How Dynamic is the Market for Cosmetic Dermatology Treatments?
It is ironic that despite being quite so broad-minded, there are so many people who are still undergoing cosmetic procedures to match up to the so-called ‘beauty standards’. But, there is no denying the fact that the cosmetic dermatology market is witnessing a huge growth in its revenue due to the interest that people are showing in it all over the world.
The top five cosmetic treatments that people undergo the most are breast augmentation, liposuction, nose reshaping, eyelid surgery, and tummy tuck. There are so many others treatments too, such as botox, fillers, laser hair removal and much more. Therefore, it is apparent that the market is very vast and so many business opportunities could be explored in the market.
Here is everything you need to know about the dynamic market of cosmetic dermatology.
Medical Tourism is Fuelling the Market
With medical tourism prevailing in various countries, achieving beauty standards has become much easier and inexpensive. This has a given boost to the cosmetic dermatology market too as customers can fly to different countries to get the procedures done at cheaper costs. This way, both these segments (Medical Tourism and Cosmetic Dermatology) are important in fuelling the market for each other.
In the year 2016, the global cosmetic procedures market was estimated to be worth US$27 billion and is poised to reach US$ 51.6 billion by the end of the year 2025 at a robust CAGR of 7.5%.
Non-surgical Procedures Giving Beauty Goals
Non-surgical procedures are one of the highest growing segments under the category of the cosmetic dermatology. Non-surgical procedures are much in demand by the consumers because of its effectiveness, convenience and affordability. This segment is poised to grow at a high CAGR of 9.5% and is about to reach US$ 12 billion by 2025.
Surging Demand for Surgeries
The surgical procedure is yet another segment of cosmetic dermatology that is gaining a lot of demand from all over the world. It is mainly divided into three sub-segments, namely, face surgeries, body and extremities and breast surgery. Some of the major surgeries such as Blepharoplasty and Rhinoplasty are the biggest contributors, which have pushed the growth of face surgeries’ segment.
Talking about body and extremities sub-segment, it is poised to grow at a 7.1 % CAGR during 2017-2025. This shows how vibrant the surgical treatment segment is.
Injectables to Grow Due to the Easy Application
Injectables such as lip fillers, botox and others are increasingly in demand due to its easy application and affordability. This segment is poised to grow at a CAGR of 10.2% and is expected to increase in the forecast period 2017-2025.