Technology is slowly and gradually gripping the roots of everyday life. Our dependence on technology especially in our day to day life has made technology stronger, which is why one can witness the penetration of technology in almost every industry possible on the face of the planet, Earth.
The "Global Medical Aesthetics Industry: Injectables, Energy-Based Devices, Cosmeceuticals, Cosmetic Surgery, Facial Aesthetics, Implants, Cosmetic Tourism. Market Analysis & Forecast to 2022" report analysis indicates that the current medical aesthetic industry is worth $53.3 billion for both service and product revenue. Over the next five years, a CAGR of 5.5% is expected and the market will hit $73.6 billion in 2022.
Currently, invasive aesthetic procedures generate revenues of over $27.8 billion, annually. The analysis indicates that by 2022, invasive aesthetic procedures will grow at a CAGR of 4.3%. Non-invasive procedures generate approximately $16.7 billion per annum and will grow at a CAGR of 4.5% over the coming five years. Cosmetic surgery products generated $8.8 billion in 2016 and have the potential to reach $15.3 billion in 2022.
Here are some of the factors responsible for the growth of the Indian wellness market:
The medical aesthetic surgeries have proved to be boon for the medical benefits. Earlier when people were unable to remove deadly carcinogenic cells, tumors, and overgrown body features, or when the procedures used were painful, people were scared of using it.
Now when the technological advances have made these procedures painless, wearable and affordable, which is one of the reasons why a lot of Indians have accepted the revolution wholeheartedly.
When the aesthetics and laser technology was new, people were scared of the side effects. Now after seeing many celebrities using it and leading a normal life, the myth has been busted.
“The awareness among people about laser technology is increasing. There were a phase and time in India when people were scared of the side-effects of laser therapy of any kinds, be it for cancer, eyes, hair removal or hair loss. But, all those things have changed a lot. The kind of technology which is developed in different fields, I believe that the future of laser treatment is looking so much better,” said Sanket Shah, CEO and Owner, Advance Hair Studio Indian Subcontinent and Middle Eastern Region.
“The driving factors have increased awareness and made options available for permanent self-beautification. Celebrities and socialite openness about procedures, they have done, has increased desires of women, men to look young, attractive and fit. The rising social pressures to look perfect and high disposable income has added to the factors as well,” suggests American Celebrity Dermatologist, Dr.Kiran Lohia, Medical Director and MD at Lumiere Dermatology, New Delhi.
When people witnessed a surprising transformation in the looks of celebrities, it opened bought the confidence of people on Indian aestheticians.
We are all obsessed with perfect skin tone, perfect body features and everything perfect from the tip of the hair to the end of the toe; more or less what we see on magazine covers or television screen and this obsession is where the aesthetic market grows.
This fascination has made people depend upon the aesthetic surgeons, which is why medical spas and clinics are thriving on this fascination of people.
If you have a highly profitable and unique business, it’s time to let the world know about your brand. Participate in Franchise India Show, India’s first ever Franchise reality show only on Times Now and stand a chance to win prizes worth Rs. 5.2 Cr. Click here for registration.