Market Size of Cosmetic Surgery and Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cosmetic Surgery & Services Market Analysis
The cosmetic surgery and services market is projected to register a CAGR of 5.5% during the forecast period.
The COVID-19 outbreak had a significant impact on the cosmetic surgery and services market as hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the world. The sales of the product through online outlets escalated during the pandemic. For instance, a cross-sectional survey conducted to evaluate the practices related to the use of light-based home-use hair removal devices was published in January 2022 in the International Journal of Trichology (Hair Research Society of India), and the results of the survey showed a significant rise in adoption of light-based home-use hair removal devices among the population during the outbreak. An article published in the Aesthetic Surgery Journal in October 2021 indicated that although there was an initial decrease in the searches for aesthetic interventions, these inquiries have been increasing and will likely continue to increase as the pandemic resolves. Therefore, even though the Covid-19 pandemic has had a slightly adverse impact on the studied market, the demand for aesthetic procedures and technical advances has increased during and after the pandemic, positively impacting the cosmetic surgery market.
The key factors propelling the market's growth are technological advancements in devices, growing demand for minimally invasive and non-invasive procedures, and growing awareness regarding cosmetic surgery. The ASPS data updated in February 2022 reported that in 2020, a total of 13,281,235 cosmetic minimally invasive procedures were performed in the United States, among which botulinum toxin remained the top procedure with 4.4 million procedures, followed by soft tissue filler (3.4 million) and Laser Skin Resurfacing (9,97,245). Thus, the growing popularity of aesthetic treatment for facial enhancement is the key market driver.
The demand for cosmetic surgeries and minimally invasive procedures, such as botulinum toxin and facial filler injections, has increased dramatically over the past decade. For the past few years, US citizens have been spending more money on cosmetic surgeries. Market players are frequently launching technologically advanced products, which may drive segmental growth during the forecast period. For instance, in August 2020, Revance launched the RHA (resilient hyaluronic acid) collection of fillers. The resilient hyaluronic acid fillers are designed to adapt to facial dynamics and represent the first step in the line of products for aesthetic practices. Such factors, along with technological advancements in devices and growing awareness regarding cosmetic surgery, are expected to boost the cosmetic surgery and services market over the forecast period.
Additionally, the approval of products by various regulatory authorities across the globe is also boosting the growth of the market. For instance, in January 2022, Lumenis launched the Splendor X device, CE cleared for hair removal, vascular treatments, pigmented lesions, and the treatment of wrinkles. in the United Kingdom.
Thus, owing to the abovementioned factors, the studied market is expected to grow over the forecast period. However, stringent regulatory policies and, side effects associated with cosmetic treatments may hinder the growth of the market.
