Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) — The world cosmetic surgery market is likely to gain traction with the ever-increasing number of patients undergoing procedures, such as chin augmentation, breast reduction, and breast augmentation. The American Society for Aesthetic Plastic Surgery (ASAPS) said that in 2018, breast reduction (18%) and chin augmentation (20%) were two of the most popular surgeries in the United States. This information is given by Fortune Business Insights™ in a recent report, titled “Cosmetic Surgery Market Size, Industry Share and Analysis, By Type (Surgical Procedures and Non-Surgical Procedures), By Gender (Male and Female) , by end user (spas and cosmetic surgery centers and hospitals and specialty clinics) and regional forecast, 2019-2026.”
The report further states that the cosmetic surgery market size was USD 50.67 Billion in 2018 and is projected to reach USD 66.96 Billion by 2026, growing at a CAGR of 3.6% during the period. forecast.
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Key players aim to launch new products to increase sales
The market is highly fragmented with the presence of numerous organizations constantly striving to gain maximum market share. They do this by conducting research and development activities to unveil products with advanced technologies. Below is one of the latest key industry developments:
- April 2018: Merz Pharma GmbH & Co. KGaA, a private pharmaceutical company, based in Germany, launched its new product named Belotero® Lips to treat perioral wrinkles and beautify lips.
Report scope and segmentation
|Forecast period||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR||3.6%|
|2028 value projection||$66.96 billion|
|Market size in 2020||$50.67 billion|
|Historical data for||2015 to 2017|
|Number of pages||125|
|Segments Covered||Procedure, gender, provider and geography|
|Growth engines||Growing awareness among the general population of a new cosmetic procedure|
|Surgical procedures are expected to be the leading segment of this market|
|Presence of an unregulated market to hamper growth|
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Expanding medical tourism to drive growth in Asia Pacific and Latin America
Geographically, the market is divided into Latin America, Europe, Middle East & Africa, North America, and Asia-Pacific. Of these, in 2018, North America generated USD 15.43 billion in cosmetic surgery market revenue. This growth is attributable to the growing number of surgeries performed in the United States. The International Society of Aesthetic and Plastic Surgeons (ISAPS) said that in 2018, around 4.3 million cosmetic procedures were performed in this country alone. It is combined with the rising per capita spending of North American populations. Asia-Pacific and Latin America are expected to grow significantly in the coming years, fueled by the expansion of medical tourism in these two regions.
Increased focus on reducing post-surgical interventions to propel growth
The market consists of several top companies that are currently focused on capitalizing their market share by delivering new instruments and products to the masses. Also, the demand for unique products with reduced post-surgical interventions and adverse effects helps these companies to invest huge sums in research and development activities.
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Additionally, patients and healthcare providers today are looking for state-of-the-art products. Along with this, increasing emphasis on eliminating the harmful effects of implants and other similar cosmetic procedures would aid in the growth of the cosmetic surgery market in the near future. However, the emergence of unlicensed installations across the globe may hamper the growth of the market.
List of companies profiled in the global market:
- Westlake Dermatology
- Long Island Plastic Surgery Group, PC
- Merz Pharma
- Galderma Laboratories
- Cleveland Clinic
- Other Key Market Players
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