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The cosmetic surgery market comprises a wide range of surgical and non-surgical procedures that enhance physical appearances. These procedures aid in improving certain features of the body through surgical and non-surgical means. Some common cosmetic procedures include breast augmentation, liposuction, rhinoplasty, abdominoplasty, and eyelid surgery. Such procedures provide physical, mental, and social benefits to individuals by enhancing facial features, boosting confidence, and delivering youthful appearances. The growing desire to alter physical attributes and maintain youthful appearances is a key factor driving the demand for various cosmetic procedures. In addition, the availability of various affordable financing options and the non-invasive nature of certain procedures have made cosmetic surgeries widely accessible. Furthermore, technological advancements in equipment and techniques have reduced procedure risks and improved outcomes. However, social stigmas related to cosmetic surgeries in some cultures remain a challenge.
The global Cosmetic Surgery Market is estimated to be valued at US$ 57.35 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Non-surgical procedures gain popularity: One of the major trends witnessed in the cosmetic surgery market is the increasing popularity and uptake of non-surgical aesthetic procedures such as Botox injections, laser skin resurfacing, dermal fillers, and chemical peels. These procedures are less invasive, have a shorter recovery period, and pose minimum risks compared to surgical procedures. They are gaining rapid acceptance, especially among young individuals seeking quick fixes for specific concerns. Furthermore, non-surgical procedures are more affordable than surgical operations, making them widely accessible to a broader consumer base. The rising preference for non-surgical procedures is expected to continue shaping market trends.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cosmetic surgery market is moderate as it requires heavy investments and skills to set up a cosmetic surgery facility. However, some standalone clinics with 1-2 surgeons are able to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as customers have many options to choose from in terms of clinics, surgeons and price of surgery.
Bargaining power of suppliers: The bargaining power of suppliers in the cosmetic surgery market such as equipment manufacturers is moderate as there are many suppliers in the market.
Threat of new substitutes: Threat from substitutes is low as there are few alternatives to cosmetic surgeries available currently.
Competitive rivalry: Competitive rivalry in the cosmetic surgery market is high due to presence of many global and regional players competing in terms of service quality and price.
Key Takeaways
The global cosmetic surgery market is expected to witness high growth over the forecast period of 2023 to 2030. The global Cosmetic Surgery Market is estimated to be valued at US$ 57.35 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Regional analysis: North America accounts for the largest share in the global cosmetic surgery market majorly driven by the US where non-surgical procedures account for maximum share. Asia Pacific is expected to witness fastest growth due to booming medical tourism industry in countries like Thailand, South Korea and India along with rapid urbanization and rising living standards.
Key players: Key players operating in the cosmetic surgery market are Allergan, Alma Lasers, Anika Therapeutics, Cutera, Cynosure, Galderma, Merz Pharma, Sientra and Sinclair Pharma. Allergan and Alma Lasers account for majority share in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
