by The global cosmetic surgery market is witnessing significant growth, driven by a combination of factors including technological advancements, the rise of specialized clinics and medical spas, and a growing awareness of advanced surgical solutions. According to data from the American Med Spa Association (AmSpa), the number of licensed medical spas in the United States alone increased by around 50% between 2016 and 2018, reaching 5,400 in 2018. This trend is expected to continue, further boosting the cosmetic surgery market.
Technological Advancements Driving Growth
In the pursuit of enhanced end-user outcomes, companies in the cosmetic surgery industry are increasingly harnessing technological innovations. Investment in research and development has surged, leading to the creation of surgical devices that minimize post-surgical interventions and adverse effects. For example, in 2020, GC Aesthetics Ltd introduced the next generation GCA breast implants, known as PERLE, featuring BioQ Surface technology and Emunomic Breast Tissue Dynamic Gel. This commitment to technological advancement, combined with a growing emphasis on aesthetics, is expected to drive the expansion of the cosmetic surgery market.
Non-Surgical Procedures on the Rise
While surgical procedures have historically dominated the cosmetic surgery market, non-surgical procedures are gaining momentum. The relatively lower cost of non-surgical options has played a pivotal role in this shift. According to the American Society of Plastic Surgeons, the total number of cosmetic surgery procedures in 2019 was 2,678,302, which dropped to 2,314,720 in 2020. Conversely, minimally invasive procedures have gained popularity due to their cost-effectiveness, reduced risk, minimal post-procedure trauma, and quicker results. Soft tissue fillers, chemical peels, laser skin resurfacing, Botulinum Toxin Type A, and intense pulsed light are among the top minimally invasive cosmetic procedures, according to the same source.
North America: A Key Market
North America stands out as a significant player in the global cosmetic surgery market. Cosmetic surgery procedures have steadily increased in developed countries within the region over the past decade. In the United States alone, cosmetic surgery providers perform over 15 million procedures each year, with approximately 13 million being minimally invasive, according to the Cleveland Clinic. The International Society of Aesthetic and Plastic Surgeons (ISAPS) reported that approximately 4 million cosmetic surgery procedures were performed in the United States in 2019, and this number is expected to rise. Factors such as growing GDP per capita, the availability of advanced technologies, and favorable infrastructure contribute to the regions attractiveness for cosmetic surgery. Although modest, further growth is anticipated in the North American cosmetic surgery market.
Competitive Landscape
The global cosmetic surgery market is characterized by its fragmentation, with companies striving to expand their portfolios and offer a wide range of cosmetic services. Established brands leverage strong sales funnels and distribution channels to drive success. For example, in 2020, Allergan established a new research and development facility in Ireland. AbbVie Inc. has been expanding its production facility and investing in research and development infrastructure, with the acquisition of Allergan in May 2020 further strengthening its position. Lynton Lasers Ltd introduced the advanced hair removal platform, Motus AY, in January of the same year, enhancing their presence in the market.
Prominent players in the 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.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cosmetic-surgery-market
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COMTEX_442046252/2840/2023-10-17T22:34:16
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.