June 16, 2024

Cosmetic Surgery is Estimated to Witness High Growth Owing to Technological Advancements and Growing Demand for Enhanced Appearances

Cosmetic surgery involves surgical and medical techniques that help enhance or restore the appearance of an individual. It comprises various procedures such as breast augmentation, liposuction, nose reshaping, eyelid surgery, facelift among others. These procedures are performed to improve facial structures and overall body aesthetics. Growing emphasis on physical appearance along with increasing disposable incomes have been driving demand for cosmetic surgeries. Moreover, advancements in technologies have allowed plastic surgeons to provide more natural and long-lasting results with minimal downtime. The Global Cosmetic Surgery Market is estimated to be valued at US$ 57.35 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

Key Takeaways

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.). Growing global economy and rising disposable incomes have led to growing expenditure on personal care. This has opened lucrative opportunities for providers of cosmetic procedures. New technologies like laser surgery, ultrasound and radiofrequency are allowing doctors to provide minimally invasive treatments with minimal downtime. These advancements are driving steady growth of the market.

Market drivers: Growing emphasis on physical appearance driven by rising influence of social media coupled with increasing disposable incomes are major growth drivers for the cosmetic surgery market. Younger demographics are now opting for procedures like breast augmentation, facelifts and liposuction to boost confidence levels. Additionally, improving technologies have made surgeries safer and results more natural. This has led to decreasing social stigma associated with cosmetic procedures thereby driving market growth.

The Cosmetic Surgery Market is facing major challenges which can hamper its growth. One of the key challenges is a lack of proper infrastructure like advanced medical facilities, skilled surgeons and trained staff in many regions across the globe. This restricts the accessibility to quality cosmetic surgeries. Another major challenge is the high cost associated with these procedures. Cosmetic surgeries involve significant monetary investments which most people cannot afford. This limits the penetration of the market. Rising medical costs and inflation has also increased the prices of various cosmetic procedures over time.

Lack of awareness about the techniques and technology used is also a challenge faced by the market. Many people are still unaware or skeptical about the modern non or minimally invasive procedures. This prevents them from undergoing treatments. Post surgery risks and complications also concerns potential customers. While technology has reduced risks significantly, the complex nature of surgeries will always bear some amount of risk which patients fear. Cultural factors also influence the perception and acceptance of cosmetic treatments in various societies. Social stigma associated in some cultures discourages people from opting for these treatments. Stringent regulations governing the industry also poses challenges for market players.

Current challenges:

The Covid-19 pandemic has severely impacted the Cosmetic Surgery Market and highlighted various challenges. During the peak of pandemic in 2020 and 2021, most elective surgeries were halted or postponed to avoid virus spread and prioritize critical care. This led to huge revenue losses and backlogs for players. Social distancing norms also restricted consultations, evaluations and other pre surgery processes. Players faced difficulties in maintaining cash flows and managing overheads during this phase. The pandemic caused widespread economic distress as well. This reduced discretionary spending on cosmetic procedures in short term. Labor shortages at clinics due to virus exposure continues to pose operational challenges. Resuming back to pre-pandemic activity levels while ensuring safety of staff and customers is still a work in progress.

SWOT Analysis
Strength: Advanced non or minimally invasive techniques allows faster recovery and less scarring. This is a major attraction for customers.
Weakness: High dependency on discretionary consumer spending makes market volatile in times of economic uncertainties or downturns. Lack of access and affordability in many regions restrain market reach.
Opportunity: Rising emphasis on physical appearance and self confidence offers scope for greater adoption. Emerging economies with large population entering middle class present a huge untapped customer base.
Threats: Growing availability of cheap alternates like injectable fillers pose pricing pressure on established players. Stringent regulations and increasing complexity pertaining to patient risk assessment and care also threatens margin outlook.

Geographical regions in the cosmetic surgery market:

North America dominates the global cosmetic surgery market in terms of value. The U.S is the single largest country market which represents more than 35% of worldwide revenues due growing acceptance and accessibility. Presence of advanced infrastructure, skilled professionals and favorable reimbursement have propelled the market. Europe is the second biggest region driven by nations like Germany, Italy, France and UK where non-invasive procedures hold high popularity. Asia Pacific is emerging as the fastest growing market globally supported by affluent populace.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it