LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global male aesthetics market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global male aesthetics market for 2017-2021. The report also presents the vendor landscape and a corresponding detailed analysis of the key vendors in the market. It provides insights into the key drivers and emerging market trends, which are expected to influence the market during the forecast period.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global male aesthetics market:
- Rising demand for non-surgical procedures
- Increasing importance given to physical appearance among men
- Rise in demand for laser-based aesthetic procedures
Rising demand for non-surgical procedures
There has been an increase in the number of non-surgical procedures in the recent years. In 2014, the number of non-surgical procedures performed was 53% of the total procedures, which increased to 55% in 2015.
“One of the reasons for the rise in number of non-surgical procedures is the rise in popularity and acceptance for minimally invasive and non-invasive procedures for facial resurfacing and body contouring procedures, hair removal, and hair regrowth, especially among men,” says Amber Chourasia, a lead analyst at Technavio for health and wellness research.
Non-surgical procedures have outwitted traditional surgery and are becoming increasingly popular due to these procedures involving shorter time durations both in terms of procedure as well as recovery. Moreover, these procedures are less expensive than surgical procedures and offer natural looking results. Laser treatments are among the most popular non-invasive procedures for hair removal, and fat and cellulite reduction treatment, which are contributing to the revenue of the global male aesthetics market.
Increasing importance given to physical appearance among men
Today, aesthetics has become popular among the male population. There has been an increase of more than 40% in the overall cosmetic procedure in the past five years. According to a survey, approximately 70% of men have shown interest toward various cosmetic surgeries.
The increased demand for cosmetic surgery among men is because of the increasing importance given to physical appearance at work and the desire to look youthful. There's a growing number of men who have no issues about benefiting from cosmetic procedures. Men are no longer reserved about making changes to their appearance with the help of technology.
Rise in demand for laser-based aesthetic procedures
Advancements in technology such as laser-based aesthetic procedures have created a plethora of applications in the field of aesthetics, leading to a significant rise in the number of procedures that are carried out using lasers. Smaller incisions, less pain, reduced hospital stays, and faster recovery time are some of the benefits of laser surgery. Since men prefer economic and minimally invasive procedures, the demand for laser-based aesthetic procedures is spurred from this segment.
Sales of medical laser systems have increased due to rapid growth in end-use applications such as hair removal, wrinkle removal, skin photodamage, body contouring, facial vein removal, and tattoo removal to name a few. These treatments are especially popular in developed countries due to the increased accessibility and awareness.
“Emerging countries have seen a phenomenal increase in the availability of advanced medical laser treatments during the last few years due to increased business expansion of the leading vendors into these markets,” adds Amber.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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