Anushruti Singh
The medical aesthetic devices industry is gradually rebounding from the pandemic’s impact, especially in India’s metro cities, where the market is experiencing notable growth. This resurgence can be attributed to various factors, including the increasing demand for aesthetic treatments, advancements in technology, the growing desire for beauty enhancements, and a heightened focus on personal appearance.
Additionally, the market is being propelled by heightened competition and investment from both domestic and international players aiming to tap into India’s sizable customer base. For instance, the International Society of Aesthetic Plastic Surgery Report 2020 revealed that India saw a total of 524,064 aesthetic procedures in 2020, comprising 255,528 surgical and 268,526 non-surgical procedures. With such a substantial number of aesthetic procedures being performed, the demand for aesthetic devices is expected to surge, further fuelling market expansion.
Despite the burgeoning demand, India’s medical aesthetic devices market still relies heavily on imports. However, pioneering Indian manufacturers like Beagle Laser are spearheading the ‘Make in India’ movement, ushering in a new era of innovation and quality in the sector.
In an exclusive interview with SME Futures, Dr. Joy Shah, the Founder of Beagle Laser, sheds light on the market landscape, India’s potential as a global leader in aesthetic medicine, and Beagle Laser’s pivotal role in driving innovation, quality, and affordability in the industry.
Edited excerpts:
How do you foresee the growth trajectory of the medical aesthetic devices market in India, particularly in terms of market size and technological advancements?
The medical aesthetic devices market in India is poised for significant growth, both in terms of market size and technological advancements. With increasing awareness about aesthetic procedures and rising disposable incomes, the demand for medical aesthetic devices is expected to surge. Moreover, technological advancements, coupled with the government’s emphasis on promoting indigenous manufacturing through initiatives like ‘Make in India,’ will further propel the market forward.
As Beagle Lasers expands its portfolio into streams like plastic surgery and dermatology, it will contribute to the growth of the market by offering innovative and high-quality solutions. Additionally, Beagle Lasers’ focus on sustainability and simplicity aligns well with the evolving preferences of consumers and healthcare providers. By providing locally optimised solutions at affordable prices, Beagle Lasers is well-positioned to capture a significant share of the market and drive further innovation in the medical aesthetic devices segment in India.
What factors contribute to India’s increasing prominence as a global hub for hair, skin, and cosmetic procedures, and how does this impact the demand for medical aesthetic devices?
India is beginning to look forward to being recognised as a manufacturing destination for sophisticated medical technology. The medical devices and equipment industry, valued at US$ 2.5 billion, contributes 6 per cent of India’s US$-40-billion healthcare sector. It is growing at an annual rate of 15 per cent compared to the 10-12 per cent growth of the healthcare sector in its entirety. The Indian medical devices sector is Asia’s fourth largest market and presents an exciting business opportunity for both domestic and multi-national players.
Undoubtedly, the fastest-growing medical specialty in existence today is aesthetic medicine. This industry, which is valued at over Rs. 40,000 crores and is growing at a rate of around 10% annually, consists of goods, machinery, and services. As this industry expands, money will be invested in innovative medical technologies, such as robotic surgery and other AI-enabled solutions, which will benefit a larger spectrum of patients worldwide.
Could you elaborate on the Government of India’s ‘Heal in India’ campaign and its implications for the medical aesthetic industry in the country?
The goal of the government’s “Heal in India” campaign is to establish India as the world’s top medical and wellness tourism destination. This project reflects India’s dedication to providing top-notch healthcare and hospitality by embodying the values of ‘Seva’ (service) and ‘Atithi Devo Bhava’ (the guest is God). This portal provides a user-friendly platform for travel bookings, healthcare facility information, and treatment data, streamlining the procedure for international patients seeking medical treatment in India. It makes getting medical care easier and promotes a smooth experience for international tourists.
There are significant consequences for the medical aesthetics sector, which is expected to increase due to the growing number of overseas patients. Demand for aesthetic treatment clinics, including those that provide dentistry, dermatology, and cosmetic surgery, is probably going to rise. To draw in a global clientele, the campaign pushes these facilities to maintain high levels of care and make investments in cutting-edge technologies. Ultimately, ‘Heal in India’ will enhance India’s standing as a medically advanced nation and foster the expansion of the medical aesthetics sector.
In what ways can India leverage its potential to become a global leader in the aesthetic medicine industry, and what role will indigenous manufacturers like Beagle Lasers play in this journey?
Several important elements point to India’s considerable potential to become a global leader in the field of aesthetic medicine. First and foremost, India should keep funding the construction of top-notch medical facilities, such as cutting-edge clinics and hospitals outfitted with cutting-edge machinery. International patients looking for top-notch aesthetic procedures will be drawn by this. Experts in aesthetics are another essential element. By offering specific training and certification programmes to develop a skilled workforce, India will improve its standing. This promotes worldwide trust and guarantees top-notch care.
Innovation and research are equally crucial. To promote technological, therapeutic, and product improvements, India should encourage industry-academia collaborations. This not only promotes expansion but also positions India as a centre for aesthetic medicine innovation. For patient safety and industry reputation, accreditation and regulation are essential. India can achieve worldwide renown for its safety standards and maintain uniform quality by enacting strict rules and standardising methods.
India can also use the promotion of medical tourism to draw in patients seeking aesthetic procedures by utilising its cultural legacy, accessible healthcare, and customary wellness habits. Partnering with travel companies and concentrating on focused marketing initiatives can help India to become a top medical tourism destination.
Local manufacturers such as Beagle Lasers are essential. They offer state-of-the-art technology that improves treatment results and presents affordable options. Their goods can be exported in addition to meeting local demand, demonstrating India’s industrial prowess on a worldwide scale. Also, by working together with healthcare providers and academic institutions, these firms can improve treatment procedures and create new methods, which will promote industry growth and innovation.
India can lead the world in aesthetic medicine if it prioritises high-quality facilities, qualified personnel, research, regulation, and medical tourism and utilises the contributions of local manufacturers.
Can you shed some light on Beagle Lasers’ contribution to the medical aesthetic devices market in India, particularly in terms of innovation, quality, and the ‘Make in India’ initiative?
Beagle Lasers plays a pivotal role in India’s medical aesthetic devices market, emphasizing innovation, quality, and the ‘Make in India’ initiative. Unlike companies that rely heavily on imported components, Beagle Lasers takes pride in manufacturing both machines and their key components domestically. This approach not only reduces dependency on foreign parts but also aligns with India’s broader goal of self-reliance.
The company’s unique approach begins with assembling, then progresses to prototyping, developing, and eventually inventing. This systematic progression allows Beagle Lasers to continuously improve their machines, optimising them for Indian market needs, including affordability. Their team of scientists is dedicated to designing and developing new technologies, ensuring that the products meet international standards while catering to local requirements.
Beagle Lasers is also committed to customer education and support. In the first stage of their outreach, they focus on spreading awareness, with consultants available to guide potential buyers on choosing the right machines, even if they don’t end up purchasing from Beagle. This customer-centric approach enhances trust and transparency.
Furthermore, Beagle Lasers aims to establish a local presence across India, with plans to expand from 16 cities to 150 in the next two to three years. This will not only facilitate customer service but will also reinforce their commitment to the ‘Make in India’ initiative. Overall, Beagle Lasers’ contributions are advancing the quality and accessibility of medical aesthetic devices in India.
