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The cosmetic surgery market involves surgical and nonsurgical procedures that enhance and alter appearance through reconstruction of birth defects, burns, and improvement of Scars, skin laxity, harmless lesions, and spider veins. Additionally, prominent cosmetic surgery treatments include breast augmentation and liposuction which help reshape specific areas and restore a more youthful appearance. 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.). Key players are focusing on new product launches and strategic collaborations to gain more market share.
The key opportunities in the cosmetic surgery market include medical tourism and rising adoption among younger population. The medical tourism industry has been growing steadily over the past few years. Countries like India, Thailand, South Korea and Mexico have emerged as top destinations for medical tourism. In addition, people aged between 18-34 years are the major clientele for non-surgical procedures like botox and fillers.
The global expansion of the cosmetic surgery market is driven by increasing disposable income, growing middle class, and rising awareness regarding aesthetics. Countries like Brazil, China, and India have shown high growth potential. Furthermore, growing demand for non-invasive procedures in developing countries will continue boosting the market.
Market Drivers
Rising awareness regarding aesthetics is a key driver fueling growth of the global cosmetic surgery market. There is an increasing focus on physical appearance driven by growing popularity of social media platforms. This has boosted self-esteem and prominence given to looks. Additionally, availability of various treatment options, technologically advanced products along with increasing medical tourism is also positively impacting the cosmetic surgery industry.
PEST Analysis
Political: The cosmetic surgery market is regulated by various government laws pertaining to medical devices, drugs, and healthcare services. Regulations around standards of care, licensing, and safety of procedures impact business operations and market growth.
Economic: Consumer spending power and discretionary incomes influence demand for elective procedures like cosmetic surgeries. Economic stability and growth translate to higher spending on aesthetic treatments. Recessions may temporarily impact the market.
Social: Shifting social attitudes have increased acceptance of cosmetic enhancements to enhance appearance and self-esteem. Social media amplifies cultural ideals promoting physical attractiveness and youthfulness, driving the market.
Technological: Advancements in surgical techniques and devices aid non- or minimally-invasive options. The use of lasers, injectables, skin rejuvenation equipment expand treatment choices. New tools address emerging needs for customized, tailored procedures.
The global cosmetic surgery market in terms of value is concentrated majorly in the United States, Brazil, and Japan. The U.S. accounted for the largest share, with growing popularity of breast augmentations, liposuction, eyelid surgeries, and abdominal etching procedures. Brazil has witnessed an increase in aesthetic treatments owing to economic prosperity and cultural importance placed on physical beauty.
Among regions, Asia Pacific is poised to experience the fastest growth during the forecast period, with countries like China, India, and South Korea emerging as lucrative markets. Rising standards of living, growing medical tourism industry, and increasing desire of the middle class to embrace cosmetic enhancements are driving the regional market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
