Estimation of cosmetic surgery market size, research outlook, sales projections, industry dynamics and trends by 2027
Overview of the cosmetic surgery market
Cosmetic surgery thrives due to a variety of societal and cultural factors. According to the latest research reports, the cosmetic surgery market the size is expected to reach USD 21.97 billion by registering a CAGR of 7.8% during the forecast period. Cosmetic surgery is a medical specialty that focuses on improving one’s appearance through surgical and medical techniques. It is a procedure that can be performed on any part of the body. The visual appeal it imparts helps the market attract interest from various sectors.
Dynamics of the cosmetic surgery market
Cosmetic surgery is developing at a breakneck pace. The sector is advancing through technological improvements and the introduction of advanced materials such as silicone implants. Cosmetic surgery is expected to grow dramatically over the next few years as safety margins improve, obesity levels increase, accidents occur, and the number of cosmetic surgery hospitals increases. The growth of the tourism industry, along with the formation of tourist hubs in cities like Miami and Bangkok, has not only increased awareness of cosmetic treatments, but also created a high demand for them.
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Additionally, social and cultural factors such as media, fashion and entertainment industries along with social media applications such as Snapchat and Instagram are all contributing to the global market growth. On the other hand, the growth of the cosmetic surgery market is hindered by the non-essential nature of the procedure, societal taboos regarding the violation of physical parts, as well as the high cost associated with these operations. Nevertheless, economic factors such as increasing per capita income and decreasing cost of cosmetic surgery are expected to support the growth of the market in the coming years.
On the other hand, as the COVID-19 outbreak escalates, the safety of ablative resurfacing lasers, microneedling, and dermatological surgery techniques has come into question. Additionally, a failing economy and dwindling discretionary spending deter clients from pursuing expensive cosmetic procedures, which presents a practical constraint.
Cosmetic Surgery Market Segment Analysis
The global cosmetic surgery market is segmented by MRFR into surgical and non-surgical treatments.
Lipoplasty, cosmetic ear surgery, gynecomastia therapy, cosmetic eyelid surgery, abdominoplasty, breast augmentation, breast reduction and breast lift are the surgeries that make up the surgery market aesthetic.
Regional Overview of Cosmetic Surgery Market
According to the research, the global cosmetic surgery market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America accounts for the lion’s share of the market. The region’s market size is expected to continue growing steadily over the coming years. The growing acceptance of cosmetic surgery and its wide notoriety are significant factors driving the growth of the market. Additionally, substantial advancements in related technology, especially as improved silicone and polymer implants, are advancing the cosmetic surgery business of the region. Cosmetic surgery is the second largest market in Europe. Several significant factors contributing to the expansion of the regional cosmetic surgery market include better economy and growing fan base. Additionally, the growing knowledge and developments in medical technology are having a positive impact on the growth of the cosmetic surgery industry in the region.
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The cosmetic surgery industry in Asia-Pacific is experiencing rapid growth in profitability. Cosmetic surgery is clearly moving towards APAC, with the tourism industry playing the most active role. Moreover, improving economic conditions contribute significantly to the value of the cosmetic surgery industry in the region, as it increases the purchasing power of consumers. India and China, along with other Southeast Asian countries such as Vietnam, Thailand, and Malaysia, are all contributing significantly to the growth of the regional market.
Competitive Dynamics of the Cosmetic Surgery Market
Notable players profiled in the cosmetic surgery market report are Valeant Pharmaceuticals International, Cutera, Inc., Johnson & Johnson, Syneron Medical Ltd., Genesis Biosystems, Inc. Allergan, Inc. and others.
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