The North America aesthetic services market is facing intense rivalry between its leading players such as Advanced Dermatology & Cosmetic Surgery, Riverchase Dermatology and Cosmetic Surgery, Dermatology Solutions Group, and Cosmetic & Aesthetic Plastic Surgery Clinic Toronto. Some of the other players in the market are: The MedSpa Southwest Plastic Surgery, The Plastic Surgery Clinic, Riverside Plastic Surgery, DCDermDocs, Quatela Center for Plastic Surgery, and Marina Plastic Surgery. Players in the market are actively seeking innovation and technical advancements and therefore increasing investments for research activities. R&D is being carried out aggressively so as to develop minimally invasive and painless treatments. Players in the market are expected to introduce many aesthetic services and expand their product portfolio to stay ahead of market competition. This will further toughen the competition in the market, finds a new research study by Transparency Market Research (TMR).
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According to TMR, the North America aesthetic services market is expected to rise from US$14.4 bn in 2015 to US$28.1 bn by 2024, exhibiting a healthy CAGR of 7.70% between 2016 and 2024. On the basis of end user, the dermatology clinics and cosmetic centers segment is leading currently and is likely to continue to do so in the coming years. The segment is projected to show a remarkable growth and expand at a CAGR of 8.60% during the period from 2016 to 2024. On the basis of geography, unsurprisingly, the U.S. has been leading in the North America aesthetic services market. The U.S. is projected to continue to lead in the market in the coming years, followed by Canada.
Increasing Demand for Liposuction Procedures on Account of Higher Obesity Rates to Boost Market
The growing consciousness among consumers regarding their appearance is driving the aesthetic services market in North America. “The staggering increase in the number of obese people has led to a stupendous rise in the demand for liposuction procedures, thus driving the market,” said a TMR analyst. Growing incidences of skin diseases and also the awareness about skin rejuvenation is fueling the market for aesthetic services towards growth. Increase in the disposable income and a growing interest in self grooming among the people in North America are also propelling the demand for these services.
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Lack of Favorable Reimbursement Policies to Deter Adoption of Aesthetic Services
There are various challenges, which the North America aesthetic services market has to encounter. A lack of favorable reimbursement policies is one of the biggest market challenges, deterring patients from adopting these services. High cost of these services is another factor impeding the growth of this market. However, these challenges are expected to be dealt with in the coming years as the awareness level about the benefits of these procedures will increase. Also a rise in the disposable income of the people in the region will help to overcome this challenge and ensure a continued growth of the market in the coming years. In addition to this, the high demand for aesthetic treatments from the male population of North America is expected to create growth opportunities in the future. User-friendly aesthetic devices are readily available in the region and this is also expected to drive the market in the coming years.
This review is based on Transparency Market Research’s 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.”
The study presented here is based on a report by Transparency Market Research (TMR) titled “Aesthetic Services Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”