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The global cosmetic surgery market size was valued at 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.
Cosmetic surgery has always been a topic of attention globally, as the trends demonstrated by cosmetic surgery procedures have shown significant impacts on the society. Cosmetic surgery is a part of plastic surgery differing from the latter on the basis of procedures performed and the outcome of the procedure. Cosmetic surgery procedures are aimed toward enhancement of the physical or aesthetic appearance of a specific part of the body. This differs from plastic surgery which encompasses procedures which are aimed to rectify or correct a defective part of the body. Cosmetic or aesthetic surgery is gaining popularity globally, even in countries that historically and traditionally considered these procedures as a social stigma.
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Growing Awareness among General Population towards New Cosmetic Procedures
Cosmetic surgery including non-surgical procedures such as Botulinum toxin and other injectables, has been in the spotlight for some time now. The availability of medical spas and specialty clinics offering these procedures has been in abundance and is always rising. This has sparked a rise in the number of people undergoing dermal filler and facial injectable non-surgical procedures, to improve their cosmetic appearance. A growing emphasis and self-awareness among population towards aesthetic appearance in this digital and social media dominated world, has been pivotal for the observed spike in the number of patients undergoing cosmetic surgery procedures.
Among surgical procedures, a few notable procedures such as breast augmentation, breast reduction, and chin augmentation have seen a significant rise in the number of patients undergoing these procedures. According to the American Society for Aesthetic Plastic Surgery (ASAPS), chin augmentation (20%) and breast reduction (18%), were among the most sought after surgical procedures in the U.S. in 2018.
Growing Number of Licensed Medical Spas to Attract People to Undergo Cosmetic Procedures
A large and attractive aesthetic medicine industry operating globally has witnessed a boom in the number of patients undergoing surgical and non-surgical cosmetic procedures. This has led to a significant increase in the number of FDA approved and licensed medical spas in various countries. Increase in the number of medical spas offering diverse portfolio of procedures, has led to an intense price competition further leading to decline in the prices of cosmetic procedures. According to the American Med Spa Association (AmSpa), the number of medical spas in the U.S., grew approximately by 50% during 2016 to 2018. In 2018, the country had an estimated 4,200 operating licensed medical spas.
The emergence of medical spas has also been favorable for the market, where these providers have been adopting advanced instruments and products to offer at par services to their customers. These conditions have been conducive to the growth of the market. There has been a significant increase in the number of patients undergoing aesthetic procedures globally, owing to decline in prices and improved access to healthcare professionals and services.
Availability of Technologically Advanced Products to Boost the Demand for Non-Surgical Cosmetic Procedures Globally
Key players offering products and instruments in the market have cited the lucrative growth and are aiming to capitalize on their current market share. An ever increasing demand for advanced products with reduced adverse effects and post-surgical interventions has led to market players focusing on R&D to introduce advanced products. In February 2019, Evolus Inc. received US-FDA approval for its new dermal filler named ‘Jeuveau’. This is a neurotoxin drug, used for the treatment of wrinkles and competes against the likes of established dermal fillers including Botox from Allergan. In October 2017, Mentor LLC., announced the launch of its breast implant, MemoryGel Xtra in the U.S., the only one of its kind breast implant with a few distinct aesthetic features.
The increasing demand by healthcare providers and patients for innovative products and the growing emphasis towards reducing or eliminating the adverse effects of implants and other cosmetic products, have led to the introduction of advanced products in the market. This, combined with the growing emphasis on aesthetics and increasing awareness towards available procedures, is driving the cosmetic surgery market growth.
Presence of an Unregulated Market to Hamper Growth
There is a marked increase in the number of licensed medical spas globally. Various countries including Brazil, South Korea, the U.S., and others have witnessed an increase in the number of these healthcare settings providing diversified service offerings. This is however, disrupted by the presence of an unregulated market with an emergence of non-licensed facilities globally.
Various countries have witnessed a spike in the number of illegal vendors offering cosmetic procedures and attracting a significant proportion of the population willing to undergo cosmetic surgery procedures. These facilities include un-registered medical practitioners and surgeons, which has a hugely negative impact on the market. This is leading to the increasing number of cosmetic surgeries gone wrong, with patients receiving sub-standard products and implants. Growing cases of adverse effects of cosmetic surgery has been largely linked to the presence of an unregulated market, which in turn, is anticipated to restrain the growth of the market during the forecast period.
