New York, Feb. 01, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the global Cosmetic Surgery Market size is forecasted to exceed USD 186.5 Billion by 2033, with a promising CAGR of 5.1% from 2024 to 2033.
In the contemporary era, individuals are increasingly mindful of their appearance, leading to a surge in popularity for cosmetic procedures. Botox stands out as one of the most favored options in the realm of cosmetic enhancements. Notably, there is a growing interest in non-surgical procedures, with a simultaneous decline in the popularity of traditional surgical interventions.
Recent years have witnessed a surge in the demand for aesthetic treatments, driven by the development of innovative products by manufacturers. Lucrative growth prospects are evident in technologically advanced offerings like non-surgical body contouring, leveraging fat-freezing technology.
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Key Takeaway
- Based on type of procedure, the market is divided into surgical and non-surgical. The surgical segment is further divided into breast augmentation, eyelid surgery, liposuction, rhinoplasty and others. Alternatively, the non-surgical procedures segment has sub-segments such as botulinum toxin, hyaluronic acid, hair removal, non-surgical fat reduction, photo rejuvenation and others. Non-surgical procedures contributed considerably more to the market and claimed 58.1% market share.
- As far as gender is considered, the market is bifurcated into male and female. The female segment maintained its stronghold on the market in 2023, with a market share of 74.2%.
- When classified on the base of age, the segments observed in the market are 13 to 29, 30 to 54, and 55 and above. Among these, the 30 to 54 segment continued to be the dominating segment in 2023 as well by claiming a market share of 41.6%.
- By end-user, the market is segmented into ambulatory surgical facilities, hospitals and clinics, cosmetic surgical centers and others. Hospitals and clinics segment was the leading segment in previous year.
- North America remained the top contributing segment for the market, with a share of 35.1%.
Factors affecting the growth of the Cosmetic Surgery market
- The market is positively influenced by the increasing adoption of artificial measures to improve one’s beauty.
- Further, the shifting preference towards non-surgical, that is, non-invasive or minimally invasive procedures has affected the market in a considerable manner.
- Complex manufacturing processes may have a negative impact on the growth of the market. such procedures are associated with risks that may discourage people, which effectively discourages the growth of the market.
- In recent years, there has been an increase in men adopting such strategies. This emerging segment is promising for the growth of the market.
Top Trends in the Global Cosmetic Surgery Market
- As age-related concerns rise, there's a notable increase in the popularity of cosmetic procedures among men, driven by a desire to maintain a youthful appearance. The market experiences growth with a surge in demand for non-surgical interventions like botulinum toxins and dermal fillers among male consumers.
- Non-surgical procedures such as eyelid surgery, liposuction, and gynecomastia are particularly favored by men seeking aesthetic enhancements. This shift is indicative of a changing societal perception, where more men are actively embracing cosmetic procedures.
- The market's expansion is further propelled by an evolving gender balance, reflecting an increasing acceptance and demand for cosmetic interventions in the male population seeking to address age-related aesthetic concerns.
Market Growth
The cosmetic procedures market is poised for substantial growth driven by the rising global demand for aesthetic enhancements. Technological advancements, particularly in non-surgical interventions, contribute to expanding opportunities. Increasing awareness and acceptance of cosmetic procedures, coupled with a growing focus on minimally invasive options, fuel market expansion. Strategic initiatives such as mergers and acquisitions enhance market share for key players.
Geographical expansion into regions with a rising interest in cosmetic interventions, combined with the potential of medical tourism, further propels market growth. The dynamic landscape, coupled with evolving consumer preferences, positions the market for significant advancement in the foreseeable future.
Macroeconomic Factors
Macroeconomic factors impacting the cosmetic procedures market include fluctuations in global economic conditions, affecting consumer spending on elective procedures. Government regulations and healthcare policies influence market dynamics, particularly in terms of product approvals and reimbursement policies. Currency exchange rates play a role in international trade and may affect production costs.
Overall healthcare expenditure trends, insurance coverage, and public perceptions of cosmetic interventions contribute to market fluctuations. Economic stability, regulatory frameworks, and evolving healthcare systems globally shape the market's growth trajectory, emphasizing the interconnectedness of economic factors with consumer preferences and industry dynamics in the cosmetic procedures sector.
Regional Analysis
In 2023, North America claimed a significant 35.3% market share in the global cosmetic procedures market, primarily attributed to a high number of qualified plastic surgeons performing diverse aesthetic interventions. The proliferation of aesthetic clinics in Canada and the U.S. further contributes to the region's dominance, along with the adoption of advanced aesthetic devices. Europe secured the second position, fueled by the increasing popularity of non-surgical procedures and the emergence of new spas in countries like France and Germany.
Notably, Germany boasts approximately 350 medical spas, as reported by the German National Tourist Board. Latin America anticipates the highest Compound Annual Growth Rate (CAGR) during the forecast period, driven by the rising demand for medical tourism and the embrace of innovative techniques in various aesthetic clinics, offering cost-effective cosmetic procedures to patients.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 82.5 Billion |
| Forecast Revenue 2033 | USD 186.5 Billion |
| CAGR (2024 to 2033) | 5.4% |
| North America Revenue Share | 35.3% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
As cosmetics have become an integral aspect of daily life, the market has witnessed a shift in demand in recent years. The increased focus on aesthetic features contributes to promising prospects for the industry. The rising demand for cosmetic procedures is particularly notable among women, who show growing interest in interventions like breast augmentation, liposuction, eyelid surgery (abdominoplasty), and various other cosmetic procedures.
