Cosmetic Surgery Market

Market Synopsis:

The Global Cosmetic Surgery Market was valued at USD 44.1 Billion in the year 2021 and is forecast to reach a value of USD 54.2 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.5% over the forecast period.

Cosmetic Surgery market share is expected to grow significantly because of rising safety factors, rising obesity, accidents, and an increase in the number of Cosmetic Surgery hospitals. In addition, the growth of the tourism industry and the formation of tourism clusters such as Miami, Bangkok, and others have increased exposure to rehabilitative medical procedures as well as increased interest in these medical procedures. As a result, Cosmetic Surgery is becoming increasingly popular, particularly among men. Hence, the Cosmetic Surgery market is expanding at a rapid pace. Furthermore, technological advances and the development of advanced materials such as silicone implants, for example, are boosting the Market forward. Again, social and cultural factors such as the media's influence, the fashion and film industries, and social networking apps such as Snapchat and Instagram escalate the Market on the global platform.

The increasing demand for minimally invasive and non-invasive cosmetic surgeries will drive market growth. In addition, the popularity of digital photography, rising consumer demand to boost self-esteem, the introduction of self-monitoring apps, and the increasing availability of procedures within the Cosmetic Surgery industry among developing countries can all be attributed to the significant increase in the volume of cosmetic procedures. Another major factor driving growth in the Cosmetic Surgery products market is technological advancements in the manufacturing of Cosmetic Surgery products.

On the other hand, the non-essential nature of cosmetic surgery, social norms against violating body parts, and the high cost of these surgeries are some critical factors impacting the market growth. Even though economic factors such as rising per capita income and falling Cosmetic Surgery costs, among others, are expected to support market growth in the coming years.

Market Segmentation:

The Cosmetic Surgery Market is segmented based on Procedure, End User, and Region. Based on Procedure, the Market is further sub-segmented into Surgical Procedures and Non-Surgical Procedures. Based on End Use, the Market is sub-segmented into Hospitals, Office-Based Facilities, and Ambulatory Surgical Centers.

Based on Procedure:

Based on Procedure, the Surgical Procedures sub-segment dominated the Global Cosmetic Surgery Market in terms of revenue. Even though the number of Surgical Procedures performed globally is significantly lower than that of Non-Surgical Procedures, the higher cost involved in the Surgical Procedures; due to long-term effects; is pivotal in the segment's higher revenue share. According to data from the International Society of Aesthetic Plastic Surgery, breast implants, liposuction, eyelid surgery, abdominoplasty, and rhinoplasty were the top surgical procedures in terms of volume as per the date from the past years.

Based on End-User:

Based on the End-User segment, the market is further sub-segmented into Hospitals, Office-based Facilities, and Ambulatory Surgical Centers. The Hospitals sub-category had a significant share in 2021 and is projected to continue its dominance over the forecast period. This share is due to the increased prevalence of cosmetic surgeries in Hospitals. Moreover, the consumers prefer to have these surgeries in the hospitals due to insurance claims, experienced doctors, and others. Besides, the Ambulatory Surgical Centers sub-segment is projected to witness substantial growth during the forecast period.

Asia Pacific is projected to Grow at the Fastest CAGR During the Forecast Period.

Asia Pacific is accounted to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The Asia Pacific Cosmetic Surgery Market quickly establishes itself as a profitable market. The Cosmetic Surgery Market is shifting to APAC, with the tourism industry playing the most active role. Furthermore, improving economic conditions are a critical factor supporting the growth of the region's Cosmetic Surgery Market, increasing consumer purchasing power. India and China, as well as some Southeast Asian countries such as Vietnam, Thailand, and Malaysia, significantly contribute to regional market growth. Asia sees more people seeking cosmetic surgical procedures to improve their appearance and achieve a more natural look. The region's high disposable income and social influences on the concept of beauty are driving up demand for cosmetic surgeries.

Competitive Landscape:

The key players in the Global Cosmetic Surgery Market include- Allergan Plc, Mentor Worldwide LLC (Johnson & Johnson Services, Inc.), GC Aesthetics, Sientra Inc, Polytech Health & Aesthetics GmbH, HansBiomed Co. Ltd, Galderma S.A. (A Nestle Company), Alma Lasers Ltd. (Shanghai Fosun Pharmaceuticals Ltd.), Merz Pharma GmbH & Co. KGaA, Cutera, Inc, Anika Therapeutics, Inc.), Valeant Pharmaceuticals International Inc., Syneron Medical Ltd., Cynosure Inc. (Hologic Inc.), Suneva Medical Inc., Blue Plastic Surgery, Australia Cosmetic Clinics, Salmon Creek Plastic Surgery, The Plastic Surgery Clinic, Cosmetic Surgery (UK) Limited and others.

Segmentation of the Global Cosmetic Surgery Market: