India is currently the 10th-largest medical tourism hub in the world, with the market valued at $9 billion. Now, much of it is being boosted by those flying in for cosmetic procedures.The number of medical tourists traveling to India for weight loss, hair, skin, and cosmetic procedures has increased for a variety of reasons, including pent-up demand, inflationary pressures driving up the cost of therapies in the West, and the war situation in Ukraine and Russia.
The recent growth of the hair, skin, and cosmetics industries has been attributed to rising consumer interest in health and safety, technical advancements, and the quest for wellness. The demand for Indian-made goods that prioritise skin and hair health, hair development, physical and emotional well-being, cleanliness, and environmental friendliness has grown, which has helped the industry draw positive attention from all over the world.
Indian cosmetics surgery industry likely to expand
The Indian cosmetics industry is likely to expand at a combined annual growth rate, or CAGR of 4.23 per cent from 2022 to 2023, according to a study by Mordor Intelligence. In the modern world, having cosmetic surgery to enhance one’s looks and beauty is very widespread, and getting a hair transplant in India is one of the best options for maximising the benefits of aesthetic surgery.
To understand the inflow and the rising demand, WION spoke to Dr Muskan Tyagi, founder of Dermalyn Aesthetics, New Delhi.
“Earlier, there used to be hardly 50 students in the MBBS department for this course, but now it’s almost double the number,” she said. “This shows the rising demand. People have become more accepting and open regarding aesthetics and prosthetics, hence, a rise in demand is proportional to a rise in supply.”
Female consumers make up around 91% of the market. However, some projections indicate that the number of male customers is increasing significantly quicker than that of female customers, and will eventually overtake them. By 2040, it is anticipated that the ratio of male to female clients will range from 35% to 65%.
Due to rising public knowledge, accessibility, and technology, cosmetic operations are also on the rise significantly in India. The industry for cosmetic surgery, which is presently valued at $55.65 billion (6 trillion Indian rupees), is expected to quadruple in size over the next 10 years while expanding at a 12% CAGR. More Indians are now considering cosmetic operations for longer-lasting aesthetic appeal as their disposable budgets have increased.
Dr. Ajay Rana, an internationally renowned dermatologist and aesthetic surgeon, told WION, “Women have always been seekers in the industry but it was the men who used to go for the costly affairs such as hair transplants, chest hair growth, etc.”
“Men have always been the major patients, but nowadays things are more socially open and acceptable. Women and men seeking treatments in our industry have almost been the same,” said Rana, who is the founder-director of the Institute of Laser & Aesthetic Medicine (ILAMED).
“Everybody wants to look good and appealing and it’s a very personal thing about who wants what. All these things were there also, but people, especially the young generation, were dependent on their parents,” he said.
“It is not only what the person wants but also what the society wants to get done because the opinion of the society matters since we’re living in it. This depends totally on a person’s perspective. These procedures not only beautify you but also frees you from the years of bondage and self-doubt,” he added.
India offers cosmetic operations at competitive prices
Approximately 8–10 million cosmetic procedures are performed in India annually, with 10% of the patients being foreigners. India offers cosmetic operations at prices that are up to 30–50% less expensive than those in wealthy nations.
Despite the modest prices, the therapies include top-notch medical facilities, first-rate care, qualified doctors, and successful results.
Aesthetic medicine is a potential new field that is rapidly developing. This pattern will persist as more patients choose to undergo these operations, it is crucial to obtain the counsel of a knowledgeable surgeon or healthcare professional while undergoing such procedures.
For all the latest business News Click Here
