02 Dec 2019
Posted in Medical Devices
Number of cosmetic procedures in APAC to grow at CAGR of 3% between 2019 and 2028, says GlobalData
The total number of cosmetic procedures in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 3% between 2019 and 2028, according to GlobalData, a leading data and analytics company.
The company’s report, ‘Aesthetic Implants – General Surgery Market Analysis and Forecast Model’, reveals that APAC is one of the fastest growing regions in the aesthetic devices market. The region accounted for 46% of the global cosmetic procedures in 2019.
Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, comments: “Within APAC, China accounted for the highest number of cosmetic procedures, followed by Japan and South Korea. However, lack of proper reimbursement policies for cosmetic procedures in the region is a major constraint in this market.”
Allergan Plc, Galderma SA, Merz Pharma GmbH & Co KgaA and Mentor Worldwide LLC are the major players in aesthetic devices market.
Thammanabhatla concludes: “The major players in the aesthetic devices market are retaining their position through several strategies such as providing diverse portfolio of products by continuously investing in R&D, providing physician training programs and lowering the cost of treatment to an extent by providing subscription-based services.
“Growing aesthetic consciousness and awareness of the currently available procedures and developing healthcare infrastructure are expected to drive aesthetic procedures market and medical tourism in the APAC region.”