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Analysis of the plastic surgery market in India

Release date 20.11.2020

Number of pages 52

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The relevance of research

Plastic surgery in India is a new field, it was recognized as a separate specialty only in 2009. Therefore, today this segment of surgery is under especially close attention. Every year the number of operations on this profile increases.

Purpose of the study

Analysis of the state of the plastic surgery market, assessment of the market size, analysis of competitors, as well as identification of factors affecting the plastic surgery market

Content

Part 1. Indian Plastic Surgery Market Overview

1.1. Definition and Characteristics of the Indian Plastic Surgery Market
1.2. Dynamics of Indian Plastic Surgery Market Volume, 2015-2019
1.3. Market structure by type of service provided in India
1.4. Structure of the plastic surgery market by Union Territories
1.5. Assessment of current trends and development prospects of the studied market
1.6. Assessment of factors affecting the market
1.7. Analysis of sectoral indicators of financial and economic activity

Part 2. Competitive Analysis in the Indian Plastic Surgery Market

2.1. Major players in the market
2.2. Market shares of the largest competitors
2.3. Profiles of major players

Part 3. Plastic Surgery Consumption Analysis

3.1. Estimated Per Capita Consumption of Plastic Surgery
3.2. Market Saturation and Estimated Market Potential in India
3.3. Description of consumer preferences
3.4. Price analysis

Part 4. Assessment of factors of investment attractiveness of the market

Part 5. Forecast of the development of the plastic surgery market until 2024

Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators

Research excerpt

Part 1. Indian Plastic Surgery Market Overview

1.1. Definition and Characteristics of the Indian Plastic Surgery Market

Consider the characteristics and features of the plastic surgery market.

Diagram 1. Dynamics of the volume of the global plastic surgery market, 2015-2019, million operations

In the world market, the most popular procedures are breast augmentation, liposuction, blepharoplasty, tummy tuck, rhinoplasty and breast lift.

Plastic surgery in India is a new field, it was recognized as a separate specialty only in 2009. Therefore, today this segment of surgery is under especially close attention. However, the plastic surgery market in India, as well as around the world, is actively growing and developing.
...

It should also be noted that there is also a “gray” segment on the market. The illegal market is especially pronounced in a crisis.

1.2. Dynamics of Indian Plastic Surgery Market Volume, 2015-2019

Consider the dynamics of the volume of the plastic surgery market in India.
...

Diagram 3. Dynamics of the volume of the Indian plastic surgery market for the period 2015-2019 in physical terms, thousand transactions

1.3. Market structure by type of service provided in India

The most sought after surgery in India in 2019 was mammoplasty.
...

1.4. Structure of the plastic surgery market by Union Territories

In 2019, the vast majority of plastic surgeries are in the Central Union Territories. In second place is the Volga Union Territories ...

1.5. Assessment of current trends and development prospects of the studied market

According to the Managing Director of the Institute of Plastic Surgery in India, the number of patients who turn to plastic surgeons is increasing every year.

There is a demand on the market for speed, low invasiveness and secrecy of surgical intervention, that is, for procedures that allow you to get a good effect in a short time without any visible interventions. Surgical intervention is carried out using endoscopic and laser techniques, which minimizes the traces of plastic surgery, as well as shortens the rehabilitation period.

Not so long ago, in plastic surgery and cosmetology, the fashion for individual procedures spread. It was either breast augmentation, or lip pumping, or Botox injections. Now one of the most popular requests from patients is the so-called ""rich girl's face"", or ""rich woman's face"". The ""kit"" includes several procedures that change not one, but several parts of the face at once - lips, cheekbones, cheeks, and a number of other elements.
...

Another trend is the preservation of one's own ""I"" while improving some of one's specific parameters.

A stable trend of a systematic increase in the number of male patients seeking plastic surgery services. As a rule, among the preferences of the stronger sex can be found rhinoplasty, blepharoplasty, liposuction, hair transplantation, chin plastic surgery.

The market of plastic surgery is in the stage of dynamic development. A number of factors contribute to this development. Firstly, demand in the plastic surgery market is growing due to the demand of a society in which appearance is the key to getting a good job and self-confidence. Secondly, many patients now consider investing in aesthetic plastic surgery as a way to save money. Thirdly, fluctuations in the exchange rate of the national currency leads to a periodic surge in medical tourism from Europe.

1.6. Assessment of factors affecting the market

Let's consider the main factors influencing the market and, accordingly, demand.

Social (demographic)
...

According to the forecast for the period up to 2024, the population will increase only if the high version of the forecast is followed, however, in light of the developing economic crisis and the coronavirus pandemic, this version of the forecast is unlikely to materialize.
...

Fashion. Aesthetic medicine, including plastic surgery, is one of the fashion trends in the modern beauty industry. Women and men are increasingly striving to improve their natural data or prevent age-related changes.

