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The cosmetic surgery market involves a wide range of aesthetic and reconstructive surgical as well as non-surgical procedures which enhance and reshape body structures for improving cosmetic appearance or restoring the function of body parts. Some common cosmetic surgeries include breast augmentation, liposuction, rhinoplasty, eyelid surgery, facelifts, buttock augmentation and hair restoration. These procedures are performed to look proportionate, symmetrical and feel better about physical appearance. Rising awareness about physical appearance and focus on looking young and fit has boosted the demand for cosmetic treatments.
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, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The cosmetic surgery market is expected to be flourished by rising demand for attractive appearance. One of the major drivers fuelling the growth of cosmetic surgery market is growing influence of social media on body image perception. Increased time spent on social networking platforms has made people more conscious about their physical appearance. Photoshopped pictures and videos viewed on these sites exacerbate people’s dissatisfaction with their natural looks. This has motivated them to undergo cosmetic procedures like liposuction, blepharoplasty and rhinoplasty to achieve desirable physique. Moreover, rising prevalence of skin disorders like acne, melisma and skin laxity has further encouraged the demand for anti-aging services and non-invasive rejuvenating treatments. Surging working population and increasing disposable income in developed and emerging countries provide financial flexibility to splurge on beauty treatments and cosmetic enhancements. This, coupled with availability of minimally invasive procedures and virtual simulation, has uplifted consumer confidence in cosmetic enhancements. However, risks of surgery, lengthy healing time and substantial costs associated with aesthetic treatments restrain complete market growth.
Segment Analysis
The cosmetic surgery market can be segmented into surgical procedures and non-surgical procedures. Surgical procedures dominated with a share of around 60% in 2023. Breast augmentation has been the dominating surgical cosmetic procedure globally accounting for over 30% of the total surgical cosmetic procedures performed in 2023. This is mainly due to the increasing social acceptance of cosmetic surgeries and awareness regarding appearance enhancement.
PEST Analysis
Political: Cosmetic surgeries are regulated by various government bodies globally to ensure patient safety. Some countries have stricter norms than others which impacts the market.
Economic: Growth in disposable incomes and increased spending on healthcare and personal care is fueling market growth. However, economic slowdowns can negatively impact discretionary spending on cosmetic procedures.
Social: Changing social norms and growing emphasis on physical appearance is a key driver. Greater social acceptance of cosmetic surgery has made it more commonplace.
Technological: Advancements in surgical tools and techniques have made procedures safer, less invasive and reduced recovery times. 3D imaging, robotics and laser technology are gaining popularity.
Key Takeaways
The global cosmetic surgery market is expected to witness high growth aided by socio-economic factors and technological advancements.
The North American region currently dominates owing to early adoption of new techniques along with availability of advanced medical infrastructure and skilled professionals.
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.).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
