North America Body Fat Reduction Market By Service Provider (Hospitals & Clinics, Medical spas and Others), By Gender (Female and Male), By Procedure (Surgical and Non-Surgical), By Country, Opportunity Analysis and Industry Forecast, 2021 - 2027
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Market Report Description
The North America Body Fat Reduction Market would witness market growth of 10.5% CAGR during the forecast period (2021-2027).
Body fat reduction is the procedure through which extra and unwanted body fat is decreased. Excessive body fat ultimately results in weight growth and obesity, which causes many health issues like heart problems, high cholesterol, blood pressure, and higher vulnerability to stroke, and diabetes. Body fat reduction can be performed with the help of surgical or non-surgical methods. Several treatments like abdominoplasty (tummy tuck), cryolipolysis, laser lipolysis, liposuction, red light therapy, ultrasound, and injectable treatment are accessible in the market. Conversely, huge cost of these methods and some post treatment complication would slow down the growth of the overall body fat reduction market.
The prevalence of obesity in the US has grown by 42.4% from 2017 to 2018. This has encouraged many customers to choose different types of fat removal procedures, under which, body contouring is the most commonly adopted procedures. Moreover, the surge in living standards coupled with high disposable income and the rising consciousness among customers about their looks and appearance would further open new growth avenues for the regional body fat reduction market over the forecast period.
In addition, the high expenditure of the customer to maintain their body and eliminate extra fat from their body is creating more demand for body fat reduction procedures and thus, fueling the growth of the regional body fat reduction market. Additionally, the high adoption of social media platforms among the global population is increasing their awareness regarding their appearance, which would contribute to the increased demand & growth of the body fat reduction market during the forecast period.
The US market dominated the North America Medical spas Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,316.7 million by 2027. The Canada market is experiencing a CAGR of 13.5% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 12.5% during (2021 - 2027).
As per the U.S Bureau of Economic Analysis, people residing in the US had USD 16.65 trillion in Disposable Personal Income and per capita, personal disposable income was USD 43,828 in 2019. The majority of individuals are likely to choose aesthetic procedures due to the rising purchasing power. In addition, these procedures are becoming highly popular among men as there has been a constant increment in the number of males choosing these minimally invasive treatments.
As per the American Society of Aesthetic Plastic Surgery, the number of minimally invasive procedures that were carried out on males was 1.1 million and among this, 80,822 were non-invasive fat reduction procedures in 2018. This is owing to the developments in technologies that are supported by promising outcomes and advantages, thereby resulting in higher acceptance by people. Millennials are shifting towards these procedures due to their high affordability and simple operability which would open new growth avenues for the players operating in the overall body fat reduction market during the forecasting period.
Based on Service Provider, the market is segmented into Hospitals & Clinics, Medical spas and Others. Based on Gender, the market is segmented into Female and Male. Based on Procedure, the market is segmented into Surgical and Non-Surgical. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Allergan PLC (AbbVie), Bausch Health Companies, Inc., Cutera, Inc., Alma Lasers Ltd. (Sisram Medical Ltd.), Vlcc Health Care Limited, Apollo Hospitals Enterprise Limited, Candela Medical Corporation, Sciton, Inc., Lumenis Ltd. and Cynosure, LLC.
Scope of the Study
Market Segments Covered in the Report:
By Service Provider
- Hospitals & Clinics
- Medical spas
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Allergan PLC (AbbVie)
- Bausch Health Companies, Inc.
- Cutera, Inc.
- Alma Lasers Ltd. (Sisram Medical Ltd.)
- Vlcc Health Care Limited
- Apollo Hospitals Enterprise Limited
- Candela Medical Corporation
- Sciton, Inc.
- Lumenis Ltd.
- Cynosure, LLC
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