Aesthetic Services Market to Surge at a CAGR of 7.70% by 2024
, 11 January 2019
-- Aesthetic Services Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
North America Aesthetic Services Market: Snapshot
The North America market for aesthetic services has been experiencing a tremendous increase in its size and valuation. The increasing aesthetic consciousness and the growing interest of people towards self-grooming in this region are the key factors behind the growth of this market. Apart from this, the alarming rise in the obese population and, consequently, increased demand for liposuction procedure are also boosting this market substantially.
Going forward, the growing awareness pertaining to skin rejuvenation, increasing per capita income, and the rising preference for minimally invasive surgical procedures are likely to drive this market substantially over the forthcoming years. However, the lack of an appropriate reimbursement scenario may obstruct the growth trajectory of this market in the near future.
In 2015, the North America aesthetic services market presented an opportunity worth US$14.4 bn. Swelling at a CAGR of 7.70% between 2016 and 2024, the market is likely to attain a value of US$28.1 bn by the end of 2024.
Dermatology Clinics and Cosmetic Centers to Remain Key End Users of Aesthetic Services in North America
Hospitals, ambulatory surgery centers, and dermatology clinics and cosmetic centers have surfaced as the main end users of aesthetic services in North America. Among these, the demand for these services from dermatology clinics and cosmetic centers is greater than other end users. Expanding at a CAGR of 8.60% during the period from 2016 to 2024, the demand from this end-use segment is expected to continue to lead over the next few years.
On a similar note, the demand from ambulatory surgery centers is also projected to increase significantly in the near future, thanks to the growing popularity of ambulatory surgery centers as a favorable setting for facial and scar treatments.
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U.S. to Continue its Leading Streak
On the basis of geography, the North America market for aesthetic services is categorized into the U.S. and Canada. With a share of 95%, the U.S. led the overall market in 2015. Analysts project the U.S. market for aesthetic services to continue its leading streak over the forthcoming years. The increasing awareness among consumers in the U.S. pertaining to aesthetic services, coupled with the improvement in the medical and healthcare infrastructure and the growing prevalence of skin diseases, is likely to boost this domestic market in the years to come.
Apart from this, the increasing demand for aesthetic treatments from the male population and the easy availability of user-friendly aesthetic devices are also expected to fuel the growth of this market in the U.S in the near future.
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At the forefront of the North America aesthetic services market are Advanced Dermatology and Cosmetic Surgery, Dermatology solutions group, Riverchase Dermatology and Cosmetic Surgery, The Plastic Surgery Clinic, The MedSpa Southwest Plastic Surgery, Cosmetic & Aesthetic Plastic Surgery Clinic, Toronto, Riverside Plastic Surgery, DCDermDocs, Marina Plastic Surgery, and Quatela Center for Plastic Surgery.
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Submitted by hawer on Friday, 11 January 2019 at 7:04 PM
Category: Health Care & Medical
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