Economic

GDP is a macroeconomic indicator that reflects the market value of all final goods and services (that is, intended for direct consumption) produced per year in all sectors of the economy on the territory of the state for consumption, export and accumulation, regardless of the nationality of the factors of production used. It is the main, most complete official indicator of public welfare. The absolute and relative values of GDP give an idea of the general material well-being of the nation and the dynamics of its growth / decrease, since the higher the level of production, the higher the welfare of the country.
...

Let's take a look at some experts' assessments:
...

Thus, experts disagree significantly about the real dynamics of India's GDP in 2020.
...

The industrial production index shows the total volume of all industrial production, utilities, etc. in terms of money.
...

Rate of inflation.
...

The share of medical services in the structure of paid services to the population of India.
...

This trend is positive both for the paid medical services market in general and for the plastic surgery market in particular. In addition, the structure of paid services has undergone changes over the analyzed period. In particular, there was a redistribution of household expenditures in favor of expenditures on public utilities and transport services and a reduction in expenditures on household, tourist and cultural services.

technological

On August 17, 2020, the Ministry of Labor and Social Protection of India approved the professional standard for Plastic Surgeon. The corresponding order was published on the official portal of legal information on August 17.
...

The use of nanotechnology in the industry.
...

Development of cellular technologies.
...

Artificial intelligence is a global trend, and plastic surgery is no exception. The greater computational speed of AI can help surgeons plan aesthetic surgeries and select procedures for patients. AI can analyze huge databases of facial images to evaluate specific situations. A detailed assessment of the proportions of the face by artificial intelligence far exceeds human capabilities.

With the help of real-time simulations, the patient will be able to see how he will look after surgery. Perhaps the unrealistic expectations of many patients will be dispelled, and this will deter them from surgery that will not allow them to achieve the desired image.

AI will be able to offer the surgeon some new or alternative technique, or, after analyzing all the techniques, will suggest a combination of them. The doctor is unlikely to be able to do this quickly, and his recommendations will be based on personal experience, and based on

AI is big data. AI is devoid of emotions - at least we count on it - its proposals will be impartial.

The introduction of AI into medical practice will also make it possible to build predictive models - how the patient will feel, how long the clinical effect will last.

Political

Medical activities, including activities in the field of plastic surgery, are subject to compulsory licensing on the basis of the Decree of the Government of India dated 16.04.2012 N 291 (as amended on 08.12.2016) “On the licensing of medical activities (with the exception of the specified activities carried out by medical organizations and other organizations, belonging to the private healthcare system, on the territory of the Skolkovo Innovation Center)”.
...

Certification of specialists is carried out on the basis of the Order of the Ministry of Health of India dated June 2, 2016 N 334n ""On approval of the Regulations on the accreditation of specialists"" (as amended on December 20.12.2016, 974 No. 19.05.2017n, dated May 234, 26.04.2018 No. 192n, dated April 24.05.2019, 326 No. No. n).
...

Credit policy. Today it is quite difficult to imagine the progressive development of the economy without the active participation of the credit system. It should also be noted that the assessment of the availability of credit resources for both legal entities and individuals is a significant indicator that allows assessing not only the demand for credit funds, but can also serve as a reflection of the real economic situation both in the region and in the economy as a whole.

Diagram 15. Dynamics of the average interest rate on loans to legal entities, 2014-2020, %

According to the results of the performed STEP-analysis, macro-environmental factors have a negative impact on the plastic surgery market to a greater extent.

Table 2. STEP analysis of factors affecting the plastic surgery market

1.7. Analysis of sectoral indicators of financial and economic activity

Consider the financial and economic indicators of the plastic surgery market for 2015-2019. It should be noted that the main activity of most clinics providing plastic surgery services, according to OKVED2, is “Activities of hospital organizations” (86.1). Having studied the financial ratios of the main market participants, GidMarket analysts came to the conclusion that the average values of the performance indicators of the main market players correlate with the indicators of the Hospital Organizations industry as a whole. In this regard, further in this section, the indicators of the industry ""Activities of hospital organizations"" are considered.

Gross margin
Gross margin is gross profit divided by sales revenue (excluding excise taxes and VAT). Gross margin shows how much gross profit falls on a unit of revenue. Gross profitability serves as an assessment of the economic efficiency of an enterprise, which reflects the rational use of labor, material, monetary and other resources.

Table 3. Gross margin of the plastic surgery industry in comparison with all sectors of the Indian economy, 2015-2019, %

Return on profit
...

Current liquidity
...

Absolute liquidity

For Indian companies, the normative value of the absolute liquidity ratio is in the range of Kal> 0,2-0,5 times. A higher absolute liquidity ratio may signal too high a share of non-performing assets in the form of cash and funds in accounts.

Business Activity Indices
...

Financial stability
...