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Growing Demand for Non-Surgical Procedures to Aid Growth of the Cosmetic Surgery Market
Based on procedure, the market is segmented into surgical procedures and non-surgical procedures. In terms of revenue, the surgical procedures segment dominated the aesthetic surgery market in 2018. Despite of the fact that the number of surgical procedures performed globally is significantly lower than the non-surgical procedures, higher cost of these surgical procedures is pivotal in higher revenue share of the segment. Top surgical procedures in terms of volume in 2018 were breast augmentation, liposuction, and eyelid surgery. Breast augmentation exhibited a 6.1% growth in the number of procedures over 2017, while liposuction witnessed a marked 9.2% growth during 2017-2018.
However, the number of non-surgical procedures is showcasing a marked increase, owing to the rising number of patients undergoing injectable and dermal filler procedures globally. Botulinum toxin and hyaluronic acid have dominated the field of non-surgical cosmetic procedures in 2018. Together, these two account for more than 75% of the non-surgical procedures performed globally in 2018. Growing awareness among general population towards non-surgical procedures, combined with the declining costs of these procedures, is presenting a large patient pool undergoing these procedures. Introduction of advanced dermal fillers in the market is projected to further boost the growth of the segment in the cosmetic surgery market.
Females Segment Dominated the Global Market in 2018
In terms of gender, the aesthetic surgery market is segmented into males and females. The females segment dominated the market in 2018. The segment is projected to continue its dominance during the forecast period. According to The International Society of Aesthetic Plastic Surgery (ISAPS), females accounted for more than 85% of the surgical and non-surgical procedures performed globally in 2018. A rapidly growing emphasis on personal aesthetic appearance among females, along with increasing per capita expenditure in the emerging countries, is leading to the rising number of females undergoing cosmetic procedures. This is further augmented by the increasing number of medical spas offering diversified services and boasting of new and advanced instruments and products. These factors are driving the growth of the females segment in the market.
The males segment is exhibiting a steady increase in the number of cosmetic surgery procedures performed globally. Growing urbanization and reducing social stigma associated with males undergoing cosmetic surgical procedures, have been instrumental in increasing the number of males undergoing cosmetic procedures. There is a steady rise in the number of males undergoing surgical procedures including eyelid surgery, rhinoplasty, and liposuction globally.
Spas & Cosmetic Surgery Centers Segment Dominated the Cosmetic Surgery Market in 2018
A surge in the number of licensed medical spas in countries including China, South Korea, the U.S., India, and Brazil, has led to easy access to patients desiring cosmetic surgeries. Despite a number of hospitals & specialty clinics offering cosmetic surgery procedures, cosmetic surgeons prefer to be associated with medical spas, offering diverse portfolio of services. According to the American Med Spa Association (AmSpa), the number of approved medical spas in the U.S., grew from 2,100 in 2016, to an estimated 4,200 in 2018.
Growing medical tourism in Brazil and the countries in Asia Pacific are also boosting the emergence of new medical spas in these countries. Brazil and South Korea are among the most sought after countries for cosmetic surgeries globally, after the U.S. This has led to the increasing number of licensed medical spas & cosmetic surgery centers in these countries, driving the growth of the spas & cosmetic surgery centers segment in the market. The hospitals & specialty clinics segment is projected to register a moderate CAGR during the forecast period.
North America Cosmetic Surgery Market Size, 2015-2026 (USD Billion)
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The cosmetic surgery market size in North America stood at USD 15.43 billion in 2018. The U.S. holds a dominant position in the market, in terms of the number of cosmetic surgery procedures performed in 2018. According to the International Society of Aesthetic and Plastic Surgeons (ISAPS), an estimated 4.3 million cosmetic procedures were performed in the U.S. in 2018. This is further facilitated by the comparatively higher prices per procedure in the country and higher per capita expenditure. These factors have propelled North America to remain in the dominant position in 2018. Latin America and Asia Pacific followed North America on the leadership board in the market in 2018. Presence of a lucrative market in Brazil, Mexico, Colombia, and other Latin American countries, and growing medical tourism in these countries are driving the aesthetic surgery market growth in Latin America.
Growing medical tourism in India, coupled with the increasing number of cosmetic surgeries performed in Australia, South Korea, and other countries in Asia Pacific are some of the factors responsible for the growth of the market in Asia Pacific. Europe and the Middle East & Africa accounted for a comparatively smaller share of the market in 2018.
Medical Spas & Cosmetic Surgery Centers are Aiming to