AGING POPULATION GLOBALLY
Aging is one of the factors which are driving the global medical aesthetics market globally. The obsession of having a youthful appearance has become a common struggle in the modern society and has resulted in an increase in cosmetic procedures with the key emphasis on reducing the ageing process. The ways in which mass media has been portraying the body has a major factor contributing to this obsession.
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Global medical aesthetics market is booming because of awareness among their prospective customers. The drive to possess perfect figure and shape by humans paces the aesthetics market with innovative technological advancements. The aesthetics market itself has been able to attract huge number of customers globally. Medical Aesthetics have redefined once definition of perfection.
For instance, Mode Ltd. got its FDA approval for Triton hair removal device. This is a high powered laser which offers simultaneous wavelengths hair removal firings. This has enabled the treatment of a broader range of hair and skin type.
The increase in the technological advancements there is reduction in side effects and better quality of treatments. This along with increasing awareness amongst people is driving the market for Global Medical Aesthetics Market.
Every medical aesthetics company no matter how big or small or which market it is covering must adhere to the regulatory requirements. The medical aesthetics is under the stringent government regulations. The manufacturers of the medical aesthetics devices and products need to go through various levels of testing before the final validation.
HIGH COST OF TREATMENT
Increasing trend of looking young and beautiful have increased the demand of medical aesthetics surgeries but the high cost associated with it is restraining the market to grow. As the society lost its philosophy of inner beauty long back, and the increasing stress on the physical beauty is leading into the growth of the people going for the medical aesthetics treatment. The below tables are depicting the high cost of the treatment in various countries.
As the time progresses, the awareness of medical aesthetics become more prominent. These expensive treatments may result in less people opting for this which will restrict the growth of the market in the future.
The following table shows the cost of various procedures in different countries.
IMMINENT HEALTH REVOLUTION
Standard of living in developing countries such as India, Brazil, South Africa, Thailand and many others have improved in the past one decade. People are opting different aesthetics surgeries to maintain themselves, which give them better results without any stressful physical efforts.
As per ISAPS survey, India and South Korea underwent 2,091,721 aesthetics surgeries in 2015, which is 9.65% of total surgeries done in 2015.
In 2015, total aesthetics surgeries taken out in Brazil were 2,324,245, which contributed alone 10.7 % of all surgeries underwent in the world.
According to ASAPS (American Society of Aesthetic Plastic Surgery), people in the age bracket 35-50 years had the most aesthetics surgeries performed (over 5.3 million accounting for 39.3% of the total).
GROWING MEDICAL TOURISM IN ASIA
Asia is one of the hot destinations for the medical tourist. This growth is supported by public healthcare reforms along with the demand for private medical services which have been growing in Asian countries with rising income. Thailand, India and Singapore account for almost 90.0% of medical tourism in Asia. The share represents 40-55% of the revenue of private hospitals in countries such as Malaysia, Singapore and especially Thailand. In India, medical tourism generates 25.0% of revenue, and the markets for Philippines, South Korea and Taiwan, is responsible for 10-15% of revenue. The emergence of foreign patients for the treatments is the reason for revenue generation for this region.
The healthcare industry is becoming one of the most competitive industries due to increase in the prevalence of the diseases and the initiatives taken by the various governments. Emerging competitors are gearing up to the challenge of surviving in the competitive aesthetics market by offering technological advantages and affordability.
The companies are strategically building up their markets by offering technological advancements. Competitor in the market includes Neograft, BTL INDUSTRIES, Ltd. and Merz Aestehtics Surgical Specialities Corporation.
In 2017 October, Merz Pharma announced its partnership with Teijin Limited which was originally a co-development agreement for the commercialization of Xeomin for the Japan market as Xeomin had the potential of being Tejin Group’s core product in the healthcare domain. Xeomin was approved for use in the treatment of patients with dystonia and blepharospasm from the European regulatory authorities in the year 2005 and through the U.S. FDA in 2010. The approval of the product has been for post-stroke spasticity in the upper limb in Europe since 2009.
Chinese companies are giving strong competition to top players. As the Chinese companies provides the devices and treatments at the low cost capturing the local markets in the developing countries such as Beijing Syntech Laser Co., Ltd, Xi'an TaiBo Beauty Equipment Company, Beijing Toplaser Technology Co,. Ltd.
On the basis of product type, the market is segmented into Aesthetic Lasers Devices, Energy Devices, Body Contouring Devices, Facial Aesthetic Devices, Aesthetic Implants and Skin Aesthetic Devices. In 2019, body contouring devices segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
On the basis of application, the market is segmented into Anti-Aging and Wrinkles, Facial and Skin Rejuvenation, Vascular Lesions, Body Shaping and Cellulite, Breast Enhancement, Sears, Pigment Lesions, Reconstructive, Tattoo Removal, Psoriasis and Vitiligo, Others. In 2019, anti-aging and wrinkles segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
On the basis of end-user, the market is segmented into Dermatology Clinics, Cosmetic Centres, Hospitals and Medical Spas and Beauty Centres. In 2019, cosmetic centres segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
On the basis of end-user, the market is segmented into Dermatology Clinics, Cosmetic Centres, Hospitals and Medical Spas and Beauty Centres. In 2019, cosmetic centers segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
On the basis of distribution channel, the market is segmented into direct tender and retail. In 2019, direct tender segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
Some of the major players operating in this global medical aesthetics market are Allergan, Bausch Health Companies Inc., Lumenis, Shanghai Fosun Pharmaceutical Group Co. Ltd., Cynosure, Syneron Medical Ltd, Aerolase Corp., A.R.C. Laser Gmbh, Asclepion Laser Technologies Gmbh, Btl, Cutera, Eclipse, Lutronic, Mentor Worldwide Llc, Merz Pharma, Quanta System, Sciton Inc., Sharplight Technologies Inc, Syneron Medical Ltd., Venus Concept.
Global Medical Aesthetics Market – Industry Trends and Forecast to 2026
North America Medical Aesthetics Market – Industry Trends and Forecast to 2026
Europe Medical Aesthetics Market - Industry Trends and Forecast to 2026
Asia-Pacific Medical Aesthetics Market – Industry Trends and Forecast to 2026
Switzerland Medical Aesthetics Market – Industry Trends and Forecast to 2026
Middle East and Africa Medical Aesthetics Market – Industry Trends and Forecast to 2026
Medical Aesthetics Market is Poised to Grow at 8.6% till 2024
Europe Medical Aesthetics Market is Poised to Grow At 6.3% Till 2024
Europe Medical Aesthetics Market is Expected to Grow at CAGR 6.3% to 2024
Medical Aesthetics Market Rising at 12.1% CAGR Due to Expanding Cosmetics Procedure
Switzerland Medical Aesthetics Market is Expected to Register a Healthy CAGR in the Forecast Period of 2019 to 2026
Global Medical Aesthetics Market: Expansion of Service Offerings and Adoption of Asia-Pacific Region in Terms of Medical Tourism is Representing a Significant Opportunity