Rhinoplasty, also referred to as nose reshaping surgery, is an operation done to change the size, shape or angle of the nose or correct proportion with the overall facial features. Rhinoplasty surgery is widely used to correct breathing difficulties as well as for cosmetic purposes to reshape the nose for aesthetic reasons. Some of the common indications for cosmetic rhinoplasty include improving nasal appearance, enhancing facial symmetry, fixing crooked or hooked noses and reducing drooping nasal tips.
The global rhinoplasty market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the major drivers fueling the growth of rhinoplasty market is the rising preference for cosmetic surgery. With increasing focus on physical appearance and the impact of social media, more people are opting for cosmetic rhinoplasty procedures to enhance their facial features and boost their self-confidence. Moreover, technological advancements in rhinoplasty techniques such as computer imaging systems and 3D printed models allow surgeons to simulate surgical outcomes more accurately and minimize risks and complications associated with the surgery. This is further increasing the adoption of rhinoplasty procedures globally. However, high cost associated with rhinoplasty surgery, especially cosmetic surgeries could hamper the market growth during the forecast period.
Segment Analysis
The global rhinoplasty market is segmented into primary and revision surgery. The primary surgery segment dominates the market and accounts for around 70% market share. Primary rhinoplasty procedures help reshape or refine the nose and are performed for medical as well as aesthetic reasons. It finds wide application in correcting birth defects, nasal injuries, chronic sinus problems and enhancing facial features. The segmental demand is anticipated to remain strong over the forecast period on rising aesthetic consciousness and availability of advanced rhinoplasty techniques.
PEST Analysis
Political: Healthcare reforms in various countries strive to improve access and affordability of elective cosmetic surgeries like rhinoplasty. Favorable medical tourism policies also boost the market.
Economic: Rising disposable incomes and developing healthcare infrastructure in emerging nations have increased priority on aesthetic looks. This supplements demand for rhinoplasty procedures.
Social: Growing acceptance of cosmetic enhancements coupled with increasing social media influence have normalized and boosted rhinoplasty rates globally.
Technological: Advancements in grafting materials, surgical tools and techniques like closed rhinoplasty have reduced risks and improved outcomes. Virtual surgical planning and 3D imaging help surgeons and patients visualize results.
Key Takeaways
The Global Rhinoplasty Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global Rhinoplasty Market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The North America region currently dominates the market owing to high awareness, well-established healthcare systems and presence of key players. The Asia Pacific rhinoplasty market is predicted to emerge as the fastest growing regional market propelled by medical tourism, rising incomes and growing aesthetic consciousness.
Key players operating in the rhinoplasty market are ESI Triage, Emergency Medical Associates, VeEDIS Clinical Systems, HealthLynked Corp, Innovative Health Media LLC, Digital Health Solutions LLC, PatientStack, Allm Inc., Pulsara, PatientCare Technology, Averhealth LLC, Emergisoft, Kyruus, Evolve Technology Solutions, eVisit, LeanTaaS, Twiage LLC, RapidDeploy, SonarMD, and Qventus Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
