by The rhinoplasty procedure, commonly known as nose job, is a reconstructive surgical procedure performed on the nose to alter its aesthetic appearance or improve its function. Rhinoplasty is primarily performed to correct defects, residual trauma, accidents or to reshape the nose for cosmetic reasons. Some common rhinoplasty procedures include reducing or increasing the size of the nose, changing its shape, narrowing the width of the nostrils, reshaping the angle between the nose and the upper lip, and correcting a deviated septum. These surgeries are performed using both open and closed rhinoplasty techniques. Rising awareness regarding physical appearance and increasing disposable incomes have been augmenting the demand for cosmetic procedures like rhinoplasty across the globe.
The global Rhinoplasty Market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends witnessed in the rhinoplasty market is the rising preference for minimally invasive procedures. Earlier, nasal surgeries were performed using the open rhinoplasty technique which required an external incision. However, with advancements in technology, closed or endonasal rhinoplasty techniques are gaining popularity as they reduce post-operative risks of infection, scarring and swelling. Further, as awareness regarding physical attributes and non-surgical cosmetic procedures increases, the demand for lip fillers and nonsurgical rhinoplasty is also on the rise. Nonsurgical techniques use injectable fillers like hyaluronic acid to reshape and augment the nose. This increasing adoption of minimally invasive rhinoplasty techniques will likely propel market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low startup costs and intellectual property protection limit new competitors.
Bargaining power of buyers: Individual consumers have low bargaining power due to specialized nature and lack of substitutes. Hospitals can negotiate on price and quality of service.
Bargaining power of suppliers: Physicians and medical device manufacturers hold significant power as their skills and technologies are specialized and difficult to substitute.
Threat of new substitutes: Non-surgical alternatives like nasal stents provide low threat due to their limited ability to fully correct structural deformities.
Competitive rivalry: Intense competition exists amongst existing physicians and clinics to offer broader services and new technologies driving continuous innovation.
Key Takeaways
The Global Rhinoplasty Market Share is expected to witness high growth. The global Rhinoplasty Market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The North America rhinoplasty market holds the largest market share owing to the high adoption of cosmetic surgery in the US and Canada. Factors such as the increasing focus on physical appearance and self-esteem are fueling the demand. Moreover, the Asia Pacific region is expected to witness the fastest growth rate over the forecast period owing to the growing medical tourism industry in countries such as India, South Korea, and Thailand.
Key players operating in the Rhinoplasty market are ESI Triage, Emergency Medical Associates, VeEDIS Clinical Systems, HealthLynked Corp, Innovative Health Media LLC, Digital Health Solutions LLC, PatientStack, Allm Inc., Pulsara, PatientCare Technology, Averhealth LLC, Emergisoft, Kyruus, Evolve Technology Solutions, eVisit, LeanTaaS, Twiage LLC, RapidDeploy, SonarMD, and Qventus Inc.
Key players are focusing on new product launches and strategic collaborations to strengthen their market presence. For instance, in 2021 Emergency Medical Associates partnered with VeEDIS Clinical Systems to implement real-time medical triage technology. This integration allowed standardizing patient intake and optimizing staffing.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
