May 22, 2024

Cosmetic Surgery Market: Trends and Innovations Shaping Beauty Enhancement

Cosmetic Surgery Market

The global cosmetic surgery market encompasses a wide range of minimally-invasive and surgical beauty treatments that aid in enhancing physical appearance. Cosmetic procedures are widely opted to alter or restore aspects of the face and body, such as eyebrows, eyelids, nose, facial bones, and skin. Non-surgical treatments involve botox injections, chemical peels, dermabrasion, and laser treatments, while surgical procedures comprise breast augmentation, abdominoplasty, liposuction, and rhinoplasty. The availability of customized treatment plans and advanced medical technologies have made cosmetic surgeries safer and more effective. People undergoing such procedures gain higher self-esteem and confidence by improving perceived flaws. The global cosmetic surgery market continues to attract individuals and millennials who want to retain youthfulness or bring proportionality in body features through non-aggressive ways.

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 key trends: One of the key factors driving growth in the cosmetic surgery market is increasing awareness about various minimally-invasive procedures through social media platforms and rising popularity of medical tourism. People extensively research on treatment options by browsing before and after pictures online or consulting friends and family who have undergone similar procedures. This helps in managing expectations and also grows comfort with these beauty enhancements. Many Asian countries like Thailand, South Korea and India have emerged as global hubs for medical tourism due to high-quality services at affordable costs. Individuals travel across international borders for cost-effective cosmetic treatments. The trend of men undergoing cosmetic procedures has further contributed to market expansion.

Porter’s Analysis
Threat of new entrants: Low barrier to entry as minimal equipment and facilities are required to perform procedures. However, established brands have stronghold over the customers and new entrants face difficulty in gaining trust.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and ease of switching. Brand loyalty is low as results and safety are primary decision drivers.

Bargaining power of suppliers: Suppliers of equipment, fillers, lasers etc have moderate bargaining power due to availability of substitutes. However, suppliers of latest technologies gain advantage in pricing.

Threat of new substitutes: Threat is moderate as non-invasive procedures pose competition. New procedures continually emerge but established brands dominate with advanced techniques.

Competitive rivalry: Intense competition exists among established players. Branding, new techniques, marketing plays vital role to differentiate in highly commoditized market.

Key Takeaways

The global Cosmetic Surgery market is expected to witness high growth.

Regional analysis: The Asia Pacific region cosmetic surgery market is poised to witness growth of around 5% annually till 2030 led by China, Japan, South Korea and India. Availability of skilled surgeons, advanced technology centers and low treatment costs are driving medical tourism. Over 40% of plastic surgeries in South Korea are performed on foreign patients each year.

Key players: 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.). Companies are focusing on expanding through acquisitions and partnerships to strengthen their product portfolio and geographical presence.

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