Cosmetic Surgery Market is driven by Rising Awareness of Aesthetic Procedures

Comments ยท 13 Views

The cosmetic surgery market involves procedures that enhance or restore the appearance of an individual. Some common cosmetic procedures include breast augmentation, liposuction, eyelid surgery, abdominoplasty, and rhinoplasty. The demand for these procedures has increased significantly over the years owing to the rising need among individuals to look younger and fitter. The global cosmetic surgery industry has evolved significantly over the past few decades, with continuous advancements in technologies and treatment protocols. The broad categories of cosmetic procedures include surgical and non-surgical treatments.

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 rising number of cosmetic procedures performed globally is one of the major factors driving the market growth. According to the International Society of Aesthetic Plastic Surgery (ISAPS), around 31 million cosmetic procedures were performed across the globe in 2020. Breast augmentation, liposuction, eyelid surgery, tummy tuck, and nose reshaping were among the most popular procedures worldwide.

Technological advancements are also fueling the market growth. Various new technologies such as laser surgery, injectables, and energy-based devices have increased the safety and efficacy of cosmetic procedures in recent years. Companies are continuously investing in R&D to develop innovative products and solutions in the market. For example, new laser machines allow surgeries to be performed with minimal cuts and scarring. Emerging technologies for performing non-surgical treatments with minimal downtime are expected to increase their adoption.

Market Trends

Increasing Medical Tourism - Many overseas patients are traveling to other countries for affordable cosmetic surgeries. Countries like Thailand, South Korea, and Mexico have emerged as popular destinations for medical tourism.

Rising Adoption of Non-invasive Procedures - Procedures requiring minimal downtime and recovery like injectables, laser treatments, and energy-based devices are gaining immense popularity.

Market Opportunities

Promising Emerging Markets - Under-penetrated and emerging cosmetic surgery markets like China, India, Brazil, and other Latin American countries offer lucrative growth opportunities.

Growing Demand for Body Contouring Procedures - With rising obesity levels, there is an increasing need for procedures like liposuction, tummy tucks, and mommy makeovers aimed at body contouring.

Impact of COVID-19 on Cosmetic Surgery Market Growth
The COVID-19 pandemic has adversely impacted the growth of the cosmetic surgery market. With lockdowns imposed by various governments, non-essential medical procedures were postponed to prevent the spread of the virus in hospitals and clinics. This resulted in significantly lower demand for cosmetic surgeries such as breast augmentation, liposuction, and abdominoplasty surgeries during 2020 and 2021. According to a survey, around 95% of plastic surgeons reported fewer aesthetic procedures during lockdowns. With social distancing norms restricting socializing and interactions, there was no motivation to undergo cosmetic procedures among people.

However, post lockdown relaxation, the demand is slowly recovering. With economies reopening and restrictions being lifted, plastic surgeons are witnessing an increase in consultations for procedures like rhinoplasty, breast lifts and body contouring surgeries. As people are going back to offices, they want to enhance their appearances. Also, procedures focusing on anti-aging are gaining popularity among older individuals as they spent additional time looking at themselves on video calls during the pandemic. The market is expected to surpass pre-pandemic levels by 2023 as consumers prioritize aesthetic treatments for self-confidence and well-being. Service providers are ensuring enhanced safety guidelines to minimize risks of infection spread.

Geographical Concentration of Cosmetic Surgery Market
North America dominates the cosmetic surgery market in terms of value, accounting for over 35% revenue share. This can be attributed to the considerable penetration of non-surgical and minimally-invasive procedures in countries like the US. Additionally, advanced medical technology availability, higher spending ability, and positive social perception regarding aesthetic treatments boost market growth here. Changing demographics with the aging population also drives demand for anti-aging treatments.

Asia Pacific exhibits the fastest growth and is emerging as the new hotspot for cosmetic procedures globally. Countries such as China, Japan, South Korea, and India are witnessing a rapid surge in demand, encouraged by economic development, expanding middle-class, and growing medical tourism. Procedures like blepharoplasty and rhinoplasty are gaining popularity for enhancing facial features. Also, rising influence of western beauty standards and celebrities is propelling the Asian market.

disclaimer
Comments