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The cosmetic surgery market refers to a range of aesthetic procedures that help enhance facial and physical appearance through surgical and non-surgical means. Such procedures involve surgical and non-surgical treatments for the face and body to improve facial features, skin appearance, body contours and proportions. Common cosmetic surgery procedures include eyelid surgery, liposuction, rhinoplasty, breast augmentation and various laser treatments among others. The Global Cosmetic Surgery Market is estimated to be valued at US$ 57.35 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Cosmetic Surgery market are Bausch Health Companies Inc. (Canada),Johnson & Johnson Services, Inc. (MENTOR) (U.S.),AbbVie Inc. (U.S.),Cutera (U.S.),Merz Pharma (Germany),GALDERMA (Switzerland),Sientra, Inc. (U.S.),Cynosure (U.S.),Apyx Medical (U.S.),Long Island Plastic Surgical Group, PC (U.S.). Key players in the market are focusing on launching new products and tapping into fast growing non-surgical segments.
The growing demand for cosmetic treatment procedures to enhance physical appearance is driving market growth. With rising disposable incomes and influence of social media, more people are opting for both surgical and non-surgical treatments. Procedures that promise quick recovery with less downtime are gaining popularity among millennial consumers.
Globally, the cosmetic surgery market is expanding with Asia Pacific representing the fastest growing regional market. Countries like China, South Korea, Japan and India are witnessing rising disposable incomes, access to advanced treatments and growing medical tourism industries, fueling market expansion. This has encouraged domestic as well as multinational companies to invest further in developing the Asia Pacific region.
Market Key Trends
The demand for non-surgical procedures is a key trend being witnessed in the cosmetic surgery market. Minimally-invasive and non-surgical treatments promise reduced discomfort, fewer side effects and shorter recovery times compared to conventional surgical procedures. Examples of popular non-surgical treatments gaining traction include anti-wrinkle injections, dermal fillers, laser hair removal, chemical peels and skin rejuvenation procedures using advanced lasers and energy-based devices. The rising popularity of non-surgical cosmetic treatments can be attributed to growing preference for minimally-invasive options as well as increasing access through medical spas and dermatologists’ clinics.
Porter’s Analysis
Threat of new entrants: Cosmetic surgery requires skill, training and equipment which creates barrier for new entrants.
Bargaining power of buyers: Buyers have moderate power due to availability of many clinics and surgeons offering cosmetic procedures.
Bargaining power of suppliers: Industry is highly fragmented with many suppliers of medical equipment, devices and implants with less bargaining power.
Threat of new substitutes: Emerging non-invasive procedures pose limited threat with cosmetic surgery being highly preferred for its long lasting effects.
Competitive rivalry: Industry is concentrated with few key players holding major market share due to brand equity, geographic coverage and economies of scale.
Geographical Regions
North America accounts for majority of the market value due to increasing demand for face and body contouring procedures and presence of key players in the region.
Asia Pacific is the fastest growing region due to rising medical tourism, growing middle class population and increasing disposable income in countries like China, India and South Korea leading to surge in aesthetic surgeries.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
