The global cosmetic surgery market is witnessing significant growth attributed to the increasing demand for minimally invasive cosmetic procedures. Cosmetic surgery procedures involve surgical and non-surgical treatments that enhance physical appearance through altering or restoring body contours. Non-invasive cosmetic procedures such as dermal fillers, breast augmentation, liposuction, chemical peels, and laser hair removal are widely gaining acceptance owing to reduced pain, recovery time, and fewer scars. 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:
The increasing acceptance of non-invasive procedures has emerged as a key trend in the cosmetic surgery market. Non-invasive cosmetic procedures require lower downtime and risk as compared to traditional invasive surgeries. For instance, breast augmentation through fat grafting and injections require a recovery period of around 1-2 weeks as compared to 5-7 days for implants. Similarly, various techniques such as Thermage, Profractional, and Fractional Laser Resurfacing offer skin tightening and renewal benefits with minimal downtime. Growing popularity of these techniques on social media platforms by bloggers and celebrities is further raising awareness and acceptance of non-invasive procedures among consumers. This increasing demand is expected to propel the market growth of non-invasive cosmetic surgeries over the forecast period.
SWOT Analysis
Strength: Advanced technologies used for procedures like lasers, injectable fillers, robotic surgery enhance patient outcomes and safety. Growing social acceptance of aesthetic enhancements boosts demand.
Weakness: High costs of procedures make it unaffordable for many. Post-surgery complications and side effects pose risks. Dependency on discretionary consumer spending increases market volatility.
Opportunity: Rising middle class populations in developing nations promote industry expansion. New product launches catering specific requirements. Telehealth and virtual consultations strengthen market access.
Threats: Stringent regulations impede procedural approvals and new entrants. Economic slowdowns curb non-essential spending on enhancements. Alternative non-surgical treatments gain popularity.
Key Takeaways
The global Cosmetic Surgery Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for Cosmetic Surgery is projected to reach US$ 57.35 Bn by 2024.
Regional analysis – North America currently dominates the market and is expected to maintain its leading position throughout the forecast period. This can be attributed to the early adoption of new technologies and procedures in the region. Asia Pacific is expected to witness the fastest growth over the forecast period supported by growing medical tourism, rising income levels and increasing social acceptance of aesthetic treatments.
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.). The market remains highly competitive with major players focusing on new product innovations and expansion in high growth regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it