Growing Number of Cosmetic Procedures to Drive Growth of Nose Reconstruction Market
The growing awareness on aesthetics, and physical appearance is expected to fuel market cosmetic procedures growth. The introduction of technologically enhanced treatment techniques, including 3D computer-assisted technology, has raised the need for rhinoplasty surgery. The expanding popularity of cosmetic surgery among celebrities, as well as increased awareness about cosmetic surgery in general mass, are projected to drive market expansion. According to the American Society of Plastic Surgeons (ASPS), globally, almost 13.3 million reconstructive surgeries were conducted in 2020, with approximately 352,555 nasal contouring procedures. This factor is estimated to propel the growth of the nose reconstruction market in the coming years.
One of the major reasons for the increase in nose reconstruction is the growing number of road accidents. These nose reconstruction surgeries increase patients' confidence and aid in their recovery from accident trauma. According to the National Highway Traffic Safety Administration (NHTSA) report published in February 2022, an estimated 31,720 people died in motor vehicle traffic crashes from January to September 2021, an increase of approximately 12% from the 28,325 fatalities projected for January to September of 2020. With the growing number of traffic accidents, the demand for cosmetic surgery is like to increase in the coming years.
Augmentation Systems Dominate Nose Reconstruction Market Owing to its Benefit in Congenital Defects
The augmentation systems category is projected to dominate the market in the forecast period, owing to the global frequency of congenital nasal abnormalities. This is due to its use in improving both the structure and function of the nose. In regions such as Asia, augmentation nose surgery is one of the most prevalent cosmetic treatments, with silicone implants being the most widely used material for augmenting nose reconstruction surgery. It has numerous advantages and is an excellent procedure option for individuals who are opposed to the usage of artificial implants, which works to the advantage of nose reconstruction market.
Growing Road Accidents to Drive Nose Reconstruction Growth in North America
North America dominated the global nose construction market in the forecast period and is expected to continue to do so during the forecast period, owing to an increase in the prevalence of road accidents, the presence of board-certified and skilled cosmetic surgeons, the presence of key players in the development of nasal reconstruction equipment, and the region's well-established healthcare infrastructure. Additionally, the adoption of new technology, combined with increased consumer awareness of physical appearance, is likely to drive growth.
The United States is expected to top the list of countries with the most cosmetic surgeons in the globe with over 24,800 surgeons. This factor will attract a huge number of medical tourists to the country for nose-reshaping procedures, which will, in turn, drive the growth of nose reconstruction market in the region.
The Asia Pacific region is expected to increase the most. This growth can be linked to rising income levels, a growing interest in physical appearance, and medical tourism, which is popular due to the low cost of procedures and the region's improving healthcare infrastructure. Furthermore, rising smartphone usage, and millennials' increased time spent on social media platforms are likely to stimulate demand for cosmetic surgery, thereby propelling expansion of nose reconstruction market. The easy access to information on therapies, patient interactions, and surgery reviews on social networking networks is also projected to boost demand. South Korea is recognised as the biggest hub for cosmetic surgery in the world. As per reports, a total of 1 million cosmetic procedures take place in South Korea annually and it also suggests that on average every 1 out of 3 women in South Korea underwent a cosmetic procedure which is mainly associated with nasal surgery. This factor is anticipated to boost the demand for the regional market.
Global Nose Reconstruction Market: Competitive Landscape
In 2022, Stryker announced today a definitive merger agreement to acquire all of Vocera Communications, Inc.'s issued and outstanding shares of common stock for USD 79.25 per share, for a total equity value of approximately USD 2.97 Billion and a total enterprise value of approximately USD 3.09 Billion (including convertible notes). For instance, in May 2022, FixNip is now available from GC Aesthetics. The GC Aesthetics FixNip NRI is implanted in 15 minutes by a Surgeon using a minimally invasive process. The end result has been great patient satisfaction with minimal patient downtime and an outstanding safety profile.
Few of the players in the nose reconstruction market include Stryker, Grover Aesthetics, Sunset Cosmetic Surgery, Implantech, GC Aesthetics, Surgiform Technologies LLC, COMEG Medical Technologies, and New York Center for Facial Plastic & Laser Surgery.
Global Nose Reconstruction Market is Segmented as Below:
By Treatment Type:
Key Elements Included In The Study: Global Nose Reconstruction Market
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