Characterized by the rivalry between Advanced Dermatology & Cosmetic Surgery, Dermatology Solutions Group, Riverchase Dermatology and Cosmetic Surgery, and Cosmetic & Aesthetic Plastic Surgery Clinic Toronto, the North America market for aesthetic services demonstrates a highly competitive landscape, finds a new research study by Transparency Market Research (TMR).
Companies operating in this market are focusing aggressively on innovation and technical advancements and investing heavily to increase the research activities for the development of minimally invasive and less painful treatments. In the coming years, these companies are likely to introduce a number of aesthetic services, expanding their portfolio, which will further intensify the competition within the market.
The research report estimates the North America market for aesthetic services to expand its opportunity at a CAGR of 7.70% during the period from 2016 to 2024, rising from a value of US$14.4 bn in 2015 to US$28.1 bn by the end of the forecast period. In terms of volume, the market is likely to get doubled by 2024, reaching more than 22 million procedures. Dermatology clinics and cosmetic centers have surfaced as the key end users of aesthetic services in North America and are anticipated to remain so over the next few years, reports the study.
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Demand for Aesthetic Services Higher in U.S.
An assessment of the North America market for aesthetic services based on its geographical presence has also been offered in this research study. Analysts consider the U.S. and Canada as the key geographical subdivisions of this regional market. The U.S. has been leading the North America aesthetic services market and is expected to continue in the same fashion over the forecast period.
The rising prevalence of skin diseases and the increasing awareness among U.S. citizens regarding aesthetic treatments, together with infrastructural advancements in the U.S. medical and healthcare industry, are projected to fuel the demand for aesthetic services considerably in the years to come. In addition to this, the augmenting demand for aesthetic treatments from the male population and the availability of advanced and user-friendly aesthetic devices will reflect positively on this market in the near future. The U.S. market for aesthetic services acquired a share of 95% in the overall market in 2015.
Increasing Aesthetic Consciousness to Boost Market Growth
Thanks to the remarkable upswing in the aesthetic consciousness and the rising interest of people towards self-grooming, the North America market for aesthetic services has been witnessing a significant expansion in its overall size, states the author of this study. Along with this, the rising prevalence of obesity in North American citizens and the consequent increase in the demand for liposuction procedure are also driving the growth of this market considerably.
On the other hand, the dearth of favorable reimbursement policies is likely to create obstacles for the North America market for aesthetic services in the near future. However, the increasing level of awareness regarding skin rejuvenation procedures, augmenting disposable income of consumers, and their shifting preference towards minimally invasive surgical procedures are anticipated to propel this market remarkably over the next few years, notes the research study.
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