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Technological advancement to fuel the growth of Rhinoplasty Market

Technological advancement to fuel the growth of Rhinoplasty Market

The global Rhinoplasty Market is estimated to be valued at US$ 4,488.5 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Rhinoplasty, also known as nose job, is a cosmetic surgical procedure that reshapes and improves the appearance of the nose. It is one of the most commonly performed cosmetic surgeries today. The purpose of rhinoplasty is to fix functional breathing problems or change the look of the nose with augmentation or reduction techniques. Technological advancement in rhinoplasty procedures such as computer software and three-dimensional CT imaging has improved surgical accuracy and outcomes. These advanced techniques allow surgeons to diagnose subtle deformities and develop customized surgical strategies. Animation programs and computer simulation also provide patients with a preview of the postoperative results.

Market Key trends:

Increased usage of virtual surgical planning: Virtual surgical planning utilizes three-dimensional imaging and computer simulation to digitally modify a patient's nose image before surgery. This allows surgeons to view the nose from all angles and test different augmentation and reduction scenarios. It improves surgical accuracy and reduces the need for revision procedures.

Growing demand for minimally invasive techniques: There is a rising preference for minimally invasive techniques such as closed or endonasal rhinoplasty. These approaches involve smaller incisions inside the nose and reduce postoperative bruising, swelling and recovery time. Several companies are developing innovative systems for minimally invasive rhinoplasty which is driving market growth.

Rising cosmetic procedures among male population: Traditionally, rhinoplasty was not very common among men due to the social stigma. However, there is a growing acceptance of cosmetic procedures among men today. The demand from male consumers is expected to further escalate market revenue over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is relatively low for established players in the rhinoplasty market due to high capital requirements needed to develop specialized facilities and establish brand reputation.

Bargaining power of buyers: The bargaining power of buyers is moderate as the benefits of rhinoplasty procedures are non-essential and patients can consider other substitute options for aesthetic reasons.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw material suppliers for rhinoplasty devices include limited players with regulatory approvals.

Threat of new substitutes: The threat of substitutes is relatively low as rhinoplasty procedures are considered as a specialized surgical treatment area with no close substitutes available.

Competitive rivalry: The competitive rivalry is high among established players to capture greater market share through new product launches and expansion strategies.

Key Takeaways

The Global Rhinoplasty Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing beauty consciousness and rising disposable income.

Regional analysis: North America is expected to dominate the rhinoplasty market during the forecast period owing to the increasing number of rhinoplasty procedures being performed in the region. Asia Pacific region is anticipated to witness fastest growth rate due to growing medical tourism industry in the region.

Key players: Key players operating in the rhinoplasty market are Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Allergan (Abbvie) Luminera, Implantech, Koken, ANTHONY PRODUCTS INC., NOUVAG, Sihuan Pharmaceutical Holdings Group Ltd., and Other prominent players. Stryker Corporation offers a wide range of implants and surgical instruments for rhinoplasty procedures.

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