Medical aesthetics refers to the branch of scientific research that uses minimally invasive treatment devices and procedures, which help improve the physical appearance of an individual. This branch encompasses a wide array of treatment procedures and devices that are used to reduce fine lines and wrinkles; treat scars; rejuvenate, oxygenate and, tighten the skin; minimize fat; and eliminate stretch marks. Thus, the rising public consciousness about physical appearance will accelerate the adoption of medical aesthetic products in the forthcoming years.
In addition, increasing advancements in laser technology and growing preference for non-surgical procedures over surgical procedures will help the medical aesthetics market witness a notable CAGR of 12.2% during the forecast years (2017–2023). According to P&S Intelligence, the market revenue stood at $8.6 billion in 2016 and it will reach $19.4 billion by 2023. Advancements in laser technology facilitate the recovery process and reduce the intensity of pain, owing to which the technology is being used in several aesthetic treatments, such as body contouring, skin rejuvenation, and hair removal.
In the recent past, injectables, such as dermal fillers and neurotoxin, were used in the largest quantity due to the surging need for botulinum toxin worldwide. In the coming years, energy-based aesthetics will be consumed in extensive volume, due to the rising need for laser and radiofrequency devices. Additionally, customers are also using topicals, such as gels and creams, and breast implants, such as saline implants and silicone implants, to improve their physical appearance.
The end user segment of the medical aesthetics market is classified into spas and salons, beauty clinics and centers, hospitals, and others. Under this segment, the beauty clinics and centers category accounted for the largest market share in 2016, owing to the mounting disposable income of people. For instance, the Reserve Bank of India (RBI) reveals that the gross national disposable income of India surged from INR 1,73,15,933 crore in the financial year (FY) 2017–2018 to INR 1,92,37,943 crore in the FY 2018–2019.
Therefore, the rising public consciousness on physical appearance and the surging technological advancements in laser technology will amplify the usage of medical aesthetic products in the foreseeable future.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
