Cosmetic surgery and procedure market was valued at ~USD 35 billion in 2017, and is projected to grow at a CAGR of 7.2% during the forecast period 2019-2024.
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Key driving factors of the cosmetic surgery and procedure market
Global increase in the incidence of acne and other skin-related conditions has driven the market. Furthermore, rapidly aging population and increasing concerns about wrinkles & related skin disorders are some of the key factors likely to boost the market. The demand for tummy tuck (abdominoplasty) and liposuction is also growing due to increasing obese population. Moreover, changing lifestyle, increasing affordability, and advancements in technologies are likely to propel the market growth of cosmetic surgery.
Growing aesthetic awareness among the population and increasing medical tourism in the developing regions of Asia Pacific and Latin America due to developing healthcare infrastructure & affordable treatments are likely to propel the market.
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Nonsurgical is projected to grow at a CAGR of 7.5% from 2019 to 2024. Nonsurgical type such as Botulinum toxin, Dermal Fillers, Laser hair removal, Chemical peels, Photo-rejuvenation, and Microdermabrasion. The nonsurgical procedures segment is estimated to grow at a higher rate over the forecast period. In addition, nonsurgical procedures are more economical for patients. This segment is projected to grow at a CAGR of 7.5% from 2019 to 2024.
North America dominated the global market in 2016 and accounted for more than 40% of the total market in 2016. This is owing to increased awareness about cosmetic surgeries, their growing demand, and easy availability of several commercialized procedures & skilled professionals in this region.
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Global cosmetic surgery and procedure market, leading manufacturers:
Allergan plc, Merz Pharma, Nestle, Cutera, Cynosure Inc, Ipsen, Sientra Inc., Alma Lasers, Johnson & Johnson, Sinclair IS Pharma, Lumenis, Invasix Aesthetic Solutions, and Syneron Medicals among others. The report is inclusive of competitive profiling of the leading cosmetic surgery and procedure vendors, and latest developments.