Market Research Future (MRFR) assessed the global cosmetic surgery market 2020 through the review period till 2023. As per MRFR study, the cosmetic surgery market is likely to rise at 7.8% CAGR across the forecast tenure (from 2017 to 2023). By 2023, the cosmetic surgery market value is expected to touch USD 21.97 Bn by 2023. MRFR offers information on impacts of drivers and restrains on the cosmetic surgery market for the evaluation term. The competitor portfolio is discussed vividly in the report. This segment study approach of the market offers insights that are expected to assist new players and investors make major business decisions.
Market Drivers and Restrains
The rise of the global cosmetic surgery market can be attributed to various cultural and social factors. The growing focus is on improving one’s appearance with surgeries and medical technique can prompt the market growth in the near future. Cosmetic surgeries are observed to gain popularity among people due to their impact on the lives of celebrities. The cosmetic industry is driven by media and fashion industry that is observed to garner considerable revenue every year. The rapid adoption of aesthetic tweaks to uplift appearance of a person can add to the market upsurge. The expansion of medical tourism industry across affluent regions, such as; Miami and Bangkok, that has robust infrastructure to offer treatments that are easily available and are cost-effective can prompt the market rise in the near future. High disposable income, increase in social media influence, and photography are other causes that are expected to promote the cosmetic surgery market at a substantial pace. On the contrary, lack of availability of expertise, drop in success rate of these surgeries, and high maintenance price can hinder the market growth in the near future.
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Segment Study of Cosmetic Surgery Market
The segment analysis of the global cosmetic surgery market is based on non-surgical procedures and surgical procedures.
The surgical procedures-based segments of the cosmetic surgery market are gynecomastia treatment, lipoplasty, cosmetic eyelid surgery, cosmetic ear surgery, abdominoplasty, breast reduction, breast augmentation, and breast lift. The breast augmentation segment is expected to earn high value, where as the lipoplasty segment is expected to rise at decent pace in the near future.
The non-surgical procedures-based segments of the cosmetic surgery market are cosmetic injectables, laser therapy of leg veins, sclerotherapy, laser hair removal, and skin rejuvenation. The cosmetic injectables segment is expected to support the market upsurge in the near future. This segment studies calcium hydroxyapatite, hyaluronic acid, botulinum toxin type A, collagen, and poly-l-lactic acid. The Skin rejuvenation segment is sub-segmented into noninvasive tightening, intense pulsed light laser treatment, dermabrasion, and Fraxel, chemical peel.
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The cosmetic industry in North America is expected to generate high turnover at decent growth pace due to the existence of top-notch innovators in the U.S.. The robust infrastructure and healthcare system in North America is expected to prompt the regional market. The ingression of disruptive technologies for cosmetic surgery can contribute to North America’s retention of hegemony over the forecast tenure. In Europe,the implementation of advanced technology to carry out different cosmetic surgeries can impacting the regional market in the years to come. In addition, the growing awareness about plastic surgery, and its accessibility can promote the market in the near future. In Asia Pacific, countries such as, India and Taiwan, and Australia, are observed to earn decent revenue for the regional market. Th rise in breast implementation and eyelid surgeries in Japan and expansion of the medical tourism across other economic are observe to bring in decent business for APAC cosmetic surgery market in the foreseeable future .
French scientists developed the computer-aided design (CAD) technique that can aid in the development of customized silicone implants for treating Poland syndrome. The mission of pectoralis major muscle in chest or its mal-formation that disfigures the chest is called Poland syndrome. CAD technique can provide the restoration of chest in such patients. Thus, the growing therapeutic applications of cosmetic surgeries, and their high utility for acid attack victims and people encountering road accidents are causes are observed to encourage key players for better innovations to provide solutions to peaking cosmetic issues and earn global recognition in the process.
Valeant Pharmaceuticals International, Johnson & Johnson, Cutera, Inc., Syneron Medical Ltd., Allergan, Inc., and Genesis Biosystems, Inc among others are some notable players in the cosmetic surgery market that are listed by MRFR.