Global Cosmetic Surgery And Procedure Market Forecast 2020-2028
The global market of cosmetic surgery and procedure is evaluated to grow at a CAGR of 5.62% during the projected period, 2020-2028. The increasing access to cosmetic procedures due to surge in disposable income, preference of minimally invasive and non-invasive procedures, rising aging population, the rapid growth of the aesthetic industry, and medical tourism in developing markets are the principal factors boosting the market growth in the region.
Cosmetic surgery and procedures include surgical and non-surgical procedures for reshaping or enhancing various body parts or structures to improve appearance and confidence. The scope within cosmetic procedure includes breast enhancement, facial and body contouring, facial and skin rejuvenation. In many cultures across the world, aging has become undesirable. Modern culture, along with technological advancements, has made visual age defiance possible. The rising aging population has resulted in an increased demand for anti-aging cosmetic and aesthetic treatments worldwide, thereby leading to an increasing number of cosmetic surgery and procedures across the globe. The deterrents to the market growth are high cost of aesthetic treatment,safety concerns, availability of alternate treatments, and lack of reimbursement. Aesthetic products and procedures are luxury items, and they are expensive. Hence, the high cost of aesthetic treatments is one of the factors hampering the market growth. The market is highly competitive as the manufacturers are striving hard to increase their market share through competitive pricing and the introduction of new technology-based products.
The global cosmetic surgery and procedure market is geographically analyzed on the basis of the markets situated across North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the region of North America holds the largest market share in terms of revenue. This is attributed to the safety and efficacy of cosmetic procedures.
Allergan PLC, Bausch Health Companies Inc, Sinclair Pharma PLC, Merz Pharma, Lumenis Ltd, etc. are some of the leading companies registering their business presence in the market.
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