The global Cosmetic Surgery Market is estimated to be valued at US$55.68 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Cosmetic surgery refers to surgical procedures that enhance or alter a person’s appearance. It includes procedures such as breast augmentation, rhinoplasty, liposuction, and facelifts. The market for cosmetic surgery is driven by increasing consumer demand for aesthetic enhancements, driven by societal pressures and self-image concerns. These procedures provide individuals with the opportunity to improve their physical appearance, boost self-confidence, and enhance their quality of life.
Market Key Trends:
One key trend in the Cosmetic Surgery Market Growth is the rising popularity of non-invasive procedures. Non-surgical cosmetic procedures, such as Botox injections and dermal fillers, are gaining traction due to their minimal invasiveness, shorter recovery time, and lower cost compared to surgical procedures. These non-invasive procedures offer immediate results and appeal to a broader demographic, including younger individuals seeking preventive treatments. The increasing adoption of non-invasive procedures is expected to drive market growth and expand the cosmetic surgery market’s reach.
Threat of New Entrants: The threat of new entrants in the cosmetic surgery market is relatively low. This is due to the high capital requirement for setting up a cosmetic surgery clinic, the need for specialized skills and training, and the stringent regulations in place to ensure patient safety.
Bargaining Power of Buyers: The bargaining power of buyers in the cosmetic surgery market is moderate. While patients have the option to choose from a variety of clinics and surgeons, the high cost of cosmetic procedures limits their ability to negotiate prices significantly.
Bargaining Power of Suppliers: The bargaining power of suppliers in the cosmetic surgery market is relatively low. This is because there are numerous suppliers of medical equipment, surgical instruments, and pharmaceuticals used in cosmetic surgery, giving clinics and surgeons the ability to switch suppliers easily if needed.
Threat of New Substitutes: The threat of new substitutes in the cosmetic surgery market is low. While there are alternative non-invasive procedures and skincare products available, they often do not provide the same level of results as surgical procedures, making cosmetic surgery the preferred choice for patients seeking significant changes in their appearance.
Competitive Rivalry: The competitive rivalry in the cosmetic surgery market is high. There are numerous clinics and surgeons offering a wide range of procedures, leading to intense competition for patients. Additionally, the market is characterized by continuous innovation and advancements in technology, further fueling the competition among key players.
The global cosmetic surgery market is expected to witness high growth, exhibiting a CAGR of 3.9% over the forecast period (2023-2030). This growth can be attributed to several factors, including the rising demand for aesthetic procedures, increasing disposable income, and the influence of social media on beauty standards.
Regionally, North America is expected to be the fastest-growing and dominating region in the cosmetic surgery market. This can be attributed to the high prevalence of cosmetic procedures, well-established healthcare infrastructure, and easy accessibility to advanced technologies.
Key players operating in the cosmetic surgery market include Allergan plc. (AbbVie), Alma Lasers Ltd., Anika Therapeutics Inc., Cutera Inc., Cynosure Inc., Johnson & Johnson, Foton D.O.O., Abbott Laboratories, Merz Aesthetics, and Mentor Worldwide LLC. These players are focused on research and development activities, strategic collaborations, and product innovations to maintain their market position and gain a competitive edge.
In conclusion, the cosmetic surgery market is poised for significant growth in the coming years, driven by increasing demand, technological advancements, and favorable socio-economic factors. However, intense competition and stringent regulations pose challenges to market players, necessitating continuous innovation and strategic initiatives.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it