Consumers have turned towards the art of aesthetics to maintain their beauty and the market is expected to grow, as a result.
Beauty is the most cherished quality among humans and to maintain it, consumers’ are ready to invest money in resources and services which really work. The market of medical aesthetics offers a wide variety of services to the consumers. It has a solution for every beauty woes, whatever it may be. The growth and development in science and technology have been a strong support for the industry. It has experienced a lot of changes and is still to face much more in the years ahead.
The Expanding Market
Medical aesthetics has an expanding market which is because of the high demand in treatments from consumers. The need of the consumers to attain beauty has increased considerably and this has been showing in the growth rate of the market. The value of the global aesthetics market size was the US $ 5.9 billion in 2014 and is expected to reach the US $ 13.29 billion by 2021. The industry is expected to grow at CAGR 10.8% from 2016 to 2021. The rise in the disposable incomes and availability of services has given the needed boost to the industry.
The growth in the population aged between 30 to 65 years is also adding up as a factor for the expansion in the facial aesthetics market. The target consumer base is turning towards medical aesthetics services to fight the various ageing signs such as dark spots, wrinkles, loss of skin elasticity etc.
The Segment View
The industry is divided into different segments which are energy based devices, implants and anti-wrinkle product. The anti- wrinkle industry had remained ahead of all the other segments with a share of 50% in 2014 and is expected to show significant growth due to the wide variety of products and services available in the category. The aesthetic laser market has been reported as the largest market in the energy based devices. The industry deals in Liposuction, Cellulite & Fat Reduction, Skin Tightening, Breast Implants, Botox, Dermal Fillers, Tattoo Removal, and Thread Lift, Laser Hair Removal etc which provides a wide area for the consumers to explore and use the services.
Botox industry has also garnered a lot of clients and is rapidly growing. Consumers have unravelled the advantages of getting botox treatments done. The treatment is done to improve the beauty woes which may be due to medical and cosmetic needs. According to Dr Amit Karkhanis, Medical Cosmetologist and Director, Tvacha Clinic, Botox is used in anti-aging. It is generally done to reduce wrinkles and fine lines on the skin. It is also used to prevent headaches with frequent migraines. Botulinum toxin relaxes muscle by blocking the release of a chemical called acetylcholine. It is also used to cure the muscular disorder. He says that the Botox industry has a bright future ahead as new indications are being discovered.
On the other hand, Rashid Mokhdoomi, Senior Director, Marketing, India and South Asia, Lumenis shares, "The Aesthetic industry is growing exponentially at a staggering rate in India. And with this, demand for world class technology with patient comfort & higher efficiency is the need of the market. While cutting edge technology is our foundation, delivering it to the practitioners & the patients around the world requires sales & execution of the highest calibre. And with our more than 50 years history, comes a robust sales presence in around 100 countries. We are setting new global standards in non-invasive healthcare market –delivering the best technology for best patient care.”
The competition in the medical aesthetics market is high and strong with many local players competing with many international players. There has been also a strict implementation of regulatory approval process which is challenging the entry of new brands in the market. The big names in the medical aesthetics market are Alma Laser, Cynosure, Johnson and Johnson, Lumenis, Solta Medical etc.
The medical aesthetics industry has grown rapidly with the introduction of various technologies, procedures and services. This has made the market wider and has given the consumers the scope to choose services according to the needs of the skin. The global facial aesthetics market is already wide and moving with great pace. The future of medical aesthetics market seems to be one providing scope and choices to the consumers as well as the companies.