In India, the medical aesthetic industry is registering rapid growth, mostly across the metropolitan cities in several states of the country. The major factors driving this industry are the rising adoption of new technologies and the need for beauty enhancement procedures. The other highly impactful factors include the influx of competition, business, and investment from the domestic companies and the international players seeking for a large customer base.
Since India is well-known for its fast-growing healthcare sector, the demand for medicine is becoming more specialized with technology. The medical aesthetic devices industry is also expected to observe surge via the influx of ideas and techniques from a large number of physicians and surgeons. However, the social stigma, including an unwillingness to adopt medical aesthetic procedures, restricts the growth of this market.
Key Market Trends
Application in Body Contouring and Cellulite Reduction is expected to register a High CAGR in the forecast period.
With the advent of minimally invasive procedures, the body contouring and cellulite reduction devices also observed significant technological advancements in recent years. Body contouring is a series of treatments in which laser technology is used to increase collagen production and decrease the appearance of cellulite. It also reduces overall volume and tightens loose skin.
Recently in India, the demand for this procedure has increased with increasing obesity in the country. As per a 2020 report by Shammi Luhar et al., published in PLoS One Journal, the prevalence of obesity has increased in recent years and is also expected to increase in the future. As per the report, the prevalence of obesity in urban areas has increased from 4.9% in 2010 to 9.1% in 2020 and is expected to rise to over 16% by 2040. Body contouring procedures are done after major weight loss procedures or surgeries to tighten the skin. This factor is thus expected to help the market growth
The Indian medical aesthetic devices market is fairly consolidated, with the presence of several global players with established brand identity. The international companies are also penetrating to different states of the country at a fast pace, which drives the business for both global and domestic players. Some of the major companies in the Indian medical aesthetic devices market include Allergan Inc., Alma Lasers (Sisram Medical Ltd), Cutera, Bausch Health Companies Inc. (Solta Medical Inc.), and Lumenis.
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