Updated: May 27, 2020
The rise in the world’s ageing population, disposable income and awareness about the efficacy of aesthetic treatments is predicted to boost the global aesthetics market to $103.4 billion by 2026, exhibiting a CAGR (Compound Annual Growth Rate) of 8.9%.
This is according to a new report by Grand View Research, Inc., which forecasts that the non-invasive procedures segment is expected to maintain its dominance throughout the forecast period. The growing preference for minimally or non-invasive cosmetic surgeries over invasive cosmetic surgeries is attributed to various factors, such as lower costs, minimal trauma and incision, faster recovery, and low risk of complications.
Botox injections, chemical peels, and soft tissue fillers are some of the most frequently performed non-invasive procedures to address some common issues, such as wrinkles, pigmentation, vascular conditions, loss of skin tone, and dull skin
According to the report, the need for improved aesthetics in the working class population is likely to drive the demand over the forecast period. The improving employment rate, especially in the emerging markets, is anticipated to drive the demand for aesthetic medicine over the forecast period.
However, Grand View Research notes that the presence of stringent regulatory frameworks to ensure product safety and efficacy is one of the primary factors limiting growth of the global aesthetic medicine market.
“The lack of skilled professionals required to perform minimally invasive procedures, coupled with the growing overall treatment cost, is also expected to hinder the market growth in the forthcoming years,” say the researchers.
For more information about the report click here.