The global cosmetic surgery market is likely to gain traction from the ever-increasing number of patients undergoing procedures, such as chin augmentation, breast reduction, and breast augmentation. The American Society for Aesthetic Plastic Surgery (ASAPS) declared that in 2018, breast reduction (18%) and chin augmentation (20%) were two of the most popular surgical procedures in the U.S.
This information is given by Fortune Business Insights™ in a recent report, titled, “Cosmetic Surgery Market Size, Share & Industry Analysis, By Type (Surgical Procedures, and Non-Surgical Procedures), By Gender (Males, and Females), By End User (Spas & Cosmetic Surgery Centers, and Hospitals & Specialty Clinics), and Regional Forecast, 2019-2026.” The report further states that the cosmetic surgery market size was USD 50.67 billion in 2018 and is projected to reach USD 66.96 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period.
Key Players Aim to Launch New Products to Upsurge Sales
- The market is highly fragmented with the presence of numerous organizations that are striving persistently to gain the maximum share. They are doing so by conducting research and development activities to unveil products with cutting-edge technologies. Below is one of the latest key industry developments:
- April 2018: Merz Pharma GmbH & Co. KGaA, a privately-held pharmaceutical company, based in Germany, launched its new product named Belotero® Lips to treat perioral lines and enhance lips.
Rising Emphasis on Reduced Post-surgical Interventions to Propel Growth
The market consists of several prominent companies that are presently focusing on capitalizing their market share by delivering new instruments and products to the masses. Besides, the demand for unique products with reduced post-surgical interventions and adverse effects is aiding these companies in investing huge sums in research and development activities.
Furthermore, patients and healthcare providers are nowadays looking for state-of-the-art products. Coupled with this, the rising emphasis on removing the harmful effects of implants and other similar cosmetic procedures would contribute to the aesthetic surgery market growth in the near future. However, the emergence of non-licensed facilities worldwide may hamper the market growth.
Expansion of Medical Tourism to Favor Growth in Asia Pacific & Latin America
Geographically, the market is segregated into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Out of these, in 2018, North America generated USD 15.43 billion in terms of cosmetic surgery market revenue. This growth is attributable to the increasing number of surgical procedures performed in the U.S.
The International Society of Aesthetic and Plastic Surgeons (ISAPS) stated that in 2018, approximately 4.3 million cosmetic procedures were performed in this country alone. It is combined with the rising per capita expenditure of the populaces in North America. Asia Pacific and Latin America are set to grow considerably in the forthcoming years fueled by the expansion of medical tourism in both these regions.
List of the Companies Profiled in the Global Market:
- S.TETIK
- Westlake Dermatology
- Long Island Plastic Surgical Group, P.C.
- ALLERGAN
- Merz Pharma
- Galderma Laboratories
- Cleveland Clinic
- Other key market players
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