June 20, 2024
Rhinoplasty Market

Rhinoplasty Market is expected to be Flourished by Increasing Adoption of Non-Surgical Rhinoplasty Techniques

Rhinoplasty, commonly known as nose job surgery, is a reconstructive procedure that aims to alter the appearance of a person’s nose by changing its size, shape or both. Rhinoplasty surgery is generally performed to improve the overall facial appearance, features or proportion. Some common goals of rhinoplasty include correcting birth defects, addressing residual deformities caused by injuries or trauma, or reshaping the nose for cosmetic or aesthetic purposes. Non-surgical rhinoplasty such as liquid rhinoplasty uses dermal fillers to subtly reshape or enhance features of the nose in a less invasive manner. The global rise in demand for cosmetic surgeries along with the availability of non-surgical and minimally invasive techniques are fueling the growth of rhinoplasty market.

The global rhinoplasty market is estimated to be valued at US$ 5170.76 billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Non-surgical rhinoplasty procedures use dermal fillers or thread lifts to subtly reshape the nose without undergoing invasive surgery. They offer advantages like less downtime, minimal risks and costs when compared to traditional rhinoplasty surgery. A major factor driving the demand for non-surgical rhinoplasty worldwide is the desire among individuals to subtly enhance their facial appearance coupled with lack of time for proper surgical recovery. In addition, non-surgical rhinoplasty allow individuals hesitant to undergo surgery to achieve their desired facial aesthetics goals, thus propelling its adoption.

Another driver is rising cosmetic consciousness and growing emphasis on physical appearance especially among millennials and Generation Z. This has translated into a significant rise in demand for facial aesthetics procedures including rhinoplasty globally over the past few years. According to American Society for Aesthetic Plastic Surgery, rhinoplasty saw 69,701 procedures performed in 2020 representing a 5% increase from 2019. This rising acceptance of cosmetic treatments as well as growing discretionary incomes is anticipated to further augment the overall rhinoplasty industry in coming years.

Segment Analysis

The rhinoplasty market is segmented based on type and end-user. Based on type, the market is segmented into primary rhinoplasty and secondary rhinoplasty. The primary rhinoplasty segment is dominating the market and is expected to continue its dominance during the forecast period. Primary rhinoplasty is performed for correcting functional problems or when the nose has structural abnormalities from birth. Based on end-user, the market is segmented into hospitals, ambulatory surgical centers, office-based facilities, and others. Hospitals dominate the rhinoplasty market owing to increased preference for hospitals due to availability of advanced medical infrastructure and well-equipped operation theaters.

PEST Analysis

Political: Regulations regarding performing cosmetic surgeries have been tightened in many countries which can hamper market growth. However, growth opportunities exist in countries with lenient regulations.

Economic: Rising disposable incomes and easy availability of financing options have increased spending on aesthetics and cosmetic procedures worldwide, driving market growth.

Social: Increasing social acceptance of cosmetic surgeries and their results are encouraging more people to undergo such procedures. This, along with growing focus on physical appearance, is fueling market growth.

Technological: Advancements in surgical technologies and techniques such as closed rhinoplasty are reducing surgery recovery time and risks of complications. This is boosting rhinoplasty adoption.

Key Takeaways

The Global Rhinoplasty Market Size is expected to witness high growth.

North America region holds the largest share in the rhinoplasty market. This can be attributed to the presence of advanced medical infrastructure, acceptance of new technologies, and increasing influence of Western culture. Moreover, presence of a large number of cosmetic surgery centers are boosting the market.

Key players operating in the rhinoplasty market are Barco, Sony Corporation, Mitsubishi Electric Corporation. Key players are focused on strengthening their presence through mergers & acquisitions and introduction of innovative surgical systems. Player are also focused on expanding their presence in emerging markets through collaborations with local players.

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