Global Aesthetic Dermatology Market to 2024
Aesthetic dermatology is a subspecialty of medicine intended to enhance one’s appearance. The pursuit of physical beauty has become big business in developed markets and fast catching up among affluent and wealthy individuals in emerging markets. People seem to be more conscious of their looks than ever before world over.
The procedures adopted in aesthetic dermatology can split as either invasive or non-invasive. Key procedures relevant to the aesthetic dermatology market are botulinum toxin (non-invasive), dermal fillers (non-invasive), breast augmentation (invasive) and lipoplasty (invasive).
Approximately 6 million aesthetic procedures are conducted annually in the U.S. alone. Korea is ranked first in the world, in terms of the number of plastic surgeons per capita and the proportion of population undergoing cosmetic procedures. China is rising fast in aesthetic procedures driven by growing demand from younger generation. According to the China Association of Plastics and Aesthetics (CAPA), more than 7 million people, mostly young women, had cosmetic surgery in 2014.
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Global Aesthetic Dermatology Market – Geographic Sales Distribution
“Large target market in aesthetic dermatology”
The addressable market in aesthetic dermatology is large. For example in China, there are over 330m women aged between 20 and 50. Different age groups have different needs varying from skin rejuvenation and anti-aging, to face contouring. In the U.S, people over the age of 35 accounts for 80% of non-surgical procedures. This group of people gives lot of importance to their appearances and has money to spend on themselves. Moreover, the market entries from a number of Korean and Chinese companies that offer strong price competitiveness have resulted in increased demand. and declining prices of aesthetic procedures.
“Allergan, Valeant, Ipsen, Merz are some of the key players in aesthetic dermatology market"
Allergan’s Botox is the leading franchise in the aesthetic dermatology market. The market for botulinum toxin worldwide is continually expanding with the U.S. market accounting for approximately 60% in sales. Botox competes with Ipsen’s Dysport and Merz’s Xeomin in other countries.
Allergan also has strong presence in the dermal filler space through its acquisition of Inamed in 2005 and gained access to Cosmoderm and Zyderm product lines.
Valeant through acquisition of Medicis is a leader in dermal fillers with its hyaluronic acid (HA) filler product line led by Restylane. HA dermal filler injections have become quite popular due to their convenience and favorable safety profile.
In recent years, J&J has introduced Evolence, the HA-based dermal filler similar to Valeant’s Restylane and Allergan’s Juvederm.
From an international competitive scenario, in recent times, Bloomage and Shanghai Haohai (both listed in HK exchange) have moved into the aestehetic dermatology space by launching HA dermal filler products.
In the Korean market, the growing beauty treatment market is benefiting Medytox, with its well-balanced product portfolio, and LG Life Sciences that offer an edge in Hyaluronic Acid (HA) dermal fillers.
“Reimbursement coverage and Payer Insights”
Since aesthetic dermatology procedures are mostly elective, the market is not reimbursement dependent. While this is a disadvantage in a down economy, companies introducing new products in the segment are able to escape the hassle of securing reimbursement for new products, which are often costly and time-consuming process. Plastic surgeon are more than willing to adopt new products quickly after launch, which is not always the case in other areas of healthcare.
“Favorable outlook of the sector”
The long-term fundamentals of the aesthetic dermatology market look favorable. Companies such as Valeant that have introduced new products focused on the aesthetic marketplace during the past several years have significantly benefited from the favorable dynamics of this unique market. Allergan’s $2.1bn acquisition of Kythera in April 2015 brought in to its fold the game-changing Kybella treatment for double-chin while strengthening its facial aesthetics portfolio.
Body contouring and fat-based procedures continue to be a focus of the industry. Additionally, home therapies and consumer-based initiatives are still a major focus in the aesthetic dermatology space. The next generation products for skin resurfacing, skin tightening, and tattoo removal will continue to advance the industry’s core businesses forward.
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