Non-invasive aesthetic treatments have gained widespread popularity in recent years owing to their minimal downtime, cost-effectiveness, and ability to enhance one’s physical appearance. Surprisingly, the global market size of non-invasive aesthetic treatments is projected to grow from $8.7 billion in 2019 to $18.9 billion by 2027, at a CAGR of 10.6%.
So it’s worth looking into the major market trends and growth drivers that fuel this rapid growth. Additionally, the impact of COVID-19 on the industry and the competitive landscape of the non-invasive aesthetic treatment market has to be considered as it really halted growth for over 18 months.
Market Growth Drivers
The increasing demand for non-invasive treatments due to their minimal downtime and cost-effectiveness is a significant contributor to the growth of the non-invasive aesthetic treatment market. Furthermore, consumers have become increasingly self-conscious and focused on personalized beauty and self-care, leading to the adoption of non-invasive aesthetic treatments. The aesthetic treatment market’s innovation and advancements have brought forth a wide range of treatments that are more effective and have minimal risks, gaining consumers’ trust and preference for non-invasive aesthetic treatments.
Impact of COVID-19
The COVID-19 pandemic had significant impacts on the non-invasive aesthetic treatment industry, causing the temporary closure of clinics and a reduction in consumer spending due to economic uncertainty. Clinics and practitioners had to adopt new strategies, such as virtual consultations, to continue serving their clients.
In addition to virtual consultations, practitioners had to develop an at-home treatment approach, such as selling at-home dermal rollers to their clients. Furthermore, consumers started exploring non-invasive aesthetic treatments as a more viable treatment option as social distancing became the new norm.
The non-invasive aesthetic treatment market is highly influenced by cultural and societal attitudes towards beauty and self-improvement. Geographical analysis indicates that North America has the largest share of the non-invasive aesthetic treatment market, followed by Europe and Asia-Pacific.
South Korea, Brazil, and Mexico are some of the countries that have seen a significant increase in demand for non-invasive aesthetic treatments. In Asia, for example, cultural factors play a significant role in driving demand for non-invasive treatments such as double eyelid surgery that enhances the appearance of the eyes.
The non-invasive aesthetic treatment market is highly competitive, with a few key players dominating the market. Companies such as Allergan, Alma Lasers, Inc, Cutera, Inc, Cynosure, and Hologic, Inc are some of the market leaders.
The significant market share allows them to invest in research and product development to drive technological advancements in the industry, creating more effective and safer treatment options. These companies have adopted various strategies, such as product innovation, partnerships, mergers, and acquisitions, to maintain their competitive edge.
The Future Looks Strong
The aesthetic treatment market is predicted to experience exponential growth in the upcoming years. The market’s growth drivers include the increasing demand for non-invasive treatments due to their minimal downtime and cost-effectiveness, personalisation of beauty and self-care, and technological advancements.
In response to the COVID-19 pandemic, practitioners had to adapt to new strategies such as virtual consultations and at-home treatment options. While the market is highly competitive, technology advancements and innovations provide ample investment opportunities for businesses and investors. In conclusion, to keep up with the changing market trends and consumer needs, staying informed about current industry trends and developments is crucial.
- Lucy Walker is a journalist that covers finance, health and beauty since 2014. She has been writing for various online publications.
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