Cosmetic Surgery Market to Surpass USD 147.29 Billion by 2030 on Account of Aging Population and Growing Medical Tourism
Research Reports
Nov 02, 2023
According to SNS Insider’s research, the cosmetic surgery market is witnessing robust growth, fueled by advancements in medical technology, changing beauty standards, an aging population, increased awareness and accessibility, psychological benefits, and the influence of celebrities.
Based on the SNS Insider report, the cosmetic surgery market was valued at USD 69.72 billion in 2022 and is projected to reach approximately USD 147.29 billion by 2030, with an expected compound annual growth rate (CAGR) of about 9.8% over the forecast period from 2023 to 2030.
Market Report Scope
Cosmetic surgery, also known as aesthetic surgery or plastic surgery, is a medical discipline that focuses on enhancing an individual’s appearance. While it’s often associated with vanity, it serves a vital purpose in restoring, altering, or rejuvenating a person’s physical attributes. This field of medicine encompasses a wide range of procedures, including breast augmentation, rhinoplasty, liposuction, facelifts, and many more.
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Major Players Listed in the Report are as Follows:
AbbVie, AviClear, Cynosure, Evolus Inc., RevanceGalderma, Lumenis, Solta Medical, Syneron Candela, Alma Laser, Johnson & Johnson and others.
Market Analysis
The cosmetic surgery market is experiencing significant growth, driven by several key factors. With the rise of social media and digital platforms, there’s a growing awareness of the importance of appearance in today’s society. Celebrities and influencers often set beauty standards, leading to more people seeking cosmetic enhancements. Constant innovation in medical technology has led to safer and more effective surgical techniques and non-invasive procedures. Patients are more willing to undergo cosmetic surgery when they are confident in the outcomes and recovery. Medical tourism has gained momentum as patients seek affordable, high-quality cosmetic surgery options in different countries, contributing to market expansion. Economic growth and disposable income play a role in driving the market. People are more willing to invest in their appearance when they have the means to do so.
Cosmetic Surgery Market Segmentation as Follows:
By Procedure Type
- Invasive
- Breast Augmentation
- Liposuction
- Nose Reshaping
- Eyelid Surgery
- Tummy Tuck
- Others
- Non-invasive
- Botox Injections
- Soft Tissue Fillers
- Chemical Peel
- Laser Hair Removal
- Microdermabrasion
- Others
By Gender
- Male
- Female
By Age Group
- 13-29
- 30-54
- 55 and above
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Impact of Recession
The cosmetic surgery market is not immune to economic downturns. During a recession, both negative and positive impacts can be observed. With economic uncertainty, many individuals reduce discretionary spending, which includes cosmetic surgery. This can lead to a drop in the number of procedures performed. As the demand decreases during a recession, some clinics may offer discounts and promotions to attract more patients, making cosmetic surgery more affordable for those who still wish to undergo procedures.
Impact of Russia-Ukraine War
The Russia-Ukraine war can have both negative and positive effects on the cosmetic surgery market. Political instability and conflict can lead to economic uncertainty, reducing the disposable income of individuals. This may result in fewer people opting for cosmetic surgery. Depending on the geographic location of the conflict, it may prompt patients to seek cosmetic surgery in regions perceived as safer, leading to growth in medical tourism in certain areas. In the aftermath of a war, there may be an increased demand for reconstructive surgeries to address injuries and trauma, positively impacting the market.
Key Regional Development
North America has a well-established cosmetic surgery market, driven by a high level of disposable income, cultural acceptance of aesthetic enhancements, and advanced healthcare infrastructure. European countries like Germany, France, and the United Kingdom have a robust market due to similar factors as North America, along with a growing aging population. The Asia-Pacific region, especially countries like South Korea, China, and India, is experiencing rapid growth in the market. Factors include a strong beauty culture, increasing medical tourism, and advancements in technology.
Key Takeaway from Cosmetic Surgery Market Study
Non-invasive procedures, such as Botox injections, dermal fillers, and laser treatments, are gaining popularity due to their minimal downtime and reduced risks compared to surgical options. The trend toward non-invasive treatments is driven by the desire for quick, natural-looking results with fewer complications.
Women continue to dominate the market, seeking procedures like breast augmentation, liposuction, and facelifts. The factors contributing to this dominance include societal beauty standards, career aspirations, and the desire to maintain youthful appearances.
Recent Developments Related to Cosmetic Surgery Market
MedShift has unveiled its cutting-edge Software as a Service (SaaS) platform tailored specifically for medical aesthetic businesses. This all-in-one solution is designed to streamline various aspects of running a successful medical aesthetic business, from appointment scheduling to inventory management.
VSS Capital Partners has made headlines with its recent investment in Olympus Cosmetic Group. This strategic move is set to have a significant impact on the medical aesthetic industry, as VSS Capital Partners brings its expertise and financial backing to further the growth and innovation of Olympus Cosmetic Group.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Cosmetic Surgery Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Cosmetic Surgery Market Segmentation, By Procedure Type
Chapter 9 Cosmetic Surgery Market Segmentation, By Gender
Chapter 10 Cosmetic Surgery Market Segmentation, By Age Group
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
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