The medical aesthetics sector is projected to grow at a very fast clip according to a new research report that delves into most factors connected with the industry.
A look at the growth statistics is indeed startling. The market which was at $8.33 billion is slated to grow to $16.1 billion by 2024 at a CAGR of 8.6% over the projected report period 2017 to 2024. The percentages have been based on 2014 & 2015 for historic data while 2016 has been taken as the base year for calculations.
The report also segments the global aesthetics markets into four sectors based on which the rate of growth has been calculated.
Products – Here there are two segmentations. The first is the Aesthetics Laser Devices which has seen tremendous technological innovations in recent years. Categories in this area are Ablative Skin Resurfacing Devices, Non-Ablative Fractional Laser Skin Resurfacing and Fractional Carbon Dioxide Laser Resurfacing. The other is the Energy Devices such as Electrocautery, Electrosurgery, Cryosurgery, laser surgery and Harmonic scalpel. Given the sophistication and state of the art properties of these devices, manufacturers are using the finest components to produce such equipment. One example is the machines imported and distributed by Universal IPL in Australia which are of the highest international quality.
Applications – The report goes on to say that there are a whole lot of applications for aesthetic medical devices. The main components here are facial and skin rejuvenation, anti-ageing and wrinkles, body shaping and cellulite, scars, pigment lesions, and breast enhancement. Permanent hair removal, tattoo removal, reconstructive surgery and skin tightening are some of the other areas taken care of by recent improvements in aesthetic medical processes.
End Users – For long, the end users of beauty medical devices have been hospitals and dermatology clinics, both for invasive and non-invasive procedures. However, the new trend is the proliferation of beauty salons and spas, cosmetic centres and medical spas where top quality procedures are taken up, mainly those that require negligible downtime with quick recovery from treatments.
Market geography – It is well known that the demand for beauty treatments varies greatly as per countries and locations. It depends on the per capita income and the disposal income in the hands of the population. In an effort to present an unbiased and neutral view of usage of aesthetic medical devices, the market place has been segmented into 5 geographical regions – North America, South America, Europe, Asia-Pacific and Middle East and Africa. It has been further sub-divided into U.S, Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and others.
It is therefore seen that this report has gone to the basics of the market and has made a detailed study on the projected growth of the medical aesthetic sector year on year from 2017 to 2024. The results are indeed exemplary, in that it is evident that people across regions and across countries are willing to splurge on looking beautiful in future.