An insightful report furnished by Market Research Future (MRFR) suggests that the Asia Pacific (APAC) Aesthetics Market is poised to grow at an approximate growth rate of 11.50% during the forecast period (2017-2023).
Market Drivers and Key Barriers
The increasing expenditure on cosmetic surgeries is expected to be the primary factor backing the market growth. The International Trade Administration had stated in 2015 that the per capita cosmetic expenditure had reached the valuation of USD 174 in Japan that year. Additionally, as per estimations, the countries in Asia receive huge exports from the United States (U.S) for the given reason. Other than this, the growing prevalence of skin diseases such as actinic keratosis and acne coupled with the strong demand for aesthetics procedures such as hair transplantation and liposuction and the expanding obese as well as geriatric population is presumed to lead the market to greater heights.
In 2014, a study was published in the Anais Brasileiros De Dermatologia journal which stated that countries like Belgium and China note higher cases of acne, with the disorder predicted to affect roughly 90% of the adolescent populace in the region. Similarly, in the year 2016, the International Society of Aesthetic Plastic Surgery had estimated at least 18,447 liposuction procedures taking place in the Chinese Taipei, which made up almost 1.3% of the entire surgical liposuction procedures in the world.
Moreover, recent analysis suggest that India stands third when it comes to number of liposuction procedures performed every year, account for 5% of the overall liposuction procedures across the globe. Despite the favorable growth of the market, steep procedural costs could cripple the development rate of the market to a certain degree. But the growing influence of the media industry is bound to work in favor of the Asia Pacific aesthetics market in the subsequent years.
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The Asia Pacific aesthetics market has been segmented on the basis of procedures, products, application, and end-user.
The various procedures in the market are surgical aesthetic procedures and nonsurgical aesthetic procedures. The surgical aesthetic procedures are categorized into liposuction, breast augmentation, tummy tuck, eyelid surgery, breast lift, dermabrasion, and others. On the other hand, the nonsurgical aesthetic procedures are split into the segments of botulinum toxin, hyaluronic acid, hair removal, photorejuvenation (IPL), chemical peel, microdermabrasion, and others.
Product-wise, the market caters to laser and energy-based devices, skin tightening and body contouring devices, aesthetic implants, and others. The types of skin tightening and body contouring devices are liposuction devices, cellulite reduction devices, cryolipolysis technology, anti-aging device, and others. The aesthetic implants are fragmented into dental implants, breast implants, buttock augmentation, transdermal implants, and others.
The various applications are facial & body contouring, facial & skin rejuvenation, breast enhancement, scar treatment, reconstructive surgery, tattoo removal, vaginal rejuvenation, and so on.
Depending on end-user, the market can be segmented based on hospitals & clinics, dermatology clinics, cosmetic centers, and others.
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ZELTIQ Aesthetics Inc. (U.S.), Galderma S.A. (Switzerland), Alma Lasers (Israel), Lumenis (Israel), PhotoMedex, Inc. (U.S.), Cutera (U.S.), Johnson & Johnson Services, Inc. (U.S.), Solta Medical, Inc. (Canada), Syneron Medical Ltd. (U.S.), Mentor Worldwide LLC (U.S), Merz Pharma (Germany), Integra Lifesciences (U.S.), Cynosure Inc. (U.S.), ALLERGAN (Ireland), Sanofi (France), are some of the leading companies in the Asia Pacific aesthetics market.
The countries according to which the Asia Pacific aesthetics market is segmented into include India, China, Australia, Japan, and the Rest of Asia Pacific.
Among all the countries, Japan has seized the most substantial share of the entire market, with India right behind at the second position. With the expanding spending on cosmetic surgeries and considerable per capita income, the country is thriving at an excellent pace. The International Society of Aesthetic Plastic Surgery had stated in 2016 that at least 120,640 non-surgical photo rejuvenation procedures had been performed in Japan.
India has created a significant name in the Asia Pacific aesthetic market on account of the burgeoning population base, the consequent boost in the demand for high-quality products, rapidly improving economy, and the hike in cosmetic expenditure. In 2017, the Indian Journal of Paediatric Dermatology had reported that around 200 million to 300 million people endure acne in India.
Meanwhile, standing at the third spot in the Asia Pacific aesthetic market, China is expanding owing to the swelling patient pool as well as the growing acceptance of aesthetic procedures. Conversely, Australia currently holds the lowest share in the market because of the exorbitant cost of aesthetic procedures and the inadequacy of proficient physicians in the country.
May 2019: Investment holding vendor JCG Investment Holdings has acquired 51% of the overall shares in medical aesthetics group Beverly Wilshire Medical Centre (Malaysia), at the cost of USD 5.1million. The latter specializes in cosmetic surgery, healthy ageing wellness & regenerative therapies, dental aesthetics, hair restoration and medical aesthetic treatments.