Photo filters available on applications such as Snapchat and Instagram have reportedly been vital in triggering body dysmorphic disorders among the youth who opt for cosmetic surgeries in an effort to look like an edited version of themselves. Rising disposable income levels in developing countries coupled with high adoption rates of invasive and minimally invasive cosmetic procedures drive the market majorly. Moreover, cosmetic surgeries are increasingly becoming affordable, and the trend of medical tourism has helped spur the growth of the market.
The Global Cosmetic Surgery Market has been growing persistently and is set to capture a CAGR of 7.8% over the forecast period of 2017–2023, reveals Market Research Future (MRFR) in a minutely analyzed research report. The global cosmetic surgery market has been observing continued growth on account of social and cultural factors such as the influence of social media and films. Interestingly, physical appearance is a social phenomenon, and the people are overwhelmingly driven to opt for cosmetic surgeries by the desire to look beautiful, flawless and young. Advertising and marketing are instrumental in shaping the cosmetic surgery market as they reinforce such beliefs among consumers which makes them indulge in cosmetic surgeries.
Technological developments in procedures and availability of skilled surgeons have helped consumers shake off their inhibitions regarding cosmetic surgeries. The rise in youth population is also a critical factor in propelling the market growth. The young population is more influenced by social media, changing beauty standards, peer pressure and form a large base of the cosmetic surgery consumers. On the downside, the side effects associated with cosmetic procedures and the high cost of cosmetic surgeries are significant market restraints. However, with more number of men opting for cosmetic procedures, the trend is likely to provide potential growth opportunities to the market. These factors in combination will help the market achieve a valuation of USD 21.97 Bn by the end of 2023.
The global cosmetic surgery market has been segmented based on surgery type which comprises liposuction, eyelid and nose surgery, body contouring, facial reconstruction, cosmetic implants and others. The body contouring segment has been further segmented into tummy tuck, breast lift, others. The cosmetic implants segment has been further segmented into breast augmentation, buttock implants, chin & cheek implants.
The global cosmetic surgery market spans across the regions of North America, Latin America, Europe, Asia Pacific and the Middle East & Africa. North America holds the maximum share of the market owing to an increase in awareness and growing acceptability of cosmetic surgery in the region, especially the US. Moreover, the region is technologically advanced which has resulted in the development of less painful and non-invasive procedures. The Asia Pacific region is expected to showcase relatively fast growth over the forecast period, with key contributions from Japan, India, and China. There is a shift towards Latin America and Asia Pacific for owing to medical tourism for cosmetic surgeries.
The notable players in the global cosmetic surgery market include Johnson & Johnson, Cutera, Inc., Allergan, Inc., Valeant Pharmaceuticals International, Syneron Medical Ltd., Genesis Biosystems, Inc., and others.