Burlingame, July 25, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, ”Rhinoplasty Market, by Treatment Type (Augmentation (By Implants), Reduction, Fillers, Others (Reconstructive and Others)), by Application (Post-traumatic, Aesthetics), by techniques (Open Rhinoplasty, Close Rhinoplasty), by End User (Hospitals, Specialty clinics, Aesthetic clinics, Others (Research Centers and Academic Institutes)), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030” According to the Report, Global Rhinoplasty Market is estimated to be valued at US$ 4,488.5 million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030).
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Analyst’s Views on Global Rhinoplasty Market:
The global rhinoplasty market growth is expected to increase over the forecast period. This is due to the increasing demand for non-surgical devices for rhinoplasty as many manufacturers started conducting research and development activities for the production of rhinoplasty devices, including surgical devices. Manufacturers such as Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Koken, NOUVAG among others are indulged in the manufacture of rhinoplasty devices.
Key Trends and Analysis of the Global Rhinoplasty Market:
Guidelines published by authority Mass Health Commonwealth of Massachusetts for rhinoplasty and septoplasty and is expected to increase the growth of the global rhinoplasty market over the forecast period. For instance, on December 12, 2022, Mass Health published guidelines for medical necessity determination for rhinoplasty and septoplasty. This guideline accepted standards of practice, review of the medical literature, and federal and state policies and laws applicable to medicaid programs. The guidelines include various sections like general information, clinical guidelines, and submitting clinical documentation.
Driver -:
Increasing new techniques for treatment of rhinoplasty
Surgeons are adopting new techniques, which is expected to drive the growth of the global rhinoplasty market over the forecast period. For instance, in February 2020, the new technique of preservation rhinoplasty are accepted by surgeons. Preservation rhinoplasty (PR) is composed of the following 3 parts: (1) elevating the soft tissue envelope (STE), (2) preserving the nasal dorsum without creating an open roof deformity, (3) maintaining the alar cartilages and achieving the desired shape using sutures. Preservation of rhinoplasty is an important change in rhinoplasty philosophy. Preserving anatomy allows for a more intuitive operation and natural results.
Global Rhinoplasty Market - Restraint
Products recall hindering the market pace
Increasing number of product recalls by regulatory authorities is expected to hinder the market growth. For instance, on February 06, 2023, Medline Industries, a U.S.-based healthcare company, recall RHINOPLASTY PACK, reason behind the product recall is sterile blades within sterile kits had the potential for the blade to puncture the outer foil layer of the sterile packaging. Medline Industries, LP notified consignees via first-class mail on December 15, 2022. Consignees were instructed to check stock for affected products and immediately quarantine.
Rhinoplasty Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 4,488.5 Mn | |
| Historical Data for: | 2017 to 2030 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.9% | 2030 Value Projection: | US$ 7,622.5 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Allergan (Abbvie) Luminera, Implantech, Koken, ANTHONY PRODUCTS INC., NOUVAG, Sihuan Pharmaceutical Holdings Group Ltd., and Other prominent players | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Market Trends -:
Increase in product approvals
Increasing product approvals by the market players is expected to increase the global rhinoplasty market. For instance, on August 10, 2021, U.S. Food and Drug Administration approved Dermal Fillers (Soft Tissue Fillers). The dermal filler is approved for augmentation (increased volume) of lips, cheeks, chin, and back of the hand. Non-absorbable (permanent) fillers are approved for only nasolabial folds (the lines extending from the sides of the nose to the edges of the mouth).
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Recent Developments:
Increasing research and development activity by the market players for the development and commercialization of new nasal devices is expected to increase the growth of the global rhinoplasty market over the forecast period. For instance, in 2021, Bionix improved the nasal view of the Disposable Nasal Speculum, which helps healthcare providers to improve the nasal airway field. Bionix Disposable Nasal Speculum provides the same great view of the nasal cavity, while also having smooth, warm tips that are less alarming to the patients, and provide a comfortable squeeze grip.
Key Market Takeaways:
The global rhinoplasty market is expected to exhibit a CAGR of 7.9% during the forecast period. For market players in rhinoplasty, an increase in rhinoplasty surgeries, such as collaboration, is anticipated to provide attractive growth prospects. For instance, according to Inaugural ASPS Insights and Trends Report: Cosmetic Surgery 2022, rhinoplasty is among the top 10 including liposuction, facelift, and others.
According to an article published in the Aesthetic Surgery Journal states that 3D Virtual Planning for Rhinoplasty uses a free Add-On for open-source software. Rhinoplasty is one of the most frequent aesthetic surgeries, and positive outcomes depend on good communication with the patient, proper planning, and precise execution. 3D graphic technology has provided significant advances in health research, improvement, and teaching for surgeons and communication between surgeons and patients. Free open-source software and add-ons (Blender and RhinOnBlender) are excellent options that offer proven utility, affordability, and ease of utilization to healthcare providers.
Competitive Landscape:
Key players operating in the global rhinoplasty market include Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Allergan (Abbvie), Luminera, Implantech, Koken, ANTHONY PRODUCTS, INC., NOUVAG, Sihuan Pharmaceutical Holdings Group Ltd., and other prominent players
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Market Segmentation:
Global Rhinoplasty Market, By Treatment Type:
- Augmentation (By Implants)
- Reduction
- Fillers
- Others (Reconstructive and Others)
Global Rhinoplasty Market, By Application:
- Post-traumatic
- Aesthetics
Global Rhinoplasty Market By Techniques:
- Open Rhinoplasty
- Close Rhinoplasty
Global Rhinoplasty Market By End User:
- Hospitals
- Specialty clinics
- Aesthetic clinics
- Others (Research Centers and Academic Institutes)
Global Rhinoplasty Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- South Africa
- Central Africa
- North Africa
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