July 19, 2024

Cosmetic Surgery Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

Market Overview:

The cosmetic surgery market comprises procedures that enhance or alter a portion of an individual’s body or face through reconstructive, implant, or plastic surgery. Some of the common cosmetic procedures involve breast augmentation, liposuction, nose reshaping, eyelid surgery, facelift and abdominoplasty. These procedures are performed to alter or restore normal appearance and functioning as they provide self-esteem, confidence and improved social interactions. The growth in tourism industry as well as medical tourism is stimulating demand for cost-effective procedures. Additionally, the non-invasive nature of procedures like Botox injections has made them quite popular. However, risks of complications and high costs associated with invasive surgeries remain key challenges.

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.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/cosmetic-surgery-market-4517

Market Key Trends:

One of the major trends in the market is growing preference for minimally invasive and non-surgical procedures. Procedures like Botox injections, hyaluronic acid fillers, chemical peels and laser treatments are gaining considerable traction due to minimal downtime and lower costs. These procedures allow changing facial appearances without complex surgery or prolonged recovery time. Botox alone accounts for over 60% of the nonsurgical facial aesthetic market. Moreover, the COVID-19 pandemic has further accelerated demand as people opt for procedures that don’t require hospital visits. Other key trends include rising medical tourism in low cost countries and growing male consumer base as cosmetic procedures become more socially acceptable among men seeking aesthetic enhancements. Innovation in techniques is also allowing surgeons to perform minimally invasive procedures with lower risks.

Porter’s Analysis

Threat of new entrants: The cosmetic surgery market requires significant investment which acts as a barrier for new players. Established brands have strong brand loyalty which makes it difficult for new players.

Bargaining power of buyers: Individual buyers have low bargaining power due to standardized pricing. However, large hospitals and clinics can negotiate on bulk purchase which increases their bargaining power.

Bargaining power of suppliers: Due to presence of numerous device manufacturers and raw material suppliers, bargaining power of suppliers is moderate.

Threat of new substitutes: Other non-invasive beauty treatments present minimal threat as they do not provide long lasting results compared to cosmetic surgery.

Competitive rivalry: The market is consolidated with major players differentiating through innovation and quality. Marketing campaigns increase competitive pressure.

Key Takeaways

The global cosmetic surgery market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing desire for aesthetic appearance and growing medical tourism. The market size for 2023 is estimated to be US$ 57.35 Bn.

North America dominates the cosmetic surgery market with highest number of procedures owing to early technology adoption and availability of advanced treatments. Asia Pacific is expected to witness fastest growth due to rising medical tourism and increasing disposable incomes in developing economies like India and China.

Key players operating in the cosmetic surgery market include 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.). Major players are focusing on new product launches and geographical expansion to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it