The global medical aesthetics market is projected to exhibit a significant growth, at a CAGR of around 7.5%, during the forecast period. The market for cosmetic surgery tourism is growing with an increase in individuals traveling abroad for cosmetic surgery. Cosmetic surgery tourism market is growing at a rapid pace and in general, the grounds on which a patient seeks cosmetic surgery could vary substantially. Generally, elite patients look for best cosmetic surgeons, while a majority of individuals seek more extreme or risky surgeries that may not be available in their countries. Although, the most common reason for traveling overseas for cosmetic surgery is financial expenditure.
Cosmetic surgery can be considerably less expensive outside expensive countries including the US, Switzerland, Spain, and UK, among more, as suggested by multiple healthcare experts that popular procedures such as nose jobs (rhinoplasty) and breast augmentation may be approximately $2000 cheaper in the Southeast Asian countries including China, India, and Eastern European countries including the Czech Republic and Poland. As a result, the increasing desire for inexpensive cosmetic surgery has led to an increase in such surgical holidays. The results for traveling to a foreign country for cosmetic surgery within a highly commercial and weakly regulated industry, maybe more than medical benefit. In South Asian and African countries, it is the lack of infrastructure and technology that makes people come to India for dental treatment, which in turn, offers growth to the medical aesthetics market in India.
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According to the 2017 UK’s annual International Passenger survey, about 100,000 individuals from UK go to foreign countries each year for medical treatment, which is estimated to increase around 20% per year. More relevant evidence from other authorities is also illuminating for the market. For instance, in Australia, around 85% of overall medical tourist engaged for cosmetic surgery treatment. Further, the introduction of VISA on arrival for tourists from more than 40 other countries by the Indian Government makes it easier for patients to decide upon India as their destination. With the investment being spent in the healthcare sector to likely go up from 1.04% to 2.5% of GDP by 2020 improving the quality of services and the infrastructure encourages cosmetic surgical operations. Also, continuous favorable measures taken by the government, for gaining international recognition to various tourist spots contributes to promoting cosmetic surgery procedures, which presents a huge opportunity for players to capitalize on, offering opportunistic growth to the global medical aesthetics market.
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Global Medical Aesthetics Market-Segmentation
By Type
· Facial Aesthetic
· Body Contouring
· Cosmetic Implants
· Hair Removal
· Others (Tattoo Removal and Skin Aesthetics)
By End-User
· Hospitals
· Dermatology Clinics
· Others (Home Care Settings and Medical Spas)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
