June 22, 2024
Rhinoplasty Market

Rhinoplasty Market Is Expected To Be Flourished By Rising Demand For Aesthetic Procedures

Rhinoplasty, also known as a nose job, reshapes the nose to improve its appearance, proportion or function. It is one of the most common types of cosmetic surgeries performed worldwide. Rhinoplasty can improve one’s appearance and self-confidence by refining the shape and profile of the nose. The procedure is often performed to reshape a bump or bulge, narrow wider nostrils, change the angle between the nose and upper lip, or modify the tip of the nose. It can also correct functional breathing problems caused by structural abnormalities. Rhinoplasty uses either an open or closed rhinoplasty technique depending on the extent of adjustment needed.

The global rhinoplasty market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The Rhinoplasty Market is expected to be flourished by the rising demand for aesthetic procedures. Growing consumer desire to look attractive and youthful has boosted cosmetic procedures worldwide. According to the International Society of Aesthetic Plastic Surgeons, over 1.8 million rhinoplasty procedures were carried out globally in 2020 alone. A shift in societal attitudes towards self-care and self-improvement is fueling interest in aesthetic enhancements including rhinoplasty surgery. Furthermore, technological advances in rhinoplasty techniques such as 3D imaging and computer navigation have improved surgical accuracy and satisfaction rates. Minimally invasive procedures perform corrections through smaller incisions or even endoscopically reducing downtime and risks. Such innovations are encouraging more individuals to opt for cosmetic rhinoplasty.

Additionally, surging disposable incomes and medical tourism in developing nations provide growth opportunities. Affordability and accessibility of aesthetic treatments in countries like Mexico, India, and Thailand attract international patients for low-cost rhinoplasty and other procedures. Favorable medical reimbursement policies further support the market expansion.

Segment Analysis

The rhinoplasty market is segmented based on type into open rhinoplasty and closed rhinoplasty. The closed rhinoplasty segment currently dominates the market owing to advantages such as minimal tissue damage, shorter healing time and less pain during recovery as compared to open rhinoplasty.

PEST Analysis

Political: Governments of various countries have implemented certain regulations regarding the licensing and qualification criteria of medical professionals performing cosmetic surgeries like rhinoplasty to ensure patient safety.

Economic: Rising disposable incomes along with growing awareness about aesthetic procedures especially in developing nations is fueling market growth. High procedure costs can challenge the market to some extent.
Social: Changing social acceptance of cosmetic surgeries and focus on physical appearance has boosted their adoption. Celebrity influence also drives market demand.
Technological: Advancements in 3D imaging, computer-assisted techniques allow for improved precision and customized results. Materials used for implants have also evolved over time.

Key Takeaways

The global Rhinoplasty Market Growth is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis:

North America holds the largest share of the global rhinoplasty market led by the US. High per capita medical expenditures, well-established healthcare infrastructure along with sophisticated medical technologies enable extensive adoption of aesthetic treatments.

Key players operating in the rhinoplasty market are Barco, Absen, Lighthouse Technologies, ROE Visual, Unilumin, PixelFLEX, LianTronics, Daktronics, NEC Display Solutions, Sony Corporation.

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