With its cost-effective healthcare services and the availability of top-notch surgical facilities, India is becoming a prominent destination for hair, skin, and other cosmetic treatments.
Driven by factors such as pent-up demand, rising costs of therapies in the West, and the ongoing conflict in Ukraine, India’s medical tourism industry is experiencing a surge in visitors seeking cosmetic procedures. Currently ranked as the 10th largest medical tourism destination globally, with a market value of $9 billion, India is attracting an increasing number of medical tourists for services related to weight loss, hair, skin, and cosmetic treatments.
The hair, skin, and cosmetics industries have witnessed significant growth in recent years, driven by increasing consumer focus on health, safety, and well-being. Technological advancements and the growing desire for wellness have also played a role in this growth. There is a rising demand for Indian-made products that prioritize skin and hair health, hair growth, overall well-being, cleanliness, and environmental sustainability. This growing demand has attracted global attention and contributed to the positive reputation of the industry.
Indian cosmetics surgery industry likely to expand
According to a study conducted by Mordor Intelligence, the Indian cosmetics industry is projected to grow at a compound annual growth rate (CAGR) of 4.23 percent from 2022 to 2023. In today’s world, cosmetic surgery has become increasingly popular for enhancing one’s appearance and beauty. Opting for a hair transplant in India is considered one of the top choices for maximizing the advantages of aesthetic surgery.
To gain insights into the increasing demand and influx of patients, we interviewed Dr. Muskan Tyagi, the founder of Dermalyn Aesthetics based in New Delhi.
“In the past, there were only around 50 students in the MBBS department specializing in this field, but now the number has nearly doubled,” she explained. “This clearly indicates the growing demand. People have become more accepting and open-minded when it comes to aesthetics and prosthetics, which has led to an increase in both demand and supply.”
Currently, female consumers constitute approximately 91% of the market. However, recent projections suggest that the number of male customers is growing at a faster rate compared to female customers, and is expected to surpass them in the future. By 2040, it is estimated that the ratio of male to female clients will range from 35% to 65%.
With increasing public awareness, improved accessibility, and advancements in technology, the cosmetic surgery sector in India is experiencing significant growth. Currently valued at $55.65 billion (6 trillion Indian rupees), the industry is projected to expand fourfold over the next decade, with a compound annual growth rate (CAGR) of 12%. As disposable incomes have risen, more Indians are opting for cosmetic procedures to enhance their long-term aesthetic appeal.
According to Dr. Ajay Rana, a globally recognized dermatologist and aesthetic surgeon, there has been a shift in the cosmetic industry with regards to male customers. He stated:
“Traditionally, women have been the primary seekers in the industry, but now we are witnessing an increasing number of men opting for procedures such as hair transplants, chest hair growth, and other aesthetic treatments.”
According to Dr. Ajay Rana, founder-director of the Institute of Laser & Aesthetic Medicine (ILAMED), there has been a shift in the dynamics of patients in the cosmetic industry. He stated:
“While men have traditionally been the majority of patients, the industry has become more socially open and acceptable, leading to an equal number of women and men seeking treatments in our field.”
According to Dr. Ajay Rana, the desire to look good and attractive is universal, and it is a personal choice for individuals. He noted:
“While these desires have always existed, the younger generation now has more independence and autonomy in making decisions about their appearance, rather than relying solely on their parents.”
Dr. Ajay Rana emphasized that individuals may consider both personal desires and societal expectations when deciding on cosmetic procedures. He stated:
“The opinion of society holds significance as we are part of it. However, the decision ultimately depends on each person’s perspective. These procedures not only enhance one’s physical appearance but also liberate individuals from years of self-doubt and insecurities.”
India offers cosmetic operations at competitive prices
Every year, India conducts around 8-10 million cosmetic procedures, with 10% of the patients being international visitors. The country is known for offering cosmetic operations at significantly lower costs, often 30-50% cheaper than in affluent nations.
Despite the affordable prices, the cosmetic procedures in India maintain high standards of medical facilities, quality care, skilled doctors, and successful outcomes. Aesthetic medicine is a rapidly growing field with immense potential. As more individuals opt for these procedures, it is important to seek guidance from experienced surgeons or healthcare professionals to ensure safe and effective outcomes.