The cosmetic surgery market encompasses a wide range of surgical and non-surgical procedures that enhance and reshape structures of the body to improve appearance and confidence. Procedures like breast augmentation, liposuction and rhinoplasty are amongst the most popular cosmetic surgeries around the world. The increasing desire for aesthetic perfection and enhanced beauty has been driving the demand for these procedures. 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 Opportunity: Increasing desire for Enhanced Beauty
The key factor driving the growth of cosmetic surgery market is the increasing desire among people for enhanced beauty and flawless appearance. With growing influence of social media and photo sharing platforms, more people are becoming conscious about their looks and seeking ways to enhance their aesthetic appearance. They want to remove imperfections and signs of aging like wrinkles, loose skin and fat deposits. Procedures like breast augmentation, facelifts, liposuction are becoming increasingly popular for achieving enhanced proportions and youthful appearance. Moreover, shifting social trends are normalizing cosmetic enhancements. Market players are launching new technologically advanced products and procedures to meet the ever rising demand. They are also heavily marketing and promoting cosmetic procedures on social media platforms and celebrity endorsements. This is further fueling the desire of people to undergo cosmetic treatments for an enhanced appearance.
Porter's Analysis
Threat of new entrants: Low capital requirements and expertise make the threat of new entrants moderate. Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many surgical clinics and doctors. Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many raw material suppliers in the market. Threat of new substitutes: Low threat of substitutes due to no close substitutes are available for cosmetic surgeries. Competitive rivalry: High competitive rivalry among major players due to increasing demand for cosmetic surgeries.
SWOT Analysis
Strengths: Rising number of cosmetic procedures, growing aging population, increasing focus on physical appearance. Weaknesses: High costs of procedures, risks and complications associated with surgeries, lengthy recovery periods. Opportunities: Emerging markets in developing countries, increasing medical tourism, growth in non-surgical cosmetic procedures. Threats: Strong regulations related to cosmetic surgeries, availability of alternative beauty treatments, social stigma about cosmetic procedures.
Key Takeaways
The global cosmetic surgery market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to reach US$ 57.35 Bn registering a CAGR of 3.9%.
North America dominates the global market with highest number of cosmetic surgeries performed annually in the region. The availability of advanced technology and skilled surgeons drives the market in North America. Asia Pacific is expected fastest growing market owing to rising medical tourism in countries like India, Thailand and increasing focus on physical appearance in developing nations.
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.).