In general, the analysis of industry financial ratios of the plastic surgery industry shows a low profit margin before tax, as well as a decrease in gross margin, which may be the result of excessively high competition in the industry along with high fixed administrative and commercial costs.

Part 2. Competitive Analysis in the Indian Plastic Surgery Market

2.1. Major players in the market

The plastic surgery market is represented by a large number of players, including narrow-profile and multi-profile clinics, clinics with public and private ownership.

The largest operators of the plastic surgery market include the Beauty Institute ...

2.2. Market shares of the largest competitors

As of 2019, the largest plastic surgery market operators in India are XXX Beauty Institute...

2.3. Profiles of major players

Beauty Institute ""XXX""
...
Institute of Plastic Surgery and Cosmetology
...
""XXX""
..
""Center for Cosmetology and Plastic Surgery""
...

Diagram 20. Dynamics of revenue volume of the largest operators of the plastic surgery market (TOP-5) in India, 2015-2019, million Rs.

Part 3. Plastic Surgery Consumption Analysis

3.1. Estimated Per Capita Consumption of Plastic Surgery

Estimation of per capita consumption of plastic surgery was made by GidMarket analysts based on the ratio of the volume of the Indian plastic surgery market to the population of India.

3.2. Market Saturation and Estimated Market Potential in India

From a life cycle perspective, the plastic surgery market in India is in a growth stage.

This is evidenced by...
...

Achieving the market potential is constrained by the low level of real incomes of the population, the reduction in the number of clinics, as a result of inspections carried out in 2019 by Roszdravnadzor for compliance with the requirements for equipping specialized departments and clinics, the dependence of prices for plastic surgery services on fluctuations in the national currency due to the use of imported drugs and consumables , providing quality plastic surgery services in the regions at lower prices, an unformed culture of seeking plastic surgery services only from highly qualified specialists. At the same time, industry experts note a trend towards non-surgical intervention and an increase in demand for non-surgical procedures, which are cheaper and in line with new fashion trends. The market is slowly redistributing from injection cosmetology and plastic surgery towards hardware cosmetology.
...

3.3. Description of consumer preferences

According to IA Nation New, about a third of Indians have a negative attitude towards plastic surgery, as evidenced by research by specialists. Among the survey participants who expressed a negative opinion about plastic surgery, the majority are males. At the same time, each of them agrees that they would like to see an attractive chosen one next to them. But men also want to have beautiful children, and plastic surgery is not inherited.
...

The services of specialists of a similar orientation are used not only by women, but also by men. They also subject their bodies to beauty injections and correct imperfections in appearance.
...

The Indian Association of Medical Tourism (RAMT) for the past 4 years annually records an increase in the number of foreigners coming to India for medical care. Today, a huge number of people from Europe and North America come to India in order to get a rhinoplasty, facelift or breast augmentation. Foreigners are attracted by the low price of surgery with a comparable, and sometimes even higher than abroad, quality of services, as well as the fact that Indian specialists approach each client individually, while in Europe and the United States, doctors act strictly according to the template, even in in cases where a deviation from strict rules will only benefit.

3.4. Price analysis

The dynamics of prices for plastic surgery services is due to the general level of consumer inflation, rising labor costs, and the level of competition in the market. Prices for services in the field of plastic surgery are not always easy to compare, since there are very different types of operations here.
...

After analyzing the prices for plastic surgeries of the leading plastic surgery clinics, GidMarket analysts calculated the average prices for a number of surgical interventions. The data is presented in Diagram 26.

Below is the cost of the main types of surgical interventions in the context of federal districts.
...

Table 13. Average prices for mammoplasty in the Union Territories, 2015-2019, thousand Rs.

Part 4. Assessment of factors of investment attractiveness of the market

Negative factors of the investment climate in the plastic surgery market dominate over the positive ones. A comprehensive assessment of the factors of investment attractiveness is ""minus"" 0,13 points - a neutral investment climate.

The most significant positive factors.
...
The most significant negative factors include the following.
...

Part 5. Forecast of the development of the plastic surgery market until 2024

We will analyze the market based on methods based on identifying trends over time, adjusted for expert opinion in the industry.

According to the forecast of the World Bank, the decline in global GDP in 2020 is projected at ...
...

Based on the forecast indicators for the development of the Indian economy, as well as the population forecast in India, GidMarket analysts made a forecast for the development of the plastic surgery market within one and two quarantines.
...

Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators

India is in the TOP-15 leading countries in the plastic surgery industry and occupies about ...% of the world market.
...

At the moment, as noted earlier, the market is highly fragmented. But the small scale of the business leads to the fact that services of the proper quality cannot be provided. Periodically, due to problems with income, their redistribution, the plastic surgery market loses its patients. But largely due to fashion and the desire of patients to remain beautiful and young, the plastic surgery market is systematically reaching the bar of stability.

