Factors Responsible for the Growth of Indian Aesthetic Industry

Aesthetics

BY - Nibedita Mohanta
Content Writer Mar 14, 2018 /

132

/ 6 MIN READ

Factors Responsible for the Growth of Indian Aesthetic Industry

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:

Medical Benefits:

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.

Breaking Myths:

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.

Awareness:

“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.

Fascination:

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.

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Aesthetics

Technology Uplifting the Medical Aesthetics Market

BY - Tanvi Jetly
Oct 24, 2017 / 6 MIN READ

Technology Uplifting the Medical Aesthetics Market

The definition of beauty varies from person to person. Every individual observes beauty to be something different. The want for beauty is increasing every day and people are doing everything to fit into the boundaries of this six letter word. The medical aesthetics market has not only broadened the possibilities for everyone to be desirable but has also brought revolution to the various wellness factors that are attached to the market. Technology has become a part of every industry nowadays and it has also benefitted the medical aesthetics market in the same way.

The Market of Beauty

The Beauty industry is, no doubt, expanding at quite a good pace. The various dimensions it has experience changes rapidly and this adds to the market’s growth chart. The medical aesthetics market has been expanding at a CAGR of 9.9% from 2016 and is expected to maintain the same rate by 2024, raising the market to a value of US $15.1 Billion by the same year. Various new innovations have come up in the industry which has brought a hike in it and have also improved the procedure that follows for a flawless beauty. Though aesthetics holds a small share in the medical aesthetics industry, the market still has a wide scope and a lot of depth to venture into.

The Added Wellness Factor
The medical aesthetics market is not only about the ways to attain beauty easily but it has also helped a great deal in bringing a change in the various wellness related factors attached to it. Technology has not only been used for skin whitening, botox, skin tightening etc but also for motives that are concerned with health and well being of consumers. Innovations like Venus Concept’s Fiore work towards providing a healthy lifestyle to women have been introduced in the Indian market and are the changing point in the medical aesthetics market. Various other devices like Fiore are providing customers with the comfort and results they want. The possibilities of introducing a new technology in the medical aesthetics market are at an all-time high as the market is quite active at present and has been receiving a lot of support from the customers.

Expert Speak
“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,” says Mr Rashid Mokhdoomi Senior Director, Marketing, India and South Asia, Lumenis.

“The medical aesthetics industry is the most exciting place to be and is really growing. With so many non- invasive and non- surgical options for people, it has become an exciting market. If we consider the expansion of this market and the different technologies like Fiore and some of the other devices that we have, these treatments are for everyday women. It is very affordable, easy to do and so it is not just for a small population of women to enjoy but for everyone out there,” says Mellisa Kang, Vice President Global Marketing, Venus Concept.

Conclusion
Technology has always helped to move forward the wheel of innovation which has brought a considerate amount of change in the industries. Medical aesthetics industry, being the one in a lot of demand today, has gained a lot of technology. Innovations have not only helped it grow from beauty perspective but have also given results in order to improve the wellness perspective of it. With a huge scope in this industry, the medical aesthetics market will go a long way.

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