The cosmetic surgery market involves aesthetic procedures that enhance and alter appearance through surgical and non-surgical means. Some common cosmetic procedures include breast augmentations, liposuction, eyelid surgery, rhinoplasty and facelifts. The cosmetic surgery industry has grown rapidly in recent years owing to rising standards of beauty and living. Growing disposable incomes and increasing social acceptance have made cosmetic procedures a viable choice for appearance enhancement. The global cosmetic surgery market is estimated to be valued at US$ 57.35 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the cosmetic surgery market are Bausch Health Companies Inc. (Canada),Johnson & Johnson Services, Inc. (MENTOR) (U.S.),AbbVie Inc. (U.S.),Cutera (U.S.),Merz Pharma (Germany),GALDERMA (Switzerland),Sientra, Inc. (U.S.),Cynosure (U.S.),Apyx Medical (U.S.),Long Island Plastic Surgical Group, PC (U.S.). The growing demand for minimally invasive and non-invasive cosmetic procedures among consumers has opened profitable opportunities for market players. Technological advancements in areas such as laser therapy, injectable fillers and skin rejuvenation techniques are enabling cosmetic physicians to perform procedures with reduced pain, downtime and higher precision.
The emergence of new technologies such as energy-based therapies, injectable fillers and skin tightening devices have simplified various procedures and reduced risks. Growing emphasis on product innovations to provide natural-looking results with minimal invasiveness is expected to drive the cosmetic surgery market over the forecast period.
Market Drivers
One of the key drivers of growth in the cosmetic surgery industry includes rising adoption of non-surgical and minimally invasive procedures. Prior cosmetic surgeries required extensive downtime for recovery but new techniques such as injections, laser therapy and skin tightening have decreased recovery time significantly. The shift towards less invasive options is helping the market grow by making procedures more accessible and reducing stigma around aesthetic treatments. As social media continues to spread unrealistic beauty standards, demand for face and body enhancements is likely to remain robust. This will continue propelling the cosmetic surgery market in the coming years.
Current Challenges in Cosmetic Surgery Market
The cosmetic surgery market is facing several challenges currently. Privacy and data security has become a major issue as more procedures are being documented and shared online. This exposes patients to risks of identity theft or embarrassment. Another challenge is the pressure on doctors and clinics to offer more affordable treatment options. This can compromise on the quality if not managed carefully. Post-treatment care and management of complications is an area that requires more attention and resources. With travel for medical tourism rising, ensuring standardized practices globally is challenging medical regulators.
SWOT Analysis
Strength: Growing medical tourism and innovations offering less invasive procedures. Weakness: Expensive treatments inaccessible to many and risks of complications if not done by experienced surgeons. Opportunity: Emerging markets in Asia Pacific and Latin America provide scope for expansion. Threats: Stiff competition and discount driven price wars can affect margins of established players.
Geographical Regions
North America currently contributes over 30% of the global market value led by the large population seeking cosmetic improvements in the US. However, Asia Pacific region is poised to be the fastest growing region due to increasing medical tourism from countries like China, India, South Korea and Thailand offering treatments at lower costs delivered by internationally trained doctors. Cities like Mumbai, Bangkok and Seoul have emerged as top destinations.
Currently, the US market accounts for the largest share in terms of value for cosmetic surgery. Changing demographics with more number of millennials willing to spend on appearance boosting treatments and easy availability of financing options are driving the US market. However, Asia Pacific region is expected to witness the fastest CAGR during the forecast period with countries like China, South Korea and India emerging as key markets. Increasing medical tourism and growing middle class population are fueling the demand in Asia Pacific region.
