Aesthetics essentially deals with beauty and good taste in any object. Medical aesthetics is concerned with enhancing the appearance of individuals with the help of cosmetic procedures. Asia Pacific aesthetics market is expected to gain massive profits over the forecast period as an increasing section of the population in the region are opting to undergo some or the other kind of procedure to enhance bodily appearance. In countries like India, China, Japan and South Korea etc. the rise of the medical aesthetics industry is expected to change the future of the healthcare business in Asia Pacific.
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For instance, plastic surgery has become so embedded in the South Korean culture that Korean parents often gift plastic surgery to children on graduation. With 600 cosmetic surgery clinics in Seoul alone, the country is considered the plastic surgery capital of the world. International Society of Aesthetic Plastic Surgery estimated that in 2011, 650,000 cosmetic procedures were performed in the country and a considerable portion of the patients belonged to other countries. An estimated $189 million were spent by over 50,000 foreign patients in 2018 in South Korea and the procedures most in demand included double eyelid surgery and double jaw surgery. Plastic surgery is not only legal and supported by the government but also a way of life in Korea, thus contributing significantly to the overall Asia Pacific aesthetics market expansion.
Different Types of Aesthetic Procedures:
The Asia Pacific aesthetics market is segmented according to products, application, procedures and end-user.
On the basis of procedure, Asia Pacific aesthetics market is classified as surgical and non-surgical. The various sub segments of surgical aesthetics procedures include, breast augmentation, dermabrasion tummy tuck, eyelid surgery, liposuction, breast lift and others. Non-surgical aesthetics market segmentation includes hyaluronic acid, photorejuvenation (IPL), hair removal, botulinum toxin, microdermabrasion, chemical peel and others.
The market for both surgical and non-surgical procedures have been expanding due to increased consumer demand which has also attracted increased investment. For instance, Bloomage Biotech, a leading hyaluronic acid producer that is backed by Renaissance of China, raised $338 million in its IPO on the Shanghai Stock Exchange. Apparently hyaluronic acid market has been growing owing to use of hyaluronic acid technology in booming medical aesthetics industry in China.
Double eyelid surgery is possibly one of the most common surgical aesthetic procedures that has found widespread demand in countries like China, South Korea and Japan. The surgery removes excess fat and skin to restore a crease on the eyelids for a more westernized look. Estimates show that in 2018, China had almost 20 million medical aesthetic consumers 64% of which were millennials.
Regional Segmentation of the APAC Aesthetics market and Related Trends:
The Asia Pacific aesthetics market has been regionally segmented into Japan, China, India, Australia, and Rest of Asia Pacific.
With the advent of technology and increasing demand the best appearance technology can provide, the Indian aesthetics market trends have been changing in a pace that will considerably shape the future healthcare scene of the country. The presence of skilled surgeons, availability of world class facilities and a significant consumer base will help in augmenting aesthetics market growth in the country.
Demand witnessed in the Asia Pacific Aesthetics Market has attracted Europe based Market Players:
The Asian beauty industry has been known to make expansive imports from the U.S. which has encouraged various North America and Europe based medical aesthetics market players to capitalize in Asia Pacific. For instance, Ireland based Allergan has recently been reported to have stepped up its efforts in strengthening its foothold in the Chinese aesthetics market by opening its consumer experience center in Chengdu in Sichuan province of China. Apart from the offline beauty lab, Allergan is cooperating with Ali Health strategically to build an online flagship store to offer medical aesthetics education and digital consultancy services, helping consumers to understand product information, as well as promoting the sustainable development of the medical aesthetics ecosystem.
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