The total cost of global cosmetology industry is expected to increase further in 2023, with a possible valuation of US$ 118.93 billion. Over the forecast years, the global demand for cosmetology services and products is anticipated to thrive at a 10.8% CAGR. By the end of 2033 this forecast period, the overall valuation of the global market is projected to reach US$ 316.05 billion.
Rapid developments in cosmetology techniques, such as minimally invasive treatments and injectable and non-surgical improvements, have widened the range of alternatives available to customers. Modern skincare products, dermal fillers, and other techniques have made cosmetology operations more affordable and efficient, attracting a broad range of clientele.
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Online social media platforms have also played a crucial role in spreading beauty trends, increasing the demand for cosmetic operations. Moreover, utilizing novel approaches such as AI-driven consultations and virtual try-on tools is expected to improve client experiences and boost the market further.
Key Takeaways from the Global Cosmetology Market Study Report by FMI:
- In 2022, North America contributed almost 42.3% of worldwide market demand. Meanwhile, the net worth of total cosmetology procedures adopted in European countries was figured out to be around 25.6%.
- In comparison to all countries, the United States alone contributed 37.8% of the global revenue generated in the year 2022. The market in the United States is undergoing a dynamic transformation fueled by the fusion of technology advancements, aesthetic goals, and digital media.
- Germany is the leading market in Europe with a 7.3% global share, while the United Kingdom market may record a 7.2% CAGR through 2033. The cosmetology service providers in the United Kingdom offer a wide range of services, catering to diverse global customers.
- In Asia Pacific, China is poised to witness a year-on-year growth rate of 12.4% until 2033 in the adoption of cosmetology procedures. India is expected to follow China in overall market growth at around 10.2% CAGR through 2033.
- Currently, non-surgical segments account for nearly 59.3% of the global market share as people continue to seek self-expression and confidence via cosmetic improvements.
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Competitive Landscape for the Cosmetology Market Players:
GC Aesthetics, Mentor, Sientra, Zimmer, 3M Health Care, Allergan, Implantech Associates, Institut Straumann, Nobel Biocare, and Spectrum Designs Medical are some top market players. These top cosmetology providers maintain their reputation and reliability by ensuring compliance with medical laws and prioritizing patient safety.
To build credibility and trust in the highly competitive industry, it may be crucial for new players to continue using ethical marketing techniques. To compete in the market, start-ups must pay attention to changing customer preferences and keep up with the most recent trends.
Key Segments of the Cosmetology Market:
By Procedure:
- Surgical
- Non-Surgical
By Application:
- Breast Enhancement
- Facial Contouring and Rejuvenation
- Body Contouring
- Skin Rejuvenation
- Hair Transplant
- Buttock Enhancement
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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