News Story of the Day: the cosmetics industry is another wonder of the free market as what was once only for the affluent is now accessible to everyone else. And the results for the industry are amazing.
According to the Global Cosmetics Surgery & Services Market Analysis 2015-2019, the cosmetic surgery market is currently worth over $20 billion. It is projected that the market will grow to over $27 billion by 2019.
As per the report, the most popular are nonsurgical treatments which comprise of three primary categories:
- Injectable products such as Botox and dermal fillers. These currently enjoy the largest market share.
- Energy based devices such as laser, radio frequency and intense pulsed light.
- cosmeceuticals which include skin care, eye care, scar care and skin lightening products.
North America currently accounts for approximately 45 percent of the global market. The European Union enjoys the second position while Brazil also continues to enjoy a strong presence in the aesthetics and cosmetic procedure market. However, it is believed that Asia will also take on a leading position soon, especially in the energy-based devices category. Another growing segment within this market comprises of body shaping and contouring procedures such as those that reduce fat, cellulite, skin laxity and vein removal.
Demand within the plastic surgery market continues to grow mainly because of the aging population. In addition, technological advancement has now made it possible for customers to have access to safer and better treatments. Finally, a steady increase in disposable income has also played a role in the increase within this market.
There are several reasons why nonsurgical cosmetic procedures are showing more growth as compared to surgical procedures. First, they do not need to be performed within a hospital environment. These days, there are numerous beauty salons and spas that offer these treatments. Secondly, nonsurgical procedures are less expensive than surgical procedures. Thirdly, since nonsurgical procedures are minimally invasive, there is less risk of side-effects. However, it is always advisable to use the services of a qualified and well-trained team when choosing a nonsurgical procedure.
The surgical procedures segment still has its own place within the cosmetic surgery market as it can be beneficial for many people. For example liposuction plastic surgery not only helps people look better, it also aids with weight loss and enables them to eat more healthy, exercise more regularly and overall adopt a healthier lifestyle. Similarly, procedures such as rhinoplasty are not only cosmetic in nature but often help to alleviate snoring and make breathing easier for those undergoing the procedure. Breast reductions can be quite effective for women who suffer through significant back, shoulder and neck pain due to heavy breasts. Finally, reconstructive plastic surgery is often the last option for people who suffer from injuries due to accidents and/or illnesses.
Overall, it appears that the cosmetic and plastic surgery market will continue to grow worldwide. While the US and UK markets are doing quite well currently, it is expected that both South America and Asia will also compete aggressively in the years to come. Demand for cosmetic surgery continues to rise as technology improves and as more and more consumers take on a more proactive role when it comes to decisions about their health and their lifestyle.
Chart of the Day: traditional media is dying. This is why so many newspapers around the world are seeking bailouts from the government. Although many attribute media’s death to technology, it’s also because the media are filled with corrupt, lying and biased reporters. Here is a chart from Visual Capitalist showcasing traditional media’s slow death:
Illustration of the Day: Winston Churchill had his own flaws and setbacks, but he was dead on when he explained what socialism is, which is something that more millennials need to realize (SEE: Scary Study: U.S. millennials rejecting capitalism in favor of socialism, communism):
Quote of the Day: Donald J. Boudreaux of the Department of Economics and Mercatus Center George Mason University has done a brilliant job this election cycle espousing the virtues of actual free trade. He does it again on Cafe Hayek this week:
“If you work and earn income honestly, that income is yours to use as you choose. You may use it to buy tomatoes from your neighbor or to buy tomatoes from a farmer in Mexico. It’s your money. It belongs neither to the state nor to any domestic producer. Yet protectionist arguments rest on the premise that your tomato-growing neighbor has some positive claim on your income. If you are prohibited from buying tomatoes from Mexico, or – more commonly today – penalized with a tariff for doing so, the state is insisting that domestic tomato growers have an ethical claim on part of your income.”
This needs to be shown to both Donald Trump and Hillary Clinton.
Video of the Day: the Clinton campaign has been caught once again feeding questions to reporters. As this video shows, one of Hillary Clinton’s campaign aides provided MSNBC‘s Andrea Mitchell with a question, while sending another reporter a question through his smartphone. They don’t even hide it anymore. The 2016 has given us evidence of media collusion with political campaigns.
Leave a Comment