Neurocosmetics is a relatively new field which involves Cosmetic Products made with specialized ingredients like neuroactive peptides, calming compounds, and antioxidants that interact with the neuroreceptors in the skin, further targeting skin-brain connection. Beyond just improving visible skin concerns, Neurocosmetic Products claim to provide benefits like stress reduction, mood enhancement, and improved overall well-being

Beauty + Technology market consists of AI, AR & VR Wearable devices that can provide real-time feedback on stress levels and skin health, further strengthening the skin-brain connection. These devices help track well-being metrics and offer virtual wellness consultations making it easier for Neurocosmetic companies to diagnosis and resolve skin-brain issues.

·      Low Penetration

·      Rising Disposable Income

·      Favourable demographics

·      Rise in Medical Tourism

·      Rise in lifestyle conditions

Low Penetration – Large Potential

India, despite its large population, has a very low number of aesthetic procedures performed per 1,000. Where USA has 18.4 Aesthetic procedures per 1000 people, India only has 0.7. In addition, there is a major shortage of plastic surgeons, even though we see a growth in the number of plastic surgeons from last year, India needs more of these professionals to fill in the gap between the demand and the supply. South Korea has 5.2 Plastic surgeons per 100,000 people, whereas India lacks behind with just 0.2.

Rising Spend on Skincare

Per capita disposable income has increased by INR80,000 from 2017 to 2023, this growing income levels reflect rising consumption power and untapped market potential.

Post the pandemic, people have gotten more conscious about their health and have started spending on themselves. Therefore, with the rise in disposable income and consciousness about looks, the spending on skincare and cosmetics have increased. 1 out of 8 people aged between 31-40 years spend more than INR 5,000 on skincare. Whereas 1 out of 7 people in the over 50 years category spend INR 5,000 on skincare.

Favourable Demographic Trends

The Growth of Affluent & Elite Consumers will benefit premium health & beauty firms. By 2027, Affluent customer base will grow to a 100 million consumers, this depicts the future opportunities premium health and beauty firms are to experience. The increase in literacy rates and expanding economy has led to a growth in working women population to 210 million in India.

By 2040, 1 in 3 beauty customers is expected to be male. This shows how there’s a rising beauty consciousness and peer pressure to look good even in the male population. Men are undergoing aesthetic procedures in a big way, especially for hair related issues.

Moreover, the younger population (led by social media), are more self-conscious, more aspirational, may even have higher spending power and are tech-savvy. This portrays the growing customer base for such cosmetic products. For instance, 3/4th of the population getting aesthetic dermatology procedures are below the age of 44 years (with the median age of 28.2 years).

Medical Tourism

This phenomenon refers to traveling internationally for medical care (ideally for better facilities or lower prices). India is a popular medical tourism destination for people looking for aesthetic dermatology treatments, it has a 9% median of international patients.

Business growth

Below are some of the trends that support long-term growth of aesthetic dermatology.

·      Growing interest in Male Beauty

·      Increased demand in Tier 2 and Tier 3 metro cities

·      Growing spectrum of non-surgical aesthetic procedures

·      Rising prevalence of lifestyle diseases

·      Growth of organised aesthetic dermatology clinics

With the Indian beauty and personal care market thriving, exciting career prospects across the sector are being created, especially for those interested in aesthetic medicine. With over 15,000 Dermatologists, 3000 Surgeons and 260 Hair restoration surgeons, the Indian Aesthetic Dermatology market is set to cross boundaries and compete with global giants like the USA and Brazil.

Due to the increasing demand for Clinical and Non-Clinical staff, MBBS doctors are also training to become aesthetic physicians through various Diploma and Certification courses. Key clinical roles in Aesthetic Dermatology include Cosmetic Dermatologists, Aesthetic Physicians and Medical Aestheticians.

Energy Based devices are used for procedures like Tattoo removal, Hair removal, Resurfacing, Pigmentation, Vascular and Body.

RX and OTX products Include Creams and Tropical Treatments, Injectables, OTC & Rx medications and Oral & IV Supplements.

Injectables account for 222,544 procedures and consist of procedures like Botox injections, Calcium hydroxyapatite injections and Hyaluronic acid injections.

Facial Rejuvenation account for 139,736 procedures and include procedures like Chemical peel, Full field ablative and non-surgical skin tightening.

Other procedures account for 134,651 in number and include procedures like Cellulite treatment, Hair Removal and Non-surgical fat reduction.

Face & Head procedures account for 225,228 procedures and include various procedure types like Brow Lift, Ear Surgery, Eyelift Surgery, Facelift, Neck lift, and many more.

Breast procedures account for 129,817 procedures and include procedure types like, Breast Augmentation, Breast implant removal, Breast lift, Breast reduction and Gynecomastia.

Body & Externalities account for 176,746 procedures and consist of procedures like Buttock Augmentation, Buttock Lift, Thigh Lift, Liposuction, Abdominoplasty, etc.

These Procedures are also divided into segments by their functionality to improve skin looks or to improve skin health. On one side, Consumer beauty and Retail aesthetics improve skin looks, and on the other side, Invasive medical aesthetics and Clinical Dermatology improve skin health.

• Rising importance of body Positivity & Selfcare.

• Consumer willing ness to spend more on Aesthetics.

• New user segments like Young Adults and Male population (Male beauty).

• Technological advancement aiding Aesthetic Dermatology Treatments (lasers and Ultrasounds).

Evolution

The not so new concept of Dermatology is becoming the new interesting segment in the Healthcare of India. Aesthetic Dermatology’s roots go as deep as the Mid-20th century where it transitioned from clinical to clinal-surgical techniques. Due to a rising emphasis on appearance, non-invasive treatments like Botox and Dermal filters entered the market. With technological advancements in the pre-2010, laser technology broadened treatment options for skin texture, pigmentation and hair removal.

As a market for aesthetic dermatology procedures, India is ranked amongst the top 10 and there is a growing demand for cosmetic procedures which are being driven by social media and the rising disposable income levels of the Indian population. Male Beauty and issues like hair loss & acne (due to rise in lifestyle diseases) have also contributed to the rising demand of such procedures.

The ISAPS Survey 2023 states that even with an unorganised market of about 90%, India has crossed over a million Aesthetic procedures and 3000 plastic surgeons in 2023. The Indian market size of Aesthetic Dermatology is USD 3.4 Bn as stated in the Frost & Sullivan, Kaya Annual report. As per the ISAPS Survey 2023, India had a 45% YoY growth from 2022 to 23, which is the highest amongst all the other top 10 countries. However, India still has an untapped potential market of 700 million consumers (aged between 25-65) and 200 million addressable middle class + rich consumers.