procedures has resulted in increasing procedural volume in an office facilities and hospitals. Additionally, product launches and enhancements by leading players will positively impact the industry growth.
Competitive Industry Landscape
Some of the major players in the North America aesthetic medicine market include AbbVie Inc., Galderma, Alma Lasers, Syneron Candela, PhotoMedex, and Cynosure, among others.
These companies are undertaking various strategies such as collaborations and mergers & acquisitions to sustain market competition. For instance, in May 2020, AbbVie completed the acquisition of Allergan for its business expansion in medical aesthetics, thus offering competitive edge to the company in the market.