As per the findings of a recent report by Transparency Market Research (TMR), the aesthetic services market in the region of North America is highly competitive among some of the key companies, including Dermatology Solutions Group, Advanced Dermatology & Cosmetic Surgery, Cosmetic & Aesthetic Plastic Surgery Clinic Toronto, and Riverchase Dermatology and Cosmetic Surgery. A number of companies functional in the North America aesthetic services market are focused on innovating new products with increasing investment on technological advancements pertaining to the development of minimally invasive treatment, which are not only less painful for the patients but also reduce the duration of hospital stay.
The TMR report projects the demand in the North America aesthetic services market to increment at a healthy CAGR of 7.70% during the forecast period of 2016 to 2024, reaching a valuation of US$28.1 bn by the end of 2024, significantly up from its evaluated worth of US$14.4 bn in 2015. The report anticipates the volume of the demand to nearly double by 2024, estimating it to account for 22 million procedures. Though hospitals remain primary end-users, growing number of dermatology and cosmetic centers is expected to escalate the demand substantially in the near future. The U.S., the third most populous country in the world, is expected to remain the most profitable country-wide market for aesthetic services in the region of North America, with Canada a distant second.
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Demand for Breast Enhancement Escalating
Based on services type, the TMR report segments the North America aesthetic services market into surgical services including skin tightening, body contouring, facial contouring, and facial rejuvenation, non-surgical services including dermabrasion and microdermabrasion, dermal fillers, and laser treatment, and reconstructive procedures including breast enhancement, burn repair surgery, and tissue expansion. In the recent past, breast enhancement and facial contouring sub-segments have gained significant demand, whereas the advent of injectable products and novel mechanical devices for noninvasive procedures have increased the demand for skin tightening and removal of unwanted fat.
On the basis of end-users, the report categorizes the North America aesthetic services market into hospitals, dermatology clinics and cosmetic centers, and ambulatory surgery centers, and projects dermatology clinics and cosmetic centers category to expand at the most prominent CAGR of 8.60% during the forecast period of 2016 to 2024.
The U.S. Serves Maximum Demand
The U.S. and Canada, collectively, contribute to more than 95% of the demand for aesthetic services in the region of North America, with the developed country of the U.S. the main country-wide market. Growing awareness among the consumers, improvement in the medical and healthcare infrastructure, and the prevalence of skin diseases are some of the key factors augmenting the demand for aesthetic services in the country of the U.S.
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Growing Consumer Awareness Driving Demand
The North America aesthetic services market is gaining traction from a number of factors, such as growing adoption of minimally invasive and noninvasive aesthetic procedures, rapidly increasing population of the geriatrics, increasing awareness among the customers regarding the cosmetic procedures, technological advancements in energy-based aesthetic devices, growing demand from men, and the availability of user-friendly aesthetic devices. On the other hand, stringent safety regulations and low focus on the development of devices for dermatological conditions are somewhat hindering the market from attaining its true potential.
The information presented in this review is based on a Transparency Market Research report, titled, “Aesthetic Services Market (Service Type – Surgical, Non-surgical, and Reconstructive Procedures; End User – Hospitals, Dermatology Clinics and Cosmetic Centers, and Ambulatory Surgery Centers) – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”
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