The global Rhinoplasty Market is estimated to be valued at US$ 4,488.5 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Rhinoplasty is a cosmetic surgical procedure that reshapes and enhances the nose. It is mainly performed to improve the shape and appearance of the nose by modifying its bone structure or altering the size/shape of the nostrils. Rhinoplasty helps in correcting defects and disproportionate looks including bumps, drooping nostrils, or a deviated septum.
Market key trends:
One of the key trends in the Rhinoplasty market is the growing popularity of fat grafting technique. Fat grafting involves harvesting fat from one part of the body such as thighs or abdomen using liposuction and then injecting it into the nose for reshaping and contouring. It is gaining popularity as it provides long-lasting and natural results with minimal scarring as compared to traditional rhinoplasty methods. Fat grafting allows for subtle enhancements and corrections over time as the fat absorbed by the nose gets integrated into its structure permanently.
Segment Analysis
The rhinoplasty market is segmented into primary rhinoplasty and revision rhinoplasty. Primary rhinoplasty accounts for the largest market share as it is performed to correct nasal abnormalities at birth or due to traumatic injuries. Revision rhinoplasty is performed to improve the results of primary rhinoplasty procedures and aesthetic outcomes. Due to dissatisfaction with primary procedures and advancements in revision techniques, the revision rhinoplasty segment is growing at a higher rate.
Key Takeaways
The Global Rhinoplasty Market Demand is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to the increasing prevalence of nasal disorders and rising popularity of cosmetic procedures.
Regional analysis
North America dominates the rhinoplasty market and is expected to continue its dominance over the forecast period. This is attributed to the high prevalence of nasal abnormalities, increased medical tourism, and growing focus on aesthetics in the region. Asia Pacific exhibits the fastest growth due to growing medical tourism, rising awareness of cosmetic procedures, and increasing healthcare expenditure.
Key players
Key players operating in the rhinoplasty market are Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Allergan (Abbvie), Luminera, Implantech, Koken, ANTHONY PRODUCTS INC., NOUVAG, Sihuan Pharmaceutical Holdings Group Ltd., and Other prominent players. Stryker Corporation dominates the market due to its large product portfolio and strong distribution network across major markets.