Cosmetology is the study of beauty, treatments and its applications. There are various branches of specialty in the cosmetology market, i.e. hairstyling, skin care, cosmetics, manicure/pedicure, and others. Cosmetology or Aesthetics is an inclusive term for specialties which focus on improving appearance through cosmetic procedures. Cosmetology market is primarily focused on the increasing demand by the end users, and lowering of pricing for implants and surgeries and high efficiency of the method.
Cosmetology Market: Segmentation
Cosmetology market can be segmented by various types of procedures offered for skin care:
Surgical procedures include scar revision, facelift, rhinoplasty liposuction, micro-pigmentation and others whereas non-surgical procedures include chemical peels, non-permanent hair removal, skin tightening, acne treatment, lip enhancement and others.
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Cosmetology market has a broad scope due to the various applications of the procedures offered. By the different procedures we can segment the market into the following:
- Hair transplant
- Buttock Augmentation and Reduction
- Breast Augmentation and Reduction
- Cosmetic Reconstruction
Cosmetology Market: Dynamics
Cosmetology market is driven by new product innovation and new technologies as end users focus on new methods of skin and hair enhancement, healthcare expenditure, rising disposable income, and the emergence of technologically superior products. In addition to this cosmetology market is growing due to the rising awareness among end users towards breast cancer, mastectomy, has also impacted the cosmetology market. However, as the cosmetology market progresses, there are associated risks such as the risk of failure, associated malfunctioning of the implants, high prices of the surgery, regulatory scenario to maintain the standards of the implants used and cosmetic implants. Cosmetology market is also facing significant challenges as the government does not grant reimbursements. Also, not many initiatives are taken by the government of incentives. A major drawback which cosmetology industry faces is that the insurance does not cover the costs of cosmetology procedures.
Cosmetology market has multiple opportunities such as the development of low-cost implants by major companies.
Cosmetology Market: Region-wise Outlook
Based on geography, the cosmetology market can be segmented into five major regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. At present, North America holds a leading position in the cosmetology market followed by Europe. The major driving factors which have driven the growth of the cosmetology market in these regions are continuously increasing demand from the end users for new methods of enhancements and continuous improvements in the cosmetology market. Following North America, European countries are also anticipated to show steady growth in the cosmetology market. In the next few years, Asia-Pacific would show remarkable growth in the cosmetology market as it is developing at a very rapid pace and has shown the emergence of many regional players. The factors which would fuel the growth of cosmetology market in Asia-Pacific are increasing awareness regarding various medical procedures, increase in the number of key players and rapid development in the healthcare infrastructure across the Asian countries. Cosmetology market would evolve at a rapid rate across the regions, however, North America would maintain its position in the overall cosmetology market.
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Cosmetology Market: Key Players
In the past decade, the cosmetology market has witnessed a massive influx of well-established players which provide raw materials in the cosmetology market. Some of the top players operating in the cosmetology market are GC Aesthetics, Mentor Worldwide LLC, Sientra Inc., Zimmer Holdings Inc., 3M Health Care, Allergan, Inc., Implantech Associates Inc., Institut Straumann AG, Nobel Biocare Holding AG, Spectrum Designs Medical, and many others. Cosmetology market has the presence of many regional players which have a huge market share in emerging countries.