May 22, 2024

Cosmetic Surgery Market is growing in Popularity through Increasing Focus On Appearance

The cosmetic surgery market involves procedures aimed at enhancing one’s physical appearance through surgical and nonsurgical means. Some common cosmetic procedures include breast augmentation, liposuction, rhinoplasty (nose job), blepharoplasty (eyelid surgery), facelifts, Botox injections and dermal fillers for reducing wrinkles. The global demand for these services has grown manifold in recent years owing to increasing emphasis on personal aesthetics and physical appearance. While these procedures were initially popular among celebrities, they are now mainstream options chosen by both men and women for gaining self-confidence.

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 from 2023 to 2030. Key players operating in the cosmetic surgery market are Bausch Health Companies Inc. (Canada),Johnson & Johnson Services, Inc. (MENTOR) (U.S.),AbbVie Inc. (U.S.),Cutera (U.S.),Merz Pharma (Germany),GALDERMA (Switzerland),Sientra, Inc. (U.S.),Cynosure (U.S.),Apyx Medical (U.S.),Long Island Plastic Surgical Group, PC (U.S.)

Key Takeaways

Key players operating in the cosmetic surgery market are focusing on expanding their product portfolio and geographical presence to strengthen their market share. For instance, Bausch Health Companies provides a wide range of aesthetic products and recently acquired Venus Concept to enhance its product offerings.

The demand for cosmetic surgery procedures has been increasing rapidly driven by the growing emphasis on physical appearance especially among millennials and generation Z. Social media exposure has also made more people conscious about their looks and willing to undergo medical or surgical aesthetic treatments.

North America currently dominates the global cosmetic surgery market owing to advanced medical technologies, higher disposable incomes and increasing focus on enhance physical appearance. However, Asia Pacific region is expected to emerge as the fastest growing market in the coming years supported by growing medical tourism in countries like India, Malaysia and Thailand.

Market Key Trends

One of the key trends gaining traction in the cosmetic surgery market is the rising popularity of minimally invasive procedures. Previously considered more popular, traditional invasive surgical procedures now have more competition from non-surgical alternatives. Procedures using biocompatible implants, injectable fillers, neuromodulators and threadlifts are preferred due to their lower risks and faster recovery times. They help in achieving similar aesthetic results to traditional surgery through minimally invasive methods. This shift towards nonsurgical options is expected to positively influence the industry growth during the forecast period.

Porter’s Analysis
Threat of new entrants: Low capital requirements and brand recognition pose low threat of new entrants into the cosmetic surgery market.

Bargaining power of buyers: Patients have high bargaining power in the cosmetic surgery market due to the availability of several providers for specific procedures.

Bargaining power of suppliers: Medical device companies and pharmaceutical manufacturers have moderate bargaining power due to the availability of alternative suppliers.

Threat of new substitutes: Non-surgical cosmetic procedures pose low threat of substitution for surgical cosmetic procedures.

Competitive rivalry: Intense rivalry exists between established cosmetic surgeons and clinics to capture greater market share.

Geographical Regions

North America accounts for the largest share of the cosmetic surgery market, valued at around US$ 17 Bn in 2024 due to the higher adoption of aesthetic cosmetic procedures among individuals in the US and Canada.

Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to the increasing medical tourism across countries like South Korea, Thailand, India and rising per capita income in the region. This has boosted the demand for facial and body contouring procedures in Asia Pacific.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it