The global cosmetic surgery and procedure market is expected to reach USD 43.9 billion by 2025, according to a report by Grand View Research, Inc. Technological developments, growing use of social media, and increasing disposable income are some of the factors likely to drive the market during the forecast period.
The substantial increase in the volume of cosmetic procedures can be attributed to the popularity of digital photography, introduction of self-monitoring apps, and increasing affordability of cosmetic surgeries in developing countries. Furthermore, risk associated with cosmetic surgery has decreased due to technological developments and presence of skilled surgeons.
It was observed that the volume of both surgical and nonsurgical cosmetic procedures has increased in the past few years. This can be attributed to increasing disposable income, increasing safety of surgical procedures, growing faith of patients on such surgeries, and growing medical tourism. Technavio’s market research analysts have predicted that the global cosmetic surgery market will grow at a rapid pace and will post a CAGR of close to 7% over the forecast period.
In the recent years, it has been observed that a lot of importance is associated with the physical appearance of an individual, which is one of the primary factors driving the growth of the global cosmetic surgery market. Besides boosting self-confidence and self-esteem, cosmetic surgery also helps in gaining acceptability in social situations as well as the workplace. Also, people in countries such as Brazil, the US, and Venezuela pay a lot of attention to their looks, and hence, the number of people undergoing surgical procedures, such as liposuction, breast augmentation, tummy tuck, and non-surgical procedures like facial rejuvenation procedures is high in these countries. Moreover, the affordability of cosmetic surgeries has increased in developing countries. Higher disposable incomes in Pacific Rim countries such as Malaysia, Indonesia, and Vietnam are expected to drive market growth even further.
Cosmetic surgery is slowly but steadily gaining popularity with the male population, and this is anticipated to escalate in the coming years. There has been a considerable increase in both surgical and nonsurgical options over the past five years. Moreover, according to a recent study, approximately 70% of men have shown interest in cosmetic surgeries, where balanced nose, face rejuvenation, and a trimmer waistline are common goals among men. The rising popularity of cosmetic surgeries among men due to the desire to look youthful will contribute to this market’s growth over the next four years.
The global cosmetic surgery market is highly fragmented owing to the presence of numerous well-established global and regional vendors. The market is growing steadily and is expected to grow at a fast pace in emerging countries during the forecast period. Most vendors are also focusing on expanding their network and distributing their products in different countries, by approaching dermatologists and hospitals, and investing in the development of innovative treatment options. The competitive environment in this market is expected to intensify with an increase in product/service extensions, technological innovations, and M&A.
The global cosmetic surgery market was led by the non-surgical procedures segment, accounting for close to 64% of the total market shares during 2015. The increasing preference for a less traumatic surgical experience and minimal incision will aid in this segment’s growth until the end of 2020. The top five cosmetic surgeries by non-surgical procedures in 2015 were botulinum toxin, hyaluronic acid (HA), hair removal, chemical peel, and microdermabrasion.