Cosmetic Surgery Market size witness strong growth with 5.81% CAGR over 2020-2026
The nascent Cosmetic Surgery Market is set to emerge with a rapid rise in the number of products and procedures used to restore and enhance appearance. Cosmetic Surgery Market is positively impacted by med-technological advancements, improved cosmetic treatment procedures, and growing awareness regarding cosmetic surgery over the forecast period till 2026.
Further, growth in millennium group with rising disposal income, high media exposure along with trend of focus on body enhancement, in particular by celebrities are amid factors set to shape the market size.
Owing to high cost burden of traditional surgical treatments, minimally invasive procedures drives the cosmetic surgery market with large market volume for Laser liposuction. Plenty of financing options, medical credit cards and personal loans to payment plans of cosmetic procedure are among the key market drivers.
Further, emerging economies have seen a phenomenal increase in availability of advanced cosmetic surgery laser treatments in the recent years because of increased business expansion of key market players across these regions.
In addition, licensing, collaboration, and franchising between vendors and healthcare clinics lead to the establishment of cosmetic surgery clinics resulting in cosmetic surgery market growth.
However, rise in alternative approaches, side effects and the risks of undergoing cosmetic surgery which varies from person to person remains key challenges for the cosmetic surgery market.
Unbiased adoption of cosmetic procedures leverages cosmetic surgery market value
Irrespective of gender discrimination, the Cosmetic surgery is gaining popularity across both the genders. Accordingly, male population showcases dramatic 43% increase in both surgical and nonsurgical options over the past five years.
Rising trend of selfies to boost the cosmetic surgery market over the forecast period
The high media exposure in particular through self taken photographs, growth in young population with more self-aware of their looks, and active presence across social media platforms are amid upcoming cosmetic surgery market drivers. One in three facial plastic surgeons reports an increase in requests for procedures for body augmentation or facial enhancement.
Selfies are impacting the cosmetic surgery market in other ways too. During consultations, patients are considering showing their selfies to explain what specific goals they would like to be addressed through cosmetic surgery. This helps the doctor suggest the surgical approach that would work best.
Growth in Technical procedures of cosmetic treatment opens up huge market opportunities
The constant evolution of cosmetic dermatology continues to become safer and more reliable introduces issues of safety and efficacy. Key players are investing to develop innovative products and procedures such as liposuction techniques. An increase in a number of liposuction procedures globally has led to a high amount of investments in R&D for reduce time and efficiency of the liposuction procedure.
The various energy-based liposuction techniques penetrating market growth comprise ultrasound and laser assisted liposuction, radiofrequency assisted liposuction and non-invasive methods of fat reduction.
In addition, cosmetic surgery market players are continuously investing to come up with new non-surgical procedures. Dermal fillers, laser hair removal, and chemical peels are among non-surgical procedures trending the market. In addition, advancements made in cosmetic & reconstructive procedures such as micro-dermabrasion and photo rejuvenation are boosting the cosmetic surgery market over the forecast period.
Emerging trends shaping the market size across key market regions
Cosmetic surgery market growth is in rise across Americas characterized by recent trends in body shaping procedures with a spike in non-invasive fat reduction as well as breast augmentations, liposuction and Botox. According to ASPS, in 2018, an estimate of 18 million people underwent surgical and minimally invasive cosmetic procedures in the United States.
However, the financial burden, research options globally through the internet, and increasing numbers seeking improved service, quality, and value is drifting the market growth towards developing regions.
Medical tourism and surgery overseas are emerging trend globalizing cosmetic surgery market across lower- and middle-income countries. These countries have begun to capitalize Western nations by building sophisticated facilities and offering healthcare services at a fraction of the cost of the US healthcare system.
Accordingly, people from the U.S prefer to travel to Brazil, Mexico, CostaRica, and Panama for cosmetic surgery due to their proximity, and to Malaysia, Singapore, Hungary, and India due to the low cost of treatments, improved medical infrastructure, and renowned surgeons. For instance, cosmetic surgery prices across Asia Pacific are comparatively lower by 8%-10% than countries such as the US, UK, and other European countries.
Product launches and strategic alliances across market players upswings cosmetic surgery market growth
Key players are investing in innovative products with longer result outcomes, for instance, Allergan launched Juvéderm Volite, which is claimed to maintain results up to 9 months.
Further, key players are marketing innovative products with U.S. FDA clearance to market and sell next-generation products across different surgery markets. For instance, in 2019, Apyx Medical Corporation marketed Renuvion FDA approved product in the cosmetic surgery market and as J-Plasma in the hospital surgical market.
In addition, investments and strategic acquisitions are observed across key players to procure latest technologies. For example, Allergan plc announced $2.4 billion acquisition of ZELTIQ® Aesthetics, Inc. a proprietary of controlled-cooling fat reducing treatment, CoolSculpting.
Allergen PLC, Mentor Worldwide LLC, Galderma SA, Bausch Health Companies Inc., Merz PharmaGmbH & Co. KGaA, Syneron, Zetiq Technologies Ltd, Cynosure Technologies, Alma/Fosun Pharma are among key contributors of cosmetic surgery market growth.