Market Restraints
The popularity of aesthetic procedures in countries like the U.S., Germany, and Brazil has led to a surge in cosmetic procedures. However, increased complications, especially when performed by non-physicians in non-medical settings, impact market growth. Common complications include scarring, infection, nerve damage, and swelling. Facial filler side effects, such as redness and bruising, contribute to safety concerns, limiting the number of individuals seeking cosmetic procedures and hindering market growth.
Market Opportunities
Amidst the cosmetic procedures market, significant opportunities lie in technological innovations, especially in non-surgical interventions, such as advanced aesthetic devices. Meeting the demand for minimally invasive procedures presents a lucrative avenue for growth. Expanding into regions with a rising acceptance of cosmetic enhancements, coupled with the potential of medical tourism, opens new markets. Furthermore, strategic partnerships, mergers, and acquisitions can enhance market penetration, providing avenues for diversified service offerings. Addressing the increasing focus on male demographic demands and promoting affordability in cosmetic procedures further unlocks untapped potential in this dynamic and evolving industry.
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Report Segmentation of the Cosmetic Surgery Market
Procedure Insight
The market is categorizable into non-surgical and surgical procedures based on the type of intervention, with the non-surgical segment taking the lead with a significant 58.1% revenue share. Anticipated to maintain its dominant position throughout the forecast period, the non-surgical segment is poised for the fastest Compound Annual Growth Rate (CAGR). This popularity is attributed to the appeal of less pain and quicker procedures. Among the most sought-after non-surgical interventions are Botox injections and soft tissue fillers.
Gender Insight
The female market has emerged as the largest segment for cosmetic surgery procedures, driven by a growing awareness and desire among women to enhance their aesthetic appeal. The total market share claimed by the segment amounted to 74.2% in 2023. There is a heightened demand for cosmetic surgical procedures, emphasizing the significance of achieving a beautiful facial structure and physique. This encompasses procedures that impact the appearance of the eyes, lips, nose, and cheekbones, reflecting the increasing importance placed on aesthetic considerations.
Age Group Insight
Individuals aged between 30 and 54 years have taken the lead in the market, holding the largest revenue share, and are anticipated to maintain this dominance in the future. The market held by the segment reached 41.6% in 2023. Within this age range, liposuction has become a standard cosmetic surgery procedure, contributing to the heightened demand for various cosmetic interventions within this demographic.
End-Use Insight
Categorized by end-users, the market includes ambulatory surgical facilities, hospitals, clinics, cosmetic surgical centers, and others. Notably, the hospitals and specialty clinics segment claimed the largest market share in 2023. The preference for hospitals and specialist clinics is evident, as the majority of cosmetic procedures are predominantly conducted in these settings compared to other facilities. The segment secured the largest revenue share in 2023, reaching 65.2%.
Recent Development of the Cosmetic Surgery Market
- In July 2022, Cutera achieved FDA approval for AviClear, the first laser treatment addressing mild to severe acne in the United States.
- In June 2022, Cynosure launched the PicoSure Pro Device, featuring a Platinum lens focus array designed to reduce wrinkles, scars, and pores while boosting collagen and elasticin levels.
- In May 2022, Apyx Medical obtained 510(k) FDA clearance for using the Renuvion dermal handpiece in specific dermal resurfacing procedures.
- In May 2023, Skinvive, a skin smoothening hyaluronic acid injection received FDA approval. The product expands AbbVie’s HA portfolio.
- In January 2023, the Galderma, a leading player in the dermatology category, has received approval from Health Canada for Restylane® SHAYPE™. This hyaluronic acid (HA) injectable is specifically designed for temporary augmentation of the chin region. Engineered for deep injection to build and shape on bone, Restylane SHAYPE aims to achieve a bone-mimicking effect.
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Market Segmentation
By Procedure
- Surgical Procedures
-
- Breast augmentation
- Eyelid surgery
- Liposuction
- Rhinoplasty
- Others
- Non-surgical Procedures
-
- Botulinum Toxin
- Hyaluronic Acid
- Hair Removal
- Nonsurgical Fat Reduction
- Photo Rejuvenation
- Others
By Gender
- Female
- Male
By Age Group
- 13 to 29
- 30 to 54
- 55 and above
By End-User
- Ambulatory Surgical Facility
- Hospital and Clinic
- Cosmetic Surgical Center
- Other End Users
By Geography
North America
- US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
The global cosmetic procedures market exhibits fragmentation, with numerous local and international players in competition. Strict regulatory approvals pose a constraint on the introduction of new products. The market's competitiveness is influenced by technological advancements and the swift adoption of novel devices. To secure maximum market share, leading players have embraced mergers and acquisitions as strategic initiatives. This trend reflects the industry's dynamic landscape, where staying at the forefront of technology and expanding market presence through strategic collaborations become crucial factors in sustaining and enhancing competitiveness.
Market Key Players
- Abbvie Inc.
- Bausch Health Companies Inc.
- Candela Syneron
- cynosure Inc.
- Galderma SA
- Merz Pharma GmbH and Co. KGaA
- Sientra Inc.
- Sinclair Pharmaceuticals Limited
- Teoxane Laboratories
- Johnson and Johnson
- Other Key Players
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