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Cosmetic Surgery Market Trends: The Shape of Things to Come

Cosmetic Surgery Market Trends: The Shape of Things to Come

Cosmetic surgery includes various surgical and nonsurgical procedures that enhance or alter the appearance of an individual. Some of the popular cosmetic procedures include breast augmentation, liposuction, nose reshaping, eyelid surgery, facelift, and injectable fillers such as Botox. The demand for cosmetic procedures is increasing owing to changing lifestyles and growing focus on physical appearance. With rising disposable incomes, people are willing to spend more on procedures that enhance physical features and facial aesthetics.

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 Opportunity: The opportunity of changing lifestyles and increasing disposable income is expected to boost the growth of the cosmetic surgery market during the forecast period. Developing economies in Asia Pacific and Middle East are experiencing rapid urbanization and improvement in living standards. People have higher disposable incomes that allow them to spend on aesthetic procedures. Furthermore, growing working population, changing perceptions towards cosmetic treatments, and increasing social media influence are encouraging more people to opt for surgical and non-surgical treatments to enhance physical appearances. These factors are expected to drive the demand for various cosmetic procedures, thereby supporting the growth of the global cosmetic surgery market over the forecast period.

Porter’s Analysis

Threat of new entrants: The cosmetic surgery market has a medium threat of new entrants due to high technical and capital requirements. However, the growing demand for aesthetic procedures provides opportunities for new clinics and surgeons.

Bargaining power of buyers: Buyers have a medium bargaining power due to the availability of alternatives and options to compare prices. However, buyers have less bargaining power for specialized procedures requiring specific expertise.

Bargaining power of suppliers: The suppliers of medical devices, equipment and other inputs have medium bargaining power due to the availability of substitutes and established supply networks. However, suppliers of specialized products focusing on niche segments have higher bargaining power.

Threat of new substitutes: There is a low-medium threat of substitutes due to limited alternatives providing similar aesthetic outcomes without surgery. Non-invasive procedures pose a medium threat.

Competitive rivalry: The market has high competition due to many established and new players.

SWOT Analysis

Strengths: Growing global demand for aesthetic procedures, availability of novel technologies, and increase in medical tourism are the key strengths.

Weaknesses: High procedure costs, risks and complications associated with surgeries are weaknesses. Lack of reimbursements is also a challenge in some regions.

Opportunities: Emerging economies, rise of medical value travel, and increasing focus on men’s cosmetic procedures provide significant opportunities.

Threats: Economic slowdowns, stringent regulations in some countries, and social stigmas associated with certain procedures are threats.

Key Takeaways

The global cosmetic surgery market is expected to witness high growth supported by the forecast CAGR of 3.9% during the period of 2023-2030. The market size is projected to reach US$ 57.35 Bn by 2024.

Regional analysis: North America dominates currently due to early adoption of new technologies and medical aesthetic awareness. Asia Pacific is expected to grow the fastest due to increasing medical tourism and rising cosmetic obsession among middle-class consumers in countries like China, Japan and South Korea.

Key players operating in the cosmetic surgery market are Allergan, Alma Lasers, Anika Therapeutics, Cynosure, Galderma, Lumenis, Johnson & Johnson, Merz Pharma, Sanofi, and Sinclair Pharma.

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