Imcas world congress 2024 figures of the aesthetic medicine market in 2023
GLOBAL AESTHETIC MARKET: THE UNITED STATES STILL IN THE LEAD, THE EUROPEAN UNION DROPS TO THIRD PLACE
In 2023, market growth exceeds 3% in the United States, the Asia-Pacific region, and Latin America. Only the European Union sees slightly less at 2.1% growth, in an economy that, according to the European Commission, does not surpass 0.6% growth in 2023.
The global aesthetic market experienced a flourishing period in the wake of the COVID-19 pandemic, particularly in the American market. Growth rates in 2023 remain above the global economy, which stands at 2.9% according to the OECD, except for the European Union.
Professionals anticipate a further acceleration of this aesthetic market in 2024 and at least until 2027. With over 5% annually across all geographical areas, even exceeding 8% in the United States and the Asia-Pacific, the global aesthetic market envisages growth rates structurally above those of the global economy, which, according to KPMG’s Global Economic Outlook, is expected to reach 2.4% in 2024 and 2.6% in 2025.
The United States remains the leader in the global aesthetic market with a market share of $7.8 billion.
A new development in 2023 is that the European Union now ranks third, behind the Asia-Pacific region, in terms of market size.
These global figures, however, mask disparities between the EU and the Asia-Pacific, with each of these zones being ahead in different market segments. Nevertheless, expected growth rates will confirm the new situation of a stronger Asian economic power than European in the global medical aesthetic market.
The market still has untapped potential in various countries around the world that industry players can tap into with robust strategies. Despite the economic context (Germany’s recession, China’s slowdown), industry resilience remains, and anticipated trends are positive for the years ahead: 85% of consumers expect to increase or maintain their spending next year.
Industry players note a stronger willingness to compete from consumers than before. For example, 46% of Americans expressed a willingness to switch to cheaper brands, reflecting the increasingly advanced democratization of the medical aesthetic market.
GLOBAL MEDICAL AESTHETIC MARKET BY SEGMENT
LAURENT BRONES – SYMATESE
Corporate communication & Alliance Director
BOTULINUM TOXIN
Botulinum toxin, more commonly known under the branded name Botox, is the market segment that grows the fastest and continuously. By 2027 and compared to 2021, in less than 10 years, the botulinum toxin segment will have almost doubled in revenue, from $3.7 billion (a post-COVID-19 record year) to $6.4 billion.
It is the largest economic segment of the global aesthetic market.
In 2023, growth in the United States in this segment is nearly 10%, and it will remain at this rate every year until 2027, according to industry professionals. Other geographical areas are not left behind and exceed 6%. The Asia-Pacific region is expected to experience a 10% growth in this market segment this year and remain above 7% growth every year thereafter.
The United States ($2.7 billion) dominates this market segment ahead of the Asia-Pacific region ($1 billion), and by a wide margin compared to the EU ($571 million) and Latin America ($305 million).
DERMAL FILLERS
Dermal fillers (such as hyaluronic acid) represent the second-largest segment of the medical aesthetic market.
These products are notably known for hyaluronic acid. This segment is declining in the United States by 3% in 2022 and 6% in 2023, the only geographical area where this occurs. This apparent underperformance corrects an impressive growth of over 55% in 2021 in the American market, which had far surpassed other geographical areas. Professionals anticipate steady growth from 2024 onwards, exceeding global growth forecasts.
The dermal fillers segment will represent $5.2 billion in 2027. The distribution between geographical areas is quite balanced between the United States ($1.3 billion), the EU ($1 billion), and the Asia-Pacific ($1 billion).
BODY CONTOURING
The Asia-Pacific region is expected to see the fastest-growing demand, with a market growth between 12 and 13% in the coming years.
The year 2023 has corrected the losses observed in 2022 on all geographical areas for this market segment, which had still grown by 35% in 2021.
The United States represents over half of the market with a share of $794 million.
ENERGY-BASED DEVICES
In 2023, there was a stagnation in this market segment at just under $2 billion. This market segment relies not on ̋consumables ̋ but on equipment (lasers, radiofrequency, ultrasound, etc.). It represents both current equipment needs of professionals and their confidence in the future as they decide to invest. No geographical area stands out particularly in this regard this year.
Market balances remain here with the EU in third place, the United States as leaders, and the Asia-Pacific region in second place.
COSMECEUTICALS
This market segment has been experiencing steady growth for years and continues to defy economic conditions in 2023, with rates close to or exceeding 3%.
The cosmeceuticals market represents over $2.5 billion, primarily shared between the United
States (over one billion dollars) and the European Union ($857 million).
IMPLANT AND BREAST RECONSTRUCTION DEVICES
This market segment is largely dominated by the United States, accounting for over 50% – $1 billion out of a global market of $1.8 billion. Other geographical areas are below $350 million in market value.
In 2023, only the European Union experienced a slowdown with -2.3% growth, although the economic zone remains ahead of the Latin American and Asian markets.
