Aesthetic Services Market Poised For Remarkable Growth At A CAGR Of 7% With The Rise In Cosmetic Procedures As Per The Business Research Company's Aesthetic Services Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Aesthetic Services Global Market Report 2023, the global aesthetic services market is on an upward trajectory, projected to grow from $16.63 billion in 2022 to $17.98 billion in 2023, marking a significant compound annual growth rate (CAGR) of 8.1%. Despite global economic disruptions resulting from the Russia-Ukraine war, the aesthetic services market is anticipated to reach $23.87 billion by 2027, showcasing a robust CAGR of 7.3%.
Fueling Growth - The Surge in Cosmetic Procedures
The driving force behind the booming aesthetic services market is the escalating demand for cosmetic procedures. Cosmetic procedures, encompassing both surgical and non-surgical treatments, are witnessing a surge in popularity. In 2022, the British Association of Aesthetic Plastic Surgeons reported a staggering 102% increase, with 31,057 cosmetic procedures performed. Women, in particular, underwent 93% of all cosmetic treatments, showcasing a remarkable 101% increase from the previous year. This rising demand for cosmetic procedures is a pivotal factor propelling the growth of the aesthetic services market.
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Technological Advancements - Shaping the Future
Embracing technological advancements is a key trend defining the aesthetic services market. Companies are leveraging cutting-edge technologies to enhance patient experiences and outcomes. Notably, Galderma S.A. introduced FACE by Galderma, an augmented reality (AR) technology for aesthetic visualization. This groundbreaking technology allows patients and beauty experts to visualize injectable therapy outcomes before treatment initiation, addressing patient concerns and providing a simulated "before and after" preview.
Market Players and Acquisitions
Major players shaping the aesthetic services market landscape include Rousso Adams Facial Plastic Surgery Clinic, Cynosure Inc., Galderma S.A., and more. In a strategic move, HealthLynked Corporation acquired Aesthetic Enhancements LLC, a US-based cosmetic services provider, for $4,25,000 in May 2022. Such acquisitions are indicative of the dynamic nature of the market and the pursuit of growth opportunities.
Regional Dynamics - North America Leading, Asia-Pacific Emerging
As of 2022, North America held the lion's share in the aesthetic services market. However, Asia-Pacific is poised to emerge as the fastest-growing region in the forecast period, signifying evolving beauty standards and increasing awareness about aesthetic services.
Market Segmentation
The aesthetic services market is multifaceted, with segmentation based on type (Facial Aesthetic Services, Skin Lightening, Body Contouring, Aesthetic Implantation), procedure (Cosmetic Procedures, Reconstructive Procedures), age group (Adolescent, Adult, Geriatric), and end-user (Hospitals, Ambulatory Surgical Centers, Beauty Centers and Medical Spas, Dermatology Clinics).
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In navigating this dynamic market, industry players can harness the power of market insights. The Global Aesthetic Services Market Report 2023 serves as a strategic tool, providing a comprehensive understanding of trends, growth drivers, and competitive landscapes. Armed with this knowledge, businesses can make informed decisions, tailor strategies, and position themselves for success in the evolving landscape of aesthetic services.
Aesthetic Services Global Market Report 2023 by The Business Research Company provides insights on the aesthetic services market size, aesthetic services market segments, aesthetic services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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https://www.thebusinessresearchcompany.com/report/medical-aesthetics-global-market-report
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