Cosmetic surgery has become increasingly popular in enhancing physical appearance. Procedures such as breast augmentation, liposuction, eyelid surgery and abdominoplasty help improve certain parts of the body through surgical reshaping and alteration. The global cosmetic surgery market offers minimally invasive surgery options using latest technologies to reduce surgery time and post-operative hospital stay.
The global Cosmetic Surgery Market is estimated to be valued at US$ 57.35 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Propelled by increasing adoption of minimally invasive procedures, the cosmetic surgery market is witnessing strong growth. Minimally invasive procedures use modern technology and instruments to perform surgery through small incisions instead of traditional open surgery. This results in less pain, scarring and faster recovery time. With rising preference for quick yet effective cosmetic enhancement, the demand for minimally invasive plastic surgeries such as liposuction, anti-aging procedures and breast augmentation is growing. Moreover, advanced techniques like laser skin resurfacing and radiofrequency for skin tightening are gaining popularity. Technological advancements enabling precision and accuracy during surgery as well as development of innovative products are attracting larger consumer base to opt for minimally invasive cosmetic procedures.
SWOT Analysis
Strength: Non-invasive cosmetic procedures have gained popularity due to minimal downtime and recovery period. Such procedures allow patients to return to normal activity quickly.
Weakness: Risks associated with surgery such as infection, scarring, swelling, pain and bruising act as a deterrent. Concerns regarding safety standards in developing countries hamper market growth.
Opportunity: Rising awareness about aesthetics and availability of various cosmetic treatments attract new customers. Growing medical tourism industry in Asia Pacific positively impacts market revenue.
Threats: Economic slowdowns and recessions impact discretionary spending on elective procedures. Stringent regulations and compliance requirements raise production costs.
Key Takeaways
The global cosmetic surgery market is expected to witness high growth. The global Cosmetic Surgery Market is estimated to be valued at US$ 57.35 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030.
Regional analysis comprises North America dominates with a sizeable market share owing to increasing demand for aesthetic treatments. The Asia Pacific region is poised to grow at the fastest CAGR during the forecast period with India, China, South Korea and Thailand emerging as lucrative destinations for medical tourism.
Key players operating in the cosmetic surgery market are Allergan plc, Alma Lasers, Syneron Medical Ltd., Cutera, Inc., Cynosure, Galderma S.A., Lumenis, Solta Medical, Valeant Pharmaceuticals International Inc. Growing cosmetic tourism in parts of Asia and Latin America will support the expansion plans of these major players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it