According to a new report by Market Research Future (MRFR), the global market for cosmetic surgery has reached a revenue of $ 21.97 billion by the end of 2023. The market has been estimated to expand at 7.8% CAGR over the assessment period (2017-2023) mainly due to social and cultural factors like influence of film industry, media, and fashion. Plastic surgery is a special surgery segment which involves reconstruction, restoration, and alteration of the human body and enhance the appearance of the body. Procedures includes both nonsurgical and elective surgical procedures
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The increasing awareness about reliability and effectiveness of cosmetic surgery has fueled the demand for the same, for instance, The American Society for Aesthetic Plastic Surgery estimates an increase of 6.5% in the total number of cosmetic surgical procedures in 2013 with almost 1.9 million surgeries performed. The health-related factors that will catapult the growth of the market are rise in obesity, the growing safety margin of cosmetic surgery, growing number of cosmetic surgery hospitals, etc. Other factors that will catalyze the boom in the market are advanced treatment such as silicone implants, rising per capita income, increased affordability, presence of skilled surgeons, proven results, medical tourism, minimum risk, etc. The growing acceptance of cosmetic surgery among the male gender also holds the potential to drive the market growth.
The restraints that can affect the market negatively are non-essential nature of cosmetic surgery, social taboos against violation of body parts, high cost of cosmetic surgeries despite fall in price, etc.
Global Cosmetic Surgery Market Segmentation:
The global cosmetic surgery market has been segmented based on surgical procedures, non-surgical procedures, and region.
Major surgical cosmetic procedures comprise lipoplasty, cosmetic ear surgery, cosmetic eyelid surgery, gynecomastia treatment, breast augmentation, abdominoplasty, breast reduction, and breast lift. Among these, breast augmentation and lipoplasty are the most popular surgeries. The number of breast augmentation process has increased owing to the reintroduction of silicone gel breast implant in 2006 by FDA. These procedures are costlier than non-surgical procedures and thus have to depend on insurance coverage.
Non-surgical procedures comprise laser therapy of leg veins, cosmetic injectables, sclerotherapy, laser hair removal, and skin rejuvenation. Among these, cosmetic injectables are expected to dominate the market during the assessment period. Cosmetic injectables can be sub-segmented into hyaluronic acid, poly-l-lactic acid, calcium hydroxyapatite, botulinum toxin type A, and collagen. Skin rejuvenation is further sub-segmented into noninvasive tightening, intense pulsed light laser treatment, Fraxel, chemical peel, and dermabrasion.
Key players of Global Cosmetic Surgery Market:
- Johnson & Johnson
- Valeant Pharmaceuticals International
- Cutera, Inc.
- Syneron Medical Ltd.
- Allergan, Inc.
- Genesis Biosystems, Inc.
US accounts for the maximum market share of the global cosmetic surgery market and the market is expected to increase continuously in coming years. This can be attributed to increasing pool of awareness and the growing acceptability of cosmetic surgery. Advancing technologies within the cosmetic surgery such as advanced silicone and polymer implants is also driving the market. However there is a definite shift of cosmetic surgery market to Asia pacific and Latin America with the most active part played by tourism industry.
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Detailed Table of Contents:
1.2 Scope Of Study
1.2.1 Research Objective
1.2.2 Assumptions & Limitations
1.3 Market Structure:
2 Research Methodology
2.1 Research Process:
2.2 Primary Research
2.3 Secondary Research:
3 Market Dynamics
3.4 Macroeconomic Indicators
4 Market Factor Analysis
4.1 Porters Five Forces Model
4.2 Bargaining Power Of Suppliers
4.3 Bargaining Power Of Buyers
4.4 Threat Of New Entrants
4.5 Threat Of Substitutes
4.6 Intensity Of Rivalry
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