Europe Aesthetic Medicine Market size crossed USD 2,716 million in 2020 and is estimated to witness over 9.1% growth rate from 2021 to 2027.
Increasing awareness about aesthetic procedures coupled with rising disposable income in developing countries are the factors contributing to the market revenue growth. High awareness and popularity about cosmetic procedures can be mainly attributed to booming media and internet reach to the population. Moreover, increasing number of medical spa chains, lower treatment risk, and cost-effectiveness will augment the adoption rate of cosmetic procedures in the coming years.
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Presence of board certified and skilled cosmetic surgeons coupled with increasing prevalence of skin disorders are the factors adding to the market expansion. In addition, rise of social media influence is also compelling younger generation to undergo aesthetic procedure.
COVID-19 pandemic has negatively impacted the Europe aesthetic medicine market. Social distancing norms, lockdown, and sharp cuts in consumers’ discretionary income during the pandemic have negatively hit the aesthetic medicine business in Europe. Due to pandemic, short-term demand for aesthetic procedures has collapsed.
Non-surgical procedures dominated the Europe aesthetic medicine market in 2020 and will expand at 9.3% CAGR during the forecast period. Low cost and quick visible results are the factors contributing to increasing adoption of non-invasive aesthetic procedures. As per the data from International Society of Aesthetic Plastic Surgeons (ISAPS), there has been an exponential surge in number of non-surgical procedures performed in Germany, that increased by 194% from 2016 to 2019.
Energy-based devices segment will progress at 10.1% CAGR through 2027. Energy-based devices are further segmented into laser based aesthetic devices, radiofrequency (RF)-based aesthetic devices, light-based aesthetic devices, ultrasound aesthetic devices, and others. Laser-based aesthetic devices segment dominated the market owing to increasing inclination towards minimally invasive procedures, less pain, faster recovery option, and less hospital stay. Moreover, increasing use of laser devices in treatment of various skin conditions and aesthetics will propel the segment growth.
Ambulatory surgery centers (ASC) are gaining significant traction in the Europe aesthetic medicine market owing to increasing number of minimally invasive cosmetic procedures. According to the ISAPS, there were more than 20% of the total plastic surgery procedures that were performed in ambulatory surgical centers. Moreover, increasing medical tourism is also driving number of outpatient cosmetic procedures. In addition, cost of both surgical procedure and non-surgical procedure in ASC is lower as compared to hospital settings.
Male segment accounted for over USD 650 million revenue in 2020 due to increasing awareness about cosmetic procedures among men. According to The British Association of Aesthetic Plastic Surgeons, there were more than 1,700 aesthetic procedures were performed among men in 2020. Out of these procedures, rhinoplasty held significant share. Additionally, rise in spending power and increasing disposable income will boost the male aesthetic segment demand.
Germany aesthetic medicine market size valued at over USD 360 million in 2020. Increasing number of cosmetic procedures coupled with high disposable income are some of the key factors contributing to the market revenue. According to the ISAPS, there were more than 900,000 cosmetic procedures performed in Germany in 2019. Furthermore, presence of major players in the region and continuous technological advancement in aesthetic medicine will augment the market share.
Major players operating in the Europe aesthetic medicine market are Abbvie Inc (Allergan, Inc), Alma Lasers, Galderma, Cynosure and Johnson & Johnson.