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According to Chameleon Pharma experts research, Mexico and Colombia present a tremendous opportunity for foreign companies due to their active growth, high demand for aesthetic medicine procedures, as well as a high number of foreign patients. Between 2018 and 2022, the number of total procedures performed worldwide increased by 45%. In the meantime, number of treatments increased by 62% in Mexico and by 79% in Colombia, demonstrating the importance of these markets on a global scale.
AESTHETIC MEDICINE MARKET TRENDS IN MEXICO AND COLOMBIA
The 2022 Global Survey conducted by the International Society of Aesthetic Plastic Surgery (ISAPS) highlighted that Latin America is now a major player in the global aesthetic medicine industry, alongside Asia-Pacific.
The demand for aesthetic treatments in Mexico and Colombia has been steadily increasing. This trend can be attributed to factors such as rising disposable income, a growing cultural emphasis on beauty, and a widespread acceptance of cosmetic procedures as a means of personal enhancement. Additionally, stringent regulations and standards have been implemented to ensure the safety and quality of these treatments, further contributing to their popularity.
Throughout LATAM countries, the aesthetic medicine market displays a wide range of procedures and trends. The top 5 procedures are consistent across both Mexico and Colombia:
- Botulin Toxin/Botox (Mexico is 4th worldwide)
- Hyaluronic Acid fillers
- Liposuction (Mexico is 3rd worldwide)
- Breast augmentation/Implants (Mexico is 3rd worldwide)
- Buttock augmentation
In 2022, surgical procedures comprised a significantly larger share of the total procedures in Colombia (63.7%) than in Mexico (55.4%).
Figure 1. Surgical Procedures Trends in Mexico and Colombia
Figure 2. Non-Surgical Procedures Trends in Mexico and Colombia
MARKET DEVELOPMENT OUTLOOK OF MEXICO AND COLOMBIA IN AESTHETIC MEDICINE
It is projected that aesthetic medicine treatments will experience a compound annual growth rate (CAGR) of 9.16% through 2030 in Mexico, and of 5,43% in Colombia.
Mexico’s burgeoning, youthful population, rapid urbanization, and escalating demand for aesthetic and derma treatments position it among the world’s top 5 countries for medical aesthetics. In the Latin American market, Mexico ranks second, following Brazil.
Colombia has seen the highest aesthetic, derma and cosmetic industry growth among Latin American countries in recent years, propelling it into the ranks of the world’s top 10 nations in the industry.
Relative to their population sizes, Colombia has already surpassed Brazil in aesthetic treatments, and projections show that Mexico also will in the near future.
Figure 3. LATAM Aesthetic Medicine Market Forecast to 2030
AESTHETIC MEDICINE TOURISM IN MEXICO AND COLOMBIA
The Aesthetic Medicine tourism has become increasingly popular in recent years due to several factors:
- Cost-savings: Procedures can be significantly cheaper in certain countries compared to others, often due to lower labor and overhead costs.
- High-quality care: Patients seek destinations providing high-quality care and expertise, with well-developed medical infrastructure and highly skilled medical professionals.
- Vacation and recovery: Combining aesthetic procedures with a vacation allows patients to recover in a relaxing and enjoyable environment.
- Privacy and confidentiality: Some individuals prefer to undergo aesthetic procedures away from their home country to maintain privacy and confidentiality.
Figure 4. Countries with the highest number of foreigner patients
Mexico and Colombia attract the highest proportion of foreign patients, averaging more than 30% each. The United States ranks as the primary country of origin for these international patients, a trend attributed to the geographical proximity and considerable price differential for procedures.
Due to their sustained expansion and proficiency in this field, both Mexico and Colombia emerge as attractive investment prospects brimming with opportunities for international aesthetic medicine firms.
Chameleon Pharma Consulting Group has more than 20 years of experience in providing support to companies looking to enter or expand in international aesthetic and pharma markets. With the expertise amassed from more than 160 international projects and 22 experts around the world, CPC Group offers:
- Systematic product and country analysis;
- Systematic local partner identification;
- Regulatory and registration assistance.
