The global cosmetic surgery and procedure market size is expected to reach USD 145.7 billion by 2030, registering a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Technological developments, growing use of social media, and increasing disposable income are some of the factors likely to drive the market during the forecast period.
The substantial increase in the volume of cosmetic procedures can be attributed to the popularity of digital photography, rising demand by consumers to boost self-esteem, the introduction of self-monitoring apps, and the increasing affordability of cosmetic surgeries in developing countries. Furthermore, risk associated with cosmetic surgery has decreased due to technological developments and the presence of skilled surgeons.
It was observed that the volume of both surgical and nonsurgical cosmetic procedures has increased in the past few years. This can be attributed to increasing disposable income, increasing safety of surgical procedures, growing faith of patients on such surgeries, and growing medical tourism.
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The rising volume of cosmetic surgeries due to increasing demand from emerging countries is expected to boost the market
The cosmetic surgery or surgical procedure segment accounted for the maximum share in 2016 due to increasing affordability of cosmetic procedures, increasing the safety of surgeries, the growing reliance of patients on surgeries to achieve positive outcomes, the presence of skilled surgeons, and long-lasting results
The non-surgical cosmetic procedure segment is likely to witness the fastest growth in the coming years due to higher awareness and lower risk in comparison to surgical procedures. Furthermore, nonsurgical procedures are more economical and a large number of relevant service providers are easily available
Geographically, North America dominated the cosmetic surgery and procedure market in 2016. It is anticipated to maintain its dominant position during the forecast period due to increased awareness about aesthetic procedures, higher healthcare expenditure as compared to other developing countries, and greater adoption of procedures by both men and women.
The cosmetic surgery and procedure industry in Asia Pacific is expected to witness the fastest growth over the next decade owing to the growing medical tourism, improving healthcare infrastructure, and availability of high-quality services.
People from developed countries travel to India, Brazil, Mexico, Malaysia, and South Korea for affordable cosmetic procedures. Hence, the market is expected to witness strong growth in developing countries
Some of the key players operating in the market are ALLERGAN; Merz Pharma; Nestlé; Cutera; Cynosure, Inc.; Ipsen; Sientra, Inc.; Alma Lasers; and Johnson & Johnson
Grand View Research has segmented the cosmetic surgery and procedure market on the basis of procedure type and region
Cosmetic Surgery And Procedure Type Outlook (Revenue, USD Million, 2018 - 2030)
Soft Tissue Fillers
Laser Hair Removal
Cosmetic Surgery And Procedure Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa
List Of Key Players Of Cosmetic Surgery And Procedure Market
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