Pune, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Cosmetic Surgery Market Size & Growth Forecast:
According to SNS Insider, The Cosmetic Surgery Market was valued at USD 56.8 billion in 2023 and is projected to reach USD 94.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2032. Such growth in this market can be attributed to the rising societal acceptance of cosmetic procedures, advancements in technology, and an increasing focus on aesthetic enhancement. Other factors such as the aging population, growing disposable incomes, and an enhanced focus on personal grooming have also gone a long way in contributing to this burgeoning demand for cosmetic surgeries and non-surgical procedures.
Cosmetic Surgery Market Outlook
The cosmetic surgery market is increasing as demand both for surgical and non-surgical procedures is continually on the rise. With increased aesthetic treatments, the supply is now on the rise due to many clinics and healthcare providers entering this market. Surgical procedures took up a larger portion of the market share since consumers are still opting for enduring results such as breast augmentation and liposuction. However, non-surgical treatments, like injectables and laser therapies, are gaining traction due to the shorter recovery times as well as the lesser risks involved. According to the report of the International Society of Aesthetic Plastic Surgery, ISAPS, there were approximately 18.9 million non-surgical procedures in 2022. This indicates that more consumers seek less-invasive alternatives. As the cosmetic market continues to grow, technological advancement and consumer needs will boost the market's growth.
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Key Cosmetic Surgery Industry Players:
- Bausch Health Companies Inc.
- Candela Corporation
- Johnson & Johnson Services, Inc. (MENTOR)
- Fotona
- AbbVie Inc.
- Solta Medical
- Cutera
- Evolus Inc.
- Merz Pharma
- GALDERMA
- Sientra, Inc.
- Lumenis
- Alma Laser
- Cynosure
- REVANCE AESTHETICS
- Apyx Medical
- Long Island Plastic Surgical Group, and others
Cosmetic Surgery Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 56.8 Billion |
| Market Size by 2032 | US$ 94.5 Billion |
| CAGR | CAGR of 5.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Cosmetic Surgery Market Segmentation:
By Procedure
- Surgical Procedures
- Breast Augmentation
- Liposuction
- Eyelid Surgery
- Abdominoplasty
- Rhinoplasty
- Others
- Non-Surgical Procedures
- Botulinum Toxin
- Hyaluronic Acid
- Hair Removal
- Nonsurgical Fat Reduction
- Photo Rejuvenation
- Others
By Gender
- Female
- Male
By Age Group
- 18 Years and Younger
- 19 to 34 Years
- 35 to 50 Years
- 51 to 64 Years
- 65 Years & Above
Segmentation Analysis
By Procedure Type
Surgical Procedures had the most utilization of procedures in 2023, at about 63.2% in the market. This dominance is primarily due to the increasing demand for procedures like breast augmentation and liposuction since these are preferred for their lasting impact and minimal short-term follow-ups. In addition, the market is further supported by the availability of approved aesthetic devices from companies that are leading in the industry. Such product launches include Fit.ai and The Marena Group unveiled 3D body-scanning technology that uses artificial intelligence to help plastic surgeons make precise choices about which types of garments a patient should wear post-surgery, for instance, in October 2023. Bausch Health Companies Inc. company Solta Medical made another startup launch in July 2023, unveiling its Thermage FLX system, a radiofrequency product FDA-approved for eyelid treatment. The market is dominated by women with a share of 56.4% in the year 2023. This segment was noted as driving the growing number of women who have been indulging in such procedures as skin resurfacing, hair removal, and breast reduction, among others.
By Age Group
As seen in the last section, the age group of 35 to 50 years accounted for a market share of 32.1% in 2023 and would have an impressive growth rate during the forecast period. This growth is further driven by the increased popularity of non-invasive treatments and botulinum toxin injections in this population. In addition, awareness about anti-aging treatments leads to growth in this area. The second age group that reflects considerable interest in cosmetic procedures is 19-34 years. In this age group, significant cosmetic interest is observed in breast augmentation and rhinoplasty.
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Regional Insights
North America Cosmetic Surgery Market:
North America holds the highest cosmetic surgery market share, primarily due to a healthy healthcare infrastructure, high disposable incomes, and higher acceptance of aesthetic modification. In 2023, this was the region that had a highly significant market share, primarily because of the development of the technology and various options in the field of cosmetics. The major key players are in the United States since many clinics and professionals provide unique solutions and procedures.
Asia-Pacific Cosmetic Surgery Market:
Asia-Pacific is considered the most growing market during the forecast period. Improved fast urbanization, growing disposable incomes, and the increasing influence of social media in the region will drive interest in cosmetic procedures. Countries like South Korea and Japan provide these services in which aesthetic treatments seem to be culturally integrated, with advanced technologies and services that further boost growth in the region.
Recent Developments
- October 2023: Fit.ai and The Marena Group introduced its 3D body-scanning technology to allow plastic surgeons in the selection process of the right garments to be used in surgical procedures.
- July 2023: Solta Medical launched its new system FDA-approved radiofrequency device known as Thermage FLX for eyelid treatment.
- September 2023: Revance Therapeutics introduced a new botulinum toxin called DaxibotulinumtoxinA into its catalog of aesthetic treatments.
Overall, the cosmetic surgery market is likely to have tremendous growth prospects due to increased societal acceptance of aesthetic improvements, advancements in technology, and a growing concern for personal grooming. As the market is expected to increase to USD 94.5 billion by 2032, the increase in demand for surgical and non-surgical procedures will encourage only consumers to become more disposed towards less invasive procedures. Future growth for the sector is likely to be driven by innovative technologies integrated with a strong healthcare infrastructure, as regions such as North America and Asia-Pacific continue to storm the industry.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Drug Volume: Production and usage volumes of pharmaceuticals.
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients.
6. Competitive Landscape
7. Cosmetic Surgery Market Segmentation, by Procedure
8. Cosmetic Surgery Market Segmentation, by Gender
9. Cosmetic Surgery Market Segmentation, by Age Group
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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