Rhinoplasty is a cosmetic surgical procedure which involves reshaping of the nose to improve aesthetics. It helps reconstruct or reshape the nose to enhance facial features and boost self-esteem. Rhinoplasty can enhance nasal shape and symmetry, correct breathing issues, and restore form and function following nasal trauma or congenital deformity. The procedure is widely used to alleviate discomfort, breath better, and improve facial harmony. The global rhinoplasty market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for improved appearance through rhinoplasty is expected to drive the market growth over the forecast period. There has been a surge in demand for cosmetic procedures which enhance facial aesthetics and appearance. Individuals want a well-defined nose which complements other facial features for an enhanced look. Rhinoplasty helps create symmetry and proportionality in the nose which boosts self-esteem and confidence. It eliminates imperfections and shapes the nose as per individual preferences. The non-invasive nature and perceived psychological benefits have made rhinoplasty a popular procedure worldwide. People are willing to spend significantly to attain aesthetic appearance through rhinoplasty shaping market growth opportunities over the next few years.
Porter's Analysis
Threat of new entrants: The rhinoplasty market has high barriers to entry as it requires high capital investments in infrastructure and hiring experienced plastic surgeons. This limits the threat of new players entering the market.
Bargaining power of buyers: Individual buyers have low bargaining power as rhinoplasty surgeries provide aesthetic benefits and the market has many players. However, large corporate hospitals have higher bargaining power to negotiate prices.
Bargaining power of suppliers: Key suppliers of equipment and devices have some bargaining power owing to lack of substitutes and compliance with stringent quality and safety standards. However, established players in the market mitigate this power.
Threat of new substitutes: There are currently no close substitutes for rhinoplasty surgeries. Nonsurgical options like fillers provide temporary results only. This reduces the threat from substitutes.
Competitive rivalry: The rhinoplasty market has many established local and international players competing intensely on service quality, technology, reputation and pricing. This leads to high competitive rivalry.
SWOT Analysis
Strengths: Advancements in surgical techniques, equipment and implants. Growing medical tourism attracting patients from other countries.
Weaknesses: High costs of surgeries, prolonged healing time, potential complications and side effects of the procedure. Lack of reimbursement in some countries.
Opportunities: Increasing preference for aesthetic surgeries. Growing middle class population with higher disposable incomes. Emerging markets in Asian and Latin American countries.
Threats: Socio-cultural acceptance issues in some regions. Stringent regulations and compliance standards increasing operational costs. Impact of COVID-19 negatively affecting elective surgeries.
Key Takeaways
The global Rhinoplasty Market Growth is expected to witness high growth during the forecast period owing to rising preference for minimally invasive aesthetic procedures.
The North American region currently dominates the rhinoplasty market due to early adoption of advanced technologies and availability of skilled surgeons in the region. The Asia Pacific region is poised to grow at the fastest pace during the forecast period supported by growing medical tourism sector, rise of the middle class population with higher disposable incomes, and increasing willingness to spend on aesthetic treatments.
Regional analysis related content comprises the Asia Pacific region is projected to grow at the highest CAGR during 2023-2030. Countries like India, Thailand, Singapore and South Korea have emerged as top destinations for rhinoplasty procedures. This is supported by factors such as availability of low cost treatments compared to developed countries, world-class infrastructure and acclaimed surgeons. According to the Thailand Medical Tourism Association, over 100,000 medical tourists visited Thailand in 2020 for rhinoplasty and other cosmetic surgeries.
For more insights, read- https://www.ukwebwire.com/rhinoplasty-market-trends-size-and-share-analysis/
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