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The global cosmetic surgery market consists of procedures that enhance or alter a portion of an individual’s body or face through reconstructive, implants or other methods. Cosmetic surgery involves both surgical and non-surgical procedures that are performed on the skin, face, breast and other parts of the body. Some common cosmetic procedures include liposuction, breast augmentation, rhinoplasty, eyelid surgery and facelifts. Advances in technology have enabled the development of minimally invasive surgical techniques such as laser skin resurfacing, Botox treatment and microdermabrasions that result in faster recovery times and minimal side effects. This has substantially driven their adoption over conventional cosmetic surgeries.
The global cosmetic surgery market is estimated to be valued at US$ 57.35 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for minimally invasive cosmetic procedures as highlighted in the heading is a key driver augmenting market growth. These procedures are performed using advanced technologies that reduce surgery time, hospital stay and recovery time. The market is also driven by growing public acceptance of cosmetic procedures owing to the desire to maintain a youthful appearance and increased exposure through social media. Furthermore, the increasing number of medical tourism destinations offering cost-effective cosmetic treatments is also fueling market expansion. However, high costs associated with many of these procedures could limit their adoption in price sensitive markets. Stringent regulations governing new product approvals also challenge market growth to some extent.
Segment Analysis
The cosmetic surgery market is primarily segmented into surgical procedures and non-surgical procedures. Surgical procedures dominate the market and account for around 65% share. Breast augmentation surgery is the most common surgical procedure performed globally owing to the growing desire for more aesthetic appeal. Non-surgical procedures such as Botox injections and dermal fillers are also gaining popularity among the younger generation due to minimally invasive nature.
PEST Analysis
Political: Regulations regarding cosmetic surgeries vary across countries. Many developed nations have stringent rules in place to ensure safety of patients. On the other hand, developing countries are formulating new policies to regulate the cosmetic industry.
Economic: Growth in disposable incomes, changing lifestyles and increased social acceptance have positively impacted the market growth. People are willing to spend more on procedures to enhance physical appearance. The cost of surgeries also reduced over time contributing to higher affordability.
Social: Rising influence of social media and photo/video sharing has made people more conscious about their looks. There is less social stigma associated with cosmetic procedures now. Celebrity endorsements have further led to greater acceptance of surgeries/injectables among general public.
Technological: Advancements in materials, lasers and equipment have reduced downtime while enhancing outcomes. Non-invasive procedures using focused ultrasound, radiofrequency and platelet rich plasma are gaining momentum. 3D modelling and AI are assisting surgeons in pre-operative analysis and treatment planning.
Key Takeaways
The global cosmetic surgery market is expected to witness high growth over the forecast period. The global cosmetic surgery market is estimated to be valued at US$ 57.35 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
North America currently dominates the market and is expected to grow at a CAGR of 4% during the forecast years. This can be attributed to rising plastic surgery rates in the US and heavy expenditure on appearance enhancement procedures. Asia Pacific region is expected to be the fastest growing market for cosmetic surgery due to increasing medical tourism in countries like Thailand, India and China where surgeries are quite affordable. Rising discretionary incomes and growing middle class are fueling the demand in the region. Countries like South Korea, Japan and Taiwan also have a high number of specialty clinics offering various cosmetic procedures.
Key players operating in the cosmetic surgery market are Allergan, Alma Lasers, Anthropic, Cutera, Cynosure, Fotona, Galderma, Human Med, and Merz Pharma.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
