Industry research
Scope
US
Companies
66
Table of contents
What does the Aesthetic Medicine & Plastic Surgery market landscape look like in the US?
The US aesthetic injectables and devices segment is dominated by large multinational pharmaceutical manufacturers, with the top 3 players including AbbVie (US), Galderma (CH) and Merz Pharma (DE), holding >70% of the global market share in 2023. These large players continue to expand their presence through joint ventures and partnerships. To compete with these large firms, the long tail develops unique formulations or delivery methods that cater to specific aesthetic needs. For example, AVITA Medical uses a sample of the patient's skin to create collagen-based products. Contrarily, the US aesthetic clinic, cosmetic surgery practice and medical spa market is highly fragmented, with numerous individual and small practice clinics. These clinics differentiate by specializing in a particular service offering or region in the US (e.g. Bay Dermatology and Cosmetic Surgery cater to the central Florida region) or by using advanced technologies (e.g. Weniger Plastic Surgery uses 3D imaging systems for its consultations).
What is the level of investor activity in the US Aesthetic Medicine & Plastic Surgery industry?
Investor-led interest has been moderate, with ~44% of identified assets being backed by financial sponsors (as of March 2025). Deterring factors for investors include (i) the rise in botched procedures and malpractice claims leading to increasing regulatory scrutiny and public skepticism, (ii) competition from cheaper international clinics resulting in the decline in patient volumes in the US and greater pressure to compete on price and (iii) the growth of body positivity movements and negative media coverage reducing demand for aesthetic procedures. On the flip side, potential sponsor interest stems from (i) the growing accessibility and affordability of non-surgical treatments combined with an aging US population, (ii) the emergence of advanced technologies such as AI and augmented reality in aesthetic medicine and (iii) social media's influence in driving demand for cosmetic procedures.
What are the key ESG considerations in the US Aesthetic Medicine & Plastic Surgery industry?
ESG topics in the US aesthetic medicine and plastic surgery industry primarily revolve around environmental and social challenges. Environmental concerns mainly relate to the widespread use and improper disposal of single-use plastics. Herein, incumbents aim to address these issues by exploring regenerative therapies and by reusing and minimizing the use of single-use plastic instruments. Social issues primarily relate to patient safety, as poorly performed procedures by unlicensed practitioners can significantly impact the health of patients. To mitigate this, incumbents enforce strict accreditation, provide physician training programs, educate patients on qualified providers and advocate for stronger regulations.
An expert interviewed by Gain.pro estimates that the US cosmetic treatment market was valued at ~$20bn in 2024 and forecasts it to reach ~$30bn by 2030 (+7.0% CAGR 2024-2030; interview by Gain.pro)
Statista (November 2024) forecasts the global botulinum toxin (i.e. Botox) market to grow from ~$6.1bn in size in 2022 to ~$13.4bn by 2032 (+8.2% CAGR 2022-2032)
The growing accessibility and affordability of non-surgical treatments, along with improved effectiveness and customization, will drive higher patient adoption and attract younger demographics and first-time patients. At the same time, the aging baby boomer population in the US seeking to maintain a youthful appearance drives the demand for anti-aging treatments (interview by Gain.pro; Allure Plastic Surgery, March 2024; National Library of Medicine, October 2023)
The emergence of advanced technologies such as AI and augmented reality revolutionize consultations and treatment planning. AI-powered skin analysis and 3D imaging enable personalized recommendations that boost patient satisfaction and conversion rates. Additionally, advancements in energy-based devices such as RF micro-needling and ultrasound skin tightening will expand treatment options, improve outcomes and boost patient demand for combination therapies (The American Association of Aesthetic Medicine and Surgery, March 2025; MedEsthetics, March 2024)
Social media's influence (e.g. Instagram and TikTok), with influencers showcasing aesthetic enhancements, drives demand for personalized cosmetic procedures. According to a survey by the American Academy of Facial Plastic and Reconstructive Surgery, ~72% of facial plastic surgeons saw patients seeking cosmetic procedures to improve their appearance in selfies and social media. Additionally, as social norms shift, the male aesthetics market is set for rapid growth, offering lucrative business opportunities (interview by Gain.pro; Dr Rajat Gupta, September 2024; L.E.K. Consulting, April 2024; ASPS, September 2023)
The rise in botched procedures and malpractice claims will increase regulatory scrutiny and public skepticism, leading to stricter licensing requirements that may result in higher costs and operational challenges for smaller clinics and independent practitioners. Additionally, as insurers tighten policies, fewer patients receive coverage for medically necessary cosmetic procedures (e.g. rhinoplasty for breathing problems; New York Post, February 2025; Allure, February 2025; them, September 2024)
Medical tourism poses a challenge to US plastic surgery clinics, as countries such as Mexico, Turkey and Thailand offer procedures at a fraction of the cost, often including luxury accommodations, making them increasingly appealing. With the rise of medical tourism and the growing reputation of international clinics, US providers may experience a decline in patient volumes and greater pressure to compete on price and service differentiation (Vox, December 2024; Bookimed, December 2024; CDC, May 2023)
The rise of body positivity and natural aging movements may reduce demand for certain aesthetic procedures. As public sentiment shifts toward self-acceptance, brands associated with aggressive cosmetic enhancement could face reputational challenges. Additionally, negative media coverage and public perception of cosmetic surgery as superficial or risky can deter potential patients (MentalHealth.com, March 2025; Vogue, October 2024)
With the full report, you’ll gain access to:
Detailed assessments of the market outlook
Insights from c-suite industry executives
A clear overview of all active investors in the industry
An in-depth look into 66 private companies, incl. financials, ownership details and more.
A view on all 91 deals in the industry
ESG assessments with highlighted ESG outperformers