In general, the market is attractive due to the emerging “consumer culture”. At the same time, the lack of drivers for active growth provokes fierce competition between existing operators, when an increase in one's own market share can be achieved mainly by reducing the market share of the nearest competitor. The capabilities of a particular market player are determined by the ability to competently build an assortment (both for the main and additional range of services) and pricing policy, organize the work of the institution, and form a promotion campaign.

When forming a marketing strategy, operators of the plastic surgery market are advised to pay attention to the fact that the market is at a growth stage and communication activities such as:
...

Diagrams

Diagram 1. Dynamics of the volume of the global plastic surgery market, 2015-2019, million operations
Diagram 2. Structure of the global plastic surgery market by types, %
Diagram 3. Dynamics of the volume of the Indian plastic surgery market for the period 2015-2019 in physical terms, thousand transactions
Diagram 4. Dynamics of the volume of the Indian plastic surgery market for the period 2015-2019 in value terms, billion Rs.
Diagram 5. The structure of the plastic surgery market by types in 2019, thousand operations
Diagram 6. The structure of the provision of services in the field of plastic surgery in India by Union Territories in 2019,%
Diagram 7. Dynamics of the population of India, as of January 1, 2012-2020, million people, thousand people
Diagram 8. Population forecast in India for the period 2021-2024, million people
Chart 9. Dynamics of average life expectancy in India, 2015-2019, years
Diagram 10. Dynamics of real incomes of the population of India, 2015-2020 (H ), %
Diagram 11. Dynamics of India's GDP, 2015-2019, Q1 2020, % to the previous year, trillion Rs.
Chart 12. Monthly dynamics of the US dollar against the rupee, 2015-2020 (Jan-July), Rs. for 1 US dollar
Chart 13. Dynamics of the inflation rate in India, 2015-2020 (6 months), %
Diagram 14. Dynamics of the share of medical services in the structure of paid services of the population of India, 2014-2019, %
Diagram 15. Dynamics of the average interest rate on loans to legal entities, 2014-2020, %
Diagram 16. Profitability before tax (profit of the reporting period) in the field of plastic surgery in comparison with all sectors of the Indian economy, 2015-2019, %
Diagram 17. Current liquidity (total coverage) in the field of plastic surgery for 2015-2019, times
Diagram 18. Business activity (average term of receivables turnover) in the field of plastic surgery, for 2015-2019, days days
Diagram 19. Shares of the largest competitors in the plastic surgery market in India in 2019, %
Diagram 20. Dynamics of revenue volume of the largest operators of the plastic surgery market (TOP-5) in India, 2015-2019, million Rs.
Diagram 21. The volume of consumption in the plastic surgery market per capita, 2015-2019, Rs./person
Figure 22. Stage of the life cycle of the plastic surgery market
Diagram 23. The number of plastic surgeries per 10 thousand population, units.
Chart 24. Attitude of Indians to plastic surgery, 2019, %
Chart 25. Gender affiliation of patients in plastic surgery clinics, 2019, %
Diagram 26. Average cost of plastic surgery, thousand Rs.
Diagram 26. Forecast of the plastic surgery market size in 2020 - 2024 – under the scenario of one quarantine, billion Rs.
Diagram 27. Forecast of the plastic surgery market size in 2020 - 2024 – under the scenario of two quarantines, billion Rs.

Tables

Table 1. Industrial production index by state of India (in % of the previous year), 2015 - 2019
Table 2. STEP analysis of factors affecting the plastic surgery market
Table 3. Gross margin of the plastic surgery industry in comparison with all sectors of the Indian economy, 2015-2019, %
Table 4. Absolute liquidity in the field of plastic surgery in comparison with all sectors of the Indian economy, 2015-2019, times
Table 5. Financial stability (security of own working capital) in the field of plastic surgery in comparison with all sectors of the Indian economy, 2015-2019, %
Table 6. Main companies participating in the plastic surgery market, 2019
Table 7. Basic information about the participant of the market of plastic surgery Beauty Institute ""XXX""
Table 8. Basic information about the plastic surgery market participant Institute of Plastic Surgery and Cosmetology
Table 9. Basic information about the participant of the market of plastic surgery ""XXX""
Table 10. Basic information about the participant of the market of plastic surgery XXX
Table 11. Basic information about the participant of the market of plastic surgery ""XXX""
Table 12. Consumer price indices in the medical services market in the Union Territories of India, 2015 - 2020 (Jan-Aug.), %
Table 13. Average prices for mammoplasty in the Union Territories, 2015-2019, thousand Rs.
Table 14. Average prices for rhinoplasty in the Union Territories, 2015-2019, thousand Rs.
Table 15. Average prices for blepharoplasty in the Union Territories, 2015-2019, thousand Rs.
Table 16. Assessment of factors of investment attractiveness of the plastic surgery market

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