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The global cosmetic surgery market size was valued at USD 53.79 billion in 2021. The market is projected to grow from USD 55.65 billion in 2022 to USD 71.93 billion by 2029, exhibiting a CAGR of 3.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with cosmetic surgery experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -17.8% in 2020 as compared to 2019.
The growing popularity of cosmetic procedures among the general population to improve their aesthetic appearance is increasing each year. Furthermore, the increasing prevalence of dermatology conditions and the presence of a large patient pool requiring treatment are growing the need and demand for such procedures in the market.
However, the availability of innovative technologies and devices for treating dermatology conditions and improving reimbursement policies for cosmetic procedures fuel the number of patients undergoing cosmetic surgery. Furthermore, the population preferring easy, pain-free methods for appearing youthful and healthy without complications is increasing the demand for non-surgical procedures.
Additionally, key cosmetic surgery players are focusing on new product development and receiving approvals to strengthen their market position. For example, in June 2020, Cynosure launched the Elite iQ aesthetic workstation for laser hair removal and skin revitalization in the U.S., Europe, and Australia. This launch reinforced the company’s position in the developed market.
Furthermore, growing demand for medical tourism, where people travel from other countries for various cosmetic procedures, and the emergence of new cosmetic clinics is further fueling the cosmetic surgery market growth during the forecast period.
Declining Number of Cosmetic Procedures during the COVID-19 Pandemic
The impact of the COVID-19 pandemic resulted in reduced demand for various cosmetic procedures worldwide. The various countries' governments had instructed to postpone elective and non-essential surgeries to reallocate their healthcare resources to manage COVID-19. The stoppage of elective surgical procedures and the disruption of the supply chain for required material during the pandemic led to decreased cosmetic procedures.
Due to the slowdown of elective surgical procedures in 2020, the total number of cosmetic surgical procedures performed decreased compared to the previous year. This factor affected the sales of the products, and various key players reported a decline in their product sales. For example, Bausch Health Companies Inc., reported a 6.7% decline in total revenue during 2020, while its ortho dermatologic segment reported a decline of 3.0% during 2020.
The ease of lockdown restrictions, increasing demand for home care settings procedures, and focusing on introducing advanced products to meet the demand are expected to drive the market from 2022-2029.
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Increasing Demand for Cosmetic Procedures among Male Population to Propel Market Growth
The growing popularity and adoption of cosmetic procedures among the male population are increasing annually due to age-related concerns, and men are adopting these procedures to maintain their youthful look. Moreover, the increasing demand for non-surgical procedures such as dermal fillers and botulinum toxin procedures among the male population is leading to the growth in the number of procedures performed and contributed toward the overall market growth.
Also, the top surgical and non-surgical procedures that men undergo are eyelid surgery, liposuction, gynecomastia, rhinoplasty, botulinum toxin, and hair removal.
The above factors and the gradually improving balance between genders are resulting in the overall demand for cosmetic procedures among the male population.
Rising Focus on Aesthetic Features to Fuel the Market Growth
In recent years, the demand for cosmetic procedures has gradually changed as aesthetics has become an important aspect of daily life. The rise in population focusing on aesthetic features has generated promising prospects for the market.
Women’s inclination toward cosmetic procedures, such as breast augmentation, liposuction, eyelid surgery, abdominoplasty, breast lift, and others, is increasing the demand for cosmetic procedures in the market. According to the survey conducted by the International Society of Aesthetic Plastic Surgery (ISAPS) in 2020, women account for 86.0% of all cosmetic procedures worldwide.
There has been a preferential shift of patients toward minimally invasive and non-invasive cosmetic procedures over surgical procedures. People choose non-surgical procedures due to the various advantages such as reduced recovery time, less pain, and reduced healthcare costs, among others.
The factors mentioned above, increase in research and development investments, and new product launches by key players are further driving the growth of the market and contributing to the growth of the market.
Complications Associated with Cosmetic Procedures to Restrict the Market Growth
The growing popularity of aesthetic procedures in the U.S., Germany, Brazil, and others is increasing the number of cosmetic procedures performed. This factor has increased the complications associated with the treatment, affecting the market growth. Several complications can occur during or after the cosmetic procedure.
The procedures carried out by non-physicians in salons, spas, and other non-medical settings are causing an increasing number of complications. Some common complications of aesthetic procedures include scars, swelling, infections, and nerve damage, among others.
Moreover, the side effects caused by using facial fillers is another major factor restricting the market growth. Some of the common complications include redness, skin pigmentation, bruising, crooked smile, inflammatory reaction, and others.
Safety concerns arise in people’s minds and this limits the pool of people undergoing cosmetic procedures. This factor has been pivotal in limiting the demand for cosmetic procedures along with the high costs associated, which has negatively impacted and restricted the market’s growth.
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Non-surgical Procedures Segment to Dominate Backed by their Robust Demand
On the basis of procedure, the market has been classified into surgical procedures and non-surgical procedures.
The surgical procedures segment dominated the market in 2021. The increase in demand for surgical procedures such as breast augmentation, liposuction, and others is due to the procedure's long-term results, which do not require to be repeated every couple of years. Further, the availability of approved aesthetic devices offered by key players in the market contributes to the segment's growth.
On the other hand, the non-surgical procedures segment is expected to register the highest CAGR during the forecast period. The growing popularity and higher patient population undergoing non-surgical procedures such as dermal filler, botulinum toxin, hyaluronic acid, and others across the world is fueling the segment growth during the forecast period. This growing popularity is attributable to the various benefits offered, such as less recovery time, reduced hospitalization rates, painless procedures, and others.
Females Segment to Dominate Owing to Growing Emphasis on Aesthetic Appearance
On the basis of gender, the market has been segmented into females and males.
The females segment captured the largest market share in 2021. The large number of females undergoing cosmetic procedures for various applications, such as skin resurfacing & tightening, hair removal, breast reduction, and others, is fueling the segment growth. Moreover, breast augmentation is the most common procedure performed by plastic surgeons across the world.
On the other hand, the males segment is expected to grow during the forecast period. The increasing adoption of cosmetic procedures by men to improve their aesthetic appearance to have a youthful look is increasing the demand for cosmetic procedures among the male population. Increasing the number of males undergoing procedures such as gynecomastia, and eyelid surgery, among others, across the world, is expected to fuel segmental growth during 2022-2029.
Hospitals & Specialty Clinics Segment to Dominate Attributable to Diversified Service Offerings
Based on provider, the market is classified into hospitals & specialty clinics and spas & cosmetic surgery centers.
The hospitals & specialty clinics segment captured the largest market share in 2021. Most cosmetic procedures are performed in hospitals & specialty clinics compared to other facilities. Furthermore, the growing demand for minimally invasive procedures and the preferential shift of patients toward specialty clinics are fueling the segment growth. Also, majority of plastic surgeons prefer to be associated with hospitals & specialty clinics, offering a diverse portfolio of services.
On the other hand, the spas & cosmetic surgery centers segment is expected to grow positively in the upcoming years due to robust growth of medical tourism and the emergence of new medical spas and cosmetic surgery centers is fueling the segment growth.
Also, a gradual increase in the number of procedures performed in cosmetic centers is further fueling the segment growth during the forecast period.
North America Cosmetic Surgery Market Size, 2021 (USD Billion)
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On the basis of region, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America captured a market value of USD 16.83 billion in 2021. The dominance of this region is due to the presence of highly qualified plastic surgeons performing various cosmetic procedures and the growing number of aesthetic clinics in the U.S. and Canada is responsible for the growth of this region. Also, the high adoption of the latest advanced aesthetic devices in the market is further fueling the growth in this region.
Europe held the second position in the global market. The increasing number of non-invasive procedures and the emergence of new medical spas in countries like Germany, France, and others are fueling market growth in this region. According to the data published by the German National Tourist Board in 2020, around 350 operating medical spas are present in Germany.
Latin America is expected to register the highest CAGR during the forecast period. The growing demand for medical tourism, the acceptance of innovative techniques in various aesthetic clinics, and providing patients with cosmetic procedures at an affordable price are major factors fueling the market’s growth in this region.
Introduction of Products by Key Players to Strengthen their Market Position
In terms of the competitive landscape, Bausch Health Companies Inc., Johnson & Johnson Services, Inc. (MENTOR), and AbbVie Inc. dominate the global cosmetic surgery market share due to the presence of a wide product portfolio and rising focus on the introduction of advanced products in the market.
Other companies, such as Cutera, GALDERMA, Merz Pharma, and Cynosure, among others, have a prominent presence in the global market. Anticipated product launches and strategic executions for expanding the companies’ market presence are expected to propel the growth of these companies.
An Infographic Representation of Cosmetic Surgery Market
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The research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, procedures, gender, and provider. Besides, it offers insights into market trends and highlights key industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the market's growth in recent years.
Value (USD billion)
By Procedure, Gender, Provider, and Region
Fortune Business Insights says that the global market stood at USD 53.79 billion in 2021 and is projected to reach USD 71.93 billion by 2029.
In 2021, the market stood at USD 53.79 billion.
The market will exhibit a CAGR of 3.7% during the forecast period (2022-2029)
The surgical procedures segment is expected to be the leading segment in the market during the forecast period.
The growing prevalence of dermatology conditions among individuals, coupled with increasing demand for cosmetic procedures, will drive the market.
Bausch Health Companies Inc., AbbVie Inc., and Johnson & Johnson Services, Inc. (MENTOR) are the top players in the market.
North America is expected to hold the highest market share in the market.
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