Over the years, the robust digital footprint of India has played an instrumental role in driving the growth of technology in the healthcare market. Going by the figures, as per Invest India, the Indian healthcare industry is projected to be an approximately $372 billion industry by 2022. This growth can also be credited to significant diversification of healthcare services and easy accessibility for a large part of the society. As a result, healthcare is not only a need now but also a lifestyle requirement.
One such lifestyle element in the healthcare market is the medical aesthetics industry. The desire among the Indian population to look young, fit, presentable and contemporary has led to the demand of several medical aesthetics procedures such as skin tightening, cosmetic implants, hair removal, hair restoration, body contouring to name a few.
In the past two decades, medical aesthetic procedures have become increasingly popular. The market that is worth billions of dollars in India has witnessed significant growth in the demand for aesthetic procedures owing to the rise in the number of doctors and surgeons providing effective medical aesthetic treatments and the launch of technologically advanced products for the same.
“Reports about the growth of the medical aesthetics market in India say that at the moment it is ballooning at 10 per cent CAGR annually with a steady or increasing growth rate expected with time. Back in 2018, a growth of 5.5 per cent CAGR per annum and a target of $73.6 billion mark were expected by 2022. The market has grown more than anticipated and is growing faster than expected”, says Dr Debraj Shome, Director, The Esthetic Clinics, Mumbai.
This story is from the November 2020 edition of Bio Spectrum.
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This story is from the November 2020 edition of Bio Spectrum.
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