Growth of aesthetic industry by 2030 – How India will become one of the leaders in medical tourism, Health News, ET HealthWorld
by Dr. Abhishek Pilani
Rising consumer interest in health and safety, technological advancement, and the pursuit of pleasure have all contributed to the recent rise of the hair, skin, and cosmetics market. The industry has been able to attract positive attention from across the world as demand for Indian-made products that prioritise skin and health, hair growth, physical and emotional well-being, cleanliness, and environmental friendliness has increased.
India is today the world’s tenth largest medical tourism hub, with a US $9 billion industry. Several causes, such as pent-up demand, inflationary pressures that boost the cost of therapies in the West, and the situation in Ukraine and Russia, have contributed to the rise of medical tourists coming to India for treatment of their hair, skin, and weight along with cosmetic treatments.
According to an analysis by Mordor Intelligence, the Indian cosmetics products market is projected to grow at a CAGR of 4.23% during the forecast period 2022-2023. Today, receiving cosmetic surgery to improve one’s appearance and beauty is very common, and choosing a hair transplant in India is one of the greatest selections to obtain the total gain of aesthetic cosmetic surgery.
India is increasingly becoming a global hub for hair, skin, and other cosmetic procedures due to the reduced cost of medical care and the availability of high-quality surgical facilities conducted by experts. The potential exists in India to provide excellent service at an affordable price, delighting customers, including those exploring medical tourism, on both counts. About 2 million people from around 76 countries visit India each year for medical, and IVF procedures, bringing in an estimated $6 billion for the economy. By 2026, this is anticipated to rise to $13 billion.
Without a question, the field of aesthetic medicine is today’s fastest-expanding medical specialty. Valued at over Rs. 40,000 Crore, with annual growth of nearly 10%, this sector includes products, machinery, and services. Growth in medical tourism will also spur investment in cutting-edge medical technology, such as robotic surgery and other AI-enabled solutions, all of which will appeal to a wider range of patients globally.
Rapid industrial revival after the pandemic is indicative of the treatment’s widespread acceptance. Nearly ninety-one percent of the market consists of female consumers. However, according to some estimates, the number of male clients is growing at a considerably faster rate and is predicted to surpass that of female customers. Male-to-female customers are expected to be 35% to 65% by the year 2040.
To accelerate all of these growth factors, that are set to benefit the growth of the aesthetic industry by 2030, the Government of India is set to begin its Heal in India campaign in 2023. This is aimed at providing over Rs. 2000 Crore in funds under the champion service sector to promote medical tourism to India and scale it from the current $6 billion to $13 billion by 2025. Among India’s main rivals in this sector are Turkey and Thailand, both of which provide comparable medical care while also boasting more alluring tourism attractions and more relaxed visa requirements than India, which is also working on reforms.
Increased worldwide competition for high-quality medical care is good news for everyone as a result of global massive investments in health tourism. India in particular has the potential to be a global leader in the aesthetic medicine industry. And we are particularly making strides in the fields of permanent hair removal, hair transplantation, Botox, fillers, semi-permanent makeup, medicated facials, skin whitening, and many other areas of aesthetic medicine adding to medical tourism.
To sum up, Aesthetic Medicine is a promising new area that is expanding at a dizzying rate. As more and more patients decide to have these procedures, this trend will continue. While there are undoubtedly certain obstacles that must be overcome, healthcare IT is currently the industry of choice for anyone interested in a career in the healthcare industry. Where do we stand with the customers? Within the next few months, a slew of innovative new treatments will be available to them, allowing them to enhance their physical presentation and boost their self-esteem.
Dr. Abhishek Pilani, MD Dermatologist, Founder – Assure Clinics
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