Aesthetic services refer to cosmetic treatments designed to improve the appearance of individuals through surgical and non-surgical treatments. Popular aesthetic treatments include skin pigmentation correction, face lift in New York City, scar treatment, acne treatment, psoriasis treatment, eczema treatment and more. According to a new report from StrategyR, the global market for aesthetic services was worth US$16.4 billion in the year 2020 (amid the COVID-19 crisis), and estimated to reach a revised size of US$23.3 billion by 2026. The market is expected to grow at a CAGR of 6.2% through 2026.
The major demand drivers for various surgical and non-surgical aesthetic treatment services are –
- The growing desire of people to retain youthful appearance
- Growing wealth of citizens
- Rising pressure to maintain physical appearance in a social media dominated world
- Desire to reverse outcomes of a stressful lifestyle such as early aging, hair loss and obesity
The demand for anti-aging treatments is growing with the rise in the aging population. The growing acceptance of cosmetic procedures as an extension of makeup for everyone – from young teens to older adults is also boosting the demand for anti-aging solutions.
The market is segmented by Procedure, Service Type and End-Use. Procedure types include surgical and non-surgical treatment options. The surgical segment is projected to record 5.6% CAGR and reach US$14.2 billion by the end of 2026. Surgical aesthetic procedures include – reconstructive surgery, cosmetic surgery, and plastic surgery. Growth in the surgical segment is being driven by growing demand for breast augmentation. The ability to provide dramatic benefits without surgery has augmented the demand for non-surgical cosmetic procedures. Growth in the non-surgical segment is readjusted to a revised 7% CAGR for the next 7-year period.
By service type, the market is divided in to Breast Augmentation, Liposuction, Dermal Filler & Botox Injection, Body Contouring & Cellulite Treatment, Laser Hair Removal, Chemical Peel and Other Service Types. End-Users of the market are – Hospitals, Dermatology Clinics & Cosmetic Centers, and Ambulatory Surgery Centers.
By geography, the market is segregated into the USA, Canada, Japan, China, Europe, France, Germany, Italy, UK, Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Rest of World. In 2021, the U.S. market was estimated to be $6.1 billion. The US dominant market growth is being driven by factors such as – increasing focus on improving physical appearance, rising disposable incomes of people, and the subsequent rise in demand for cosmetic procedures, rising popularity of non-surgical aesthetic procedures such as scar reduction, cosmetic enhancements and non-laser tattoo reversals.
The Asia-Pacific is poised to grow strongly due to the region’s aging population and the growing demand for anti-aging products. The projected market size of China in 2026 is US$2.2 billion, trailing a CAGR of 8.4% over the analysis period. Japan and Canada are forecast to grow at 4.7% and 5.7% respectively over the study period. Within Europe, Germany is forecast to grow at approximately a CAGR of 5%.