The cosmetic surgery market involves procedures that enhance or alter a portion of an individual's body, face or skin to restore or improve their appearance and/or self-esteem. Non-surgical procedures like Botox injections, chemical peels and laser treatments are used to reduce wrinkles and skin damage by stimulating collagen production. Surgical procedures include liposuction, breast augmentation, rhinoplasty and abdominoplasty. The surgeries help to reshape specific areas and bring about proportional facial features and bodily contours that are believed to be aesthetically pleasing. The rising vanity trends, growing adoption of Western beauty standards and increasing spending capacity in countries like Brazil, India and China is expected to drive the demand for cosmetic procedures.
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.). Growing working population, rising spending on personal care and high adoption of non-invasive procedures especially botulinum toxin and dermal fillers is expected to drive the market during the forecast period. Advancements like hybrid procedures combining surgery and non-surgical treatments, 3D modeling and simulation and stem cell therapy is aiding market growth.
Market trends include growing demand for non-invasive cosmetic procedures and male patients segment accounting for over one-fourth of surgical procedures. Procedures that help tighten skin naturally and require less downtime like Thermage FLX, InMode Emsculpt and Cutera truSculpt are gaining popularity. Combination procedures are becoming common to achieve subtle, natural looking results.
Market Opportunities include targeting emerging economies, addressing psychological motivations, adopting hybrid procedures combining several treatments and leveraging social media influencers for promotion. Emerging techniques like high-intensity focused ultrasound and neuromodulators will open new avenues.
Impact of COVID-19 on Cosmetic Surgery Market Growth
The COVID-19 pandemic has impacted the cosmetic surgery market significantly. During the initial lockdown phases in 2020, all non-essential surgeries were canceled or postponed. This led to a sharp decline in the overall volume of cosmetic procedures performed. There was an estimated 50% decline in cosmetic surgeries worldwide during the peak of the pandemic. Many cosmetic surgeons saw their practices come to a sudden halt as social distancing measures were enforced. However, as lockdowns started lifting in late 2020, there was a gradual recovery witnessed in the market. While mask-wearing made some procedures like facial surgery less appealing, other areas like body contouring witnessed higher demand as people engaged in more virtual meetings and wanted to look good on camera. Going forward, as the pandemic slowly comes under control with ongoing vaccination programs, the market is projected to recover fully by 2024. Cosmetic surgeons will need to focus on safety protocols, enhanced sterilization measures as well as virtual consultation options to engage with customers even during periods of social distancing restrictions.
In terms of geography, North America accounts for the largest share of the overall cosmetic surgery market in terms of value. The United States, being the largest individual market, contributes significantly due to higher spending power of consumers and well developed medical landscape supporting various procedures. However, the Asia Pacific region is poised to be the fastest growing region for cosmetic surgery over the next decade. Countries like China, South Korea and Japan are witnessing increasing popularity for minimally invasive and non-invasive procedures. With rapidly growing middle class, improved medical tourism and rising awareness, Asia Pacific will see higher demand for cosmetic enhancement and body contouring services. Affordability of procedures in certain countries is also fueling the regional market growth.
While the United States is still the dominant market for cosmetic surgery globally, Brazil has emerged as a major center for procedures in South America. This is attributed to widespread availability of trained cosmetic surgeons as well as more affordable treatment costs compared to the US and Western Europe. Brazilians are becoming increasingly conscious about physical appearance and aesthetic enhancement is considered a sign of social status. Non-surgical treatments are more commonly performed in the country which is buoying national market growth rates. Stringent qualification requirements for practitioners and focus on advanced training programs will help sustain Brazil's leadership in the Latin American cosmetic surgery space.
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