Availability of Technologically Advanced Products to Bolster Growth of Cosmetic Surgery Market
Various surgical and non-surgical cosmetic surgery procedures have been in the limelight since the past decade. Availability of speciality clinics and medical spas offering cosmetic surgery services has been on the rise. For instance, according to AmSpa (American Med Spa Association), in US medical spas grow by around 50% during 2016-2018 timeframe, touching 5,400 licensed medical spas in 2018. This figure is likely to increase in the coming years. This has resulted in an increasing number of individuals undergoing cosmetic surgery procedures to enhance their cosmetic appearance. This factor remains crucial in fuelling growth of the cosmetic surgery market on the global front.
Growing technological advancements are being leveraged by businesses to develop enhanced products that facilitate favourable end-user outcomes. The cosmetic surgery space being no exception to this, companies are aiming to enhance their market position and share by adopting technology to provide advanced surgical solutions. This has resulted in an increased investment in research and development to manufacture surgical devices that feature reduced post-surgical interventions and adverse effects. For instance, in 2020, GC Aesthetics Ltd launched next generation GCA breast implants referred to as PERLE. This breast implant features BioQ Surface technology and Emunomic Breast Tissue Dynamic Gel. This factor coupled with rising emphasis on aesthetics backed by growing awareness of availability of technologically advanced products is expected to bolster the growth of cosmetic surgery market.
Non-surgical Procedures Likely to Gain High Traction
Although surgical procedures accounted for a major share in the cosmetic surgery market in the early phases, the demand for non-surgical procedures is expected to gain momentum in the coming years. The cost of surgical procedures is relatively higher than non-surgical procedures has remained a crucial aspect in significantly contributing towards cosmetic surgery market valuation. For instance, according to American Society of Plastic Surgeons, total number of cosmetic surgery procedures performed in 2019 were 2,678,302 which dropped to 2,314, 720 in 2020.
On the other hand, shift towards minimally invasive procedures has translated in an increased inclination towards non-surgical procedures. Perceived advantages such as reduced procedure costs, effective outcome, low risk factor, minimal or zero post procedure trauma and quicker results have fuelled the need for non-surgical procedures. In this backdrop, a large patient pool has been opting for these non or minimally invasive cosmetic surgeries, consequently contributing towards valuation of the cosmetic surgery market. As per American Society of Plastic Surgeons, soft tissue fillers, chemical peel, laser skin resurfacing, Botulinum Toxin Type A, and intense pulsed light are among top minimally invasive cosmetic procedures.
North America Likely to Account for a Significant Share in the Cosmetic Surgery Market
Number of cosmetic surgery procedures in developed countries of North America has been stably increasing since the past decade. Each year, cosmetic surgery providers perform over 15 million procedures in the US alone, according to Cleveland Clinic. Off these, about 13 million are minimally invasive. In addition, according to ISAPS (International Society of Aesthetic and Plastic Surgeons) about 4 million cosmetic surgery procedures were carried out in the United States in 2019 and are likely to increase in the coming years. In addition, according to ASAPS (American Society for Aesthetic Plastic Surgery), procedures such as nose reshaping, facelift and eyelid surgery were the most sought after in the United States in 2020. This aspect is backed by growing GDP per capita along with availability of technologically advanced devices and solutions coupled with favourable infrastructure offered by the region. That said, cosmetic surgery market in North America is expected to witness modest growth in the years to follow.
Cosmetic Surgery Market: Competitive Landscape
Being a fragmented industry, the players in global cosmetic surgery market are focusing on increasing portfolio and offer new and wide range of cosmetic services. In addition, strong sales funnel, and distribution channels along with well established presence of brands have remained influential in driving success of companies offering cosmetic surgery solutions. For instance, in 2020, in Ireland, Allergan established a new research and development facility.
Likewise, AbbVie Inc. has been focusing on expanding its production facility and investing in research and development infrastructure to retain its market position. In May 2020, AbbVie Inc., acquired Allergan to further strengthen its market position in therapeutic and cosmetic categories. Same year, in January, Lynton Lasers Ltd introduced advanced hair removal platform – Motus AY. Motus uses ultra-high speed Alexandrite laser which treats dark and light skin tones. A few of the major players in cosmetic surgery market include AbbVie Inc., Alma Laser, Cynosure, Syneron Candela, Evolus Inc., Solta Medical, Galderma, Suneva Medical Inc., Cutera, Lumenis, Long Island Plastic Surgical Group, and Sientra Inc.
The global cosmetic surgery market is segmented as below:
Key Elements Included In The Study: Global Cosmetic Surgery Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.Read more