Cosmetic Surgery Market Size, Share and Growth Outlook by Surgery Type (Liposuction, Eyelid and Nose Surgery, Body Contouring (Tummy Tuck, Breast Lift, Others), Facial Reconstruction, Cosmetic Implants (Breast Augmentation, buttock Implants, Chin & Cheek Implants) and others) – Forecast to 2023
Cosmetic Surgery Market Overview
According to the latest research reports, the cosmetic surgery market size is predicted to reach USD 21.97 Billion by registering a CAGR of 7.8% during the forecast period 2017 – 2023. Cosmetic surgery is expected to grow significantly in the coming years as safety margins improve, obesity levels rise, accidents occur, and the number of cosmetic surgery hospitals increases. The growth of the tourism industry, as well as the establishment of tourism clusters in cities such as Miami and Bangkok, has increased not only awareness of cosmetic procedures, but has also created a high point demand for them. Males account for 40% of the increase in popularity of cosmetic procedures.
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The cosmetic surgery market can anticipate being influenced by media, fashion, and other cultural factors. Recent trends and publicity have compelled some to adopt these aesthetic enhancements that can enhance a person’s appearance. It is being bolstered by emerging medical tourism hubs such as Miami and Bangkok, where the infrastructure for such treatments is widely available and, in some cases, packaged affordably.
The surge in demand for such surgeries is being fueled by a high level of disposable income. Cosmetic surgery is growing at a breakneck pace. The industry is advancing due to technological advancements and the development of sophisticated materials such as silicone implants. Additionally, social and cultural factors such as the influence of the media, fashion, and entertainment industries, as well as social networking applications such as Snapchat and Instagram, all contribute to the global growth of the cosmetic surgery market. Social media and photography are also playing a significant role in promoting the market. These two fields are causing people to evaluate themselves, and it is at this point that appearance becomes paramount, resulting in an increase in the patient pool for such surgeries.
On the other hand, the cosmetic surgery market’s growth is being hampered by the non-essential nature of the procedure, societal taboos against violating bodily parts, as well as the high cost associated with these operations. Nonetheless, economic factors such as increasing per capita income and decreasing cosmetic surgery costs are expected to support market growth in the coming years. As the COVID-19 pandemic spreads, the safety of ablative resurfacing lasers, microneedling, and dermatological surgery procedures has come into question. Additionally, a slowing economy and decreased discretionary spending deter customers from undergoing costly cosmetic procedures, imposing a practical constraint.
Cosmetic Surgery Market Segmental Analysis
The market is segmented by product type and geography. The global cosmetic surgery market is anticipated to expand at a healthy clip over the forecast period.
The cosmetic surgery market is segmented by application into liposuction, eyelid and nose surgery, body contouring, face reconstruction, and cosmetic implants.
The cosmetic surgery market is segmented by propulsion type into tummy tucks, breast lifts, and others.
Cosmetic Surgery Market Regional Outlook
The global cosmetic surgery market, according to the reports, is segmented geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
North America dominates the cosmetic surgery market. The market size of the region is expected to continue growing steadily over the next few years. The growing acceptance of cosmetic surgery and widespread awareness are significant factors driving the market’s growth. Additionally, significant advancements in related technologies, such as enhanced silicone and polymer implants, are propelling the region’s cosmetic surgery industry forward.
Cosmetic surgery is the second largest market in Europe. Several key factors contributing to the growth of the regional cosmetic surgery market include an improving economy and an increase in the number of fans. Additionally, growing awareness and advancements in medical technology are positively impacting the region’s cosmetic surgery industry’s growth.
Asia Pacific’s cosmetic surgery market is rapidly growing in profitability. Cosmetic surgery is clearly shifting to APAC, with the tourist industry playing the most active role. Additionally, improved economic conditions contribute significantly to the region’s cosmetic surgery industry’s value, as they increase consumer spending power. India and China, as well as other Southeast Asian countries such as Vietnam, Thailand, and Malaysia, all make significant contributions to regional market growth.
Cosmetic Surgery Market Competitive Dynamics
Cosmetic surgery is a highly fragmented market, owing to the presence of numerous companies all vying for the lion’s share. They accomplish this through research and development efforts that result in the release of cutting-edge products.
Numerous notable companies are currently focusing their efforts on increasing their cosmetic surgery market share through the introduction of new equipment and products. Additionally, the desire for new goods that require fewer post-surgical treatments and have fewer adverse effects is assisting these firms in investing heavily in R&D efforts.
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The notable players are
- Johnson & Johnson
- Valeant Pharmaceuticals International
- Cutera, Inc.
- Syneron Medical Ltd.
- Allergan, Inc.
- Genesis Biosystems, Inc.
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