Despite suffering from the repercussions of COVID-19 related closures and restrictions imposed on non-emergency medical services, the dermatology and aesthetic medicine markets are expected to rebound quickly once the pandemic comes to an end. Continuing demand for non-invasive cosmetic procedures combined with a surge in the availability of providers, facilities, and products are spearheading an upward trend within the industry. Per data from a recent report, the medical aesthetics market is projected to grow by $5 billion within the next five years fueled in part by pent-up consumer demand, changing behavioral trends, as well as emerging markets and technologies.
Market Growth Overview
The global aesthetic medicine market is projected to reach a value of approximately $15.9 billion by 2025, rising at a compound annual growth rate of 10.9%. Spurred by growing adoption of minimally invasive and non-invasive procedures, increased demand among various demographics, and rising public awareness and acceptance of cosmetic procedures, the market will also boast wider availability of technologies and products for both clinical and at-home use.
Throughout the past decade there has been a significant increase in patient preference of non-invasive or minimally invasive procedures as opposed to more traditional surgical services. In addition to being more affordable, these procedures offer the further advantages of being less painful, having a reduced risk of scarring, and offering shorter recovery periods.
Furthermore, the COVID-19 pandemic may have positive implications for the industry long-term despite causing lowered demand from primary end users, limited operations, and closures of major end-user facilities. Although widespread shutdowns have affected the medical aesthetics market, leading to significant challenges in manufacturing and the supply chain, this negative growth is forecasted to be short-term.
Factors Driving Market Growth
Changing Trends and Consumer Behavior
The rise in demand for cosmetic procedures across a wide spectrum of demographics is intensifying and forecasted to further propel industry expansion. Laser resurfacing, aesthetic injectables, and other non-invasive or minimally invasive services are experiencing a boom alongside an increased consumer interest in skin texture and tone improvement. This has led to hybrid fractional laser resurfacing procedures becoming a popular request due to their impressive results and minimal associated downtime.
Further contributing to market expansion is the rise in awareness of and demand for preventative procedures meant to offer the anti-aging benefits of injectable products in early life. By offering neuromodulators proactively to patients in their 20s and 30s, such treatments may be able to resolve minor aesthetic concerns and mitigate the need for more invasive procedures in the future.
Finally, the need for regular office visits is increasingly being viewed as even more troublesome than before in the current pandemic climate and likely for many months to come. As such, the emergence of long-lasting and low-maintenance treatments has the potential to attract an even larger number of patients due to convenience.
Therapeutic advances in hyaluronic acid fillers, such as novel resilient hyaluronic acid products, are likely to contribute to demand as injectables become more tolerable, natural, and effective. The incoming launch of a new neurotoxin, DAXI which is anticipated to last six months may make cosmetic improvements even more accessible for patients who prefer minimal time investment. Both dermal fillers and neurotoxins are expected to continue as the most popular treatments although, face covering mandates are likely to shift the focus more directly onto the eye area, resulting in growing demand for eyelid and brow rejuvenation within the upcoming year. Experts forecast that upper lid blepharoplasty, lower lid pinch excision with chemical peels, and single-site fat grafting to areas of the face will all be popular procedures in 2021 and beyond due to various advantages they hold over other more traditional treatments.
Dermatology Drug Development
Finally, the forecasted launch of novel therapeutics is expected to expand both the psoriasis and atopic dermatitis segments of the dermatology drug sector. The highest market share of this segment is currently held by the United States, largely due to the increased adoption of expensive biologic therapeutics. Although a range of biologic medications is currently available, the market remains at a relatively open point for entry and is anticipated to experience rapid growth in the coming years.
Established and Emerging Markets
North America is expected to continue to account for the largest share of the global aesthetic medicine market although the Asia Pacific region is expected to grow at high rates during the coming years as well. Alongside growing consumer knowledge and increased interest in cosmetic procedures, global marketing campaigns, rising medical tourism, and widened acceptance are all likely to stimulate the market in the Asia Pacific region.
Furthermore, demand in emerging markets in countries including China, Brazil, Mexico, and India offer potential opportunities for key market players as a result of rapid growth in medical tourism, increasing adult populations and disposable incomes, as well as rising awareness of aesthetic specialities. Additionally, the presence of a large number of surgeons in emerging countries is expected to contribute to industry expansion across these regions.
With the outlined driving factors in mind, the aesthetic medicine industry is also expected to experience further innovation and growth within the teledermatology sector. Spurred partially by the COVID-19 pandemic, a rapid and widespread shift to digital care services is expected to fuel a remarkable upward trend and compound annual growth rate for global teledermatology services which will greatly benefit from high investment in infrastructure, rising popularity and adoption, as well as advancements in technology that will make these services more accessible to the general public.
Despite challenges in the near-term, the future of the aesthetic medicine market remains promising and will require clinicians to adapt to fluctuations in demand within the specialty and its multitude of segments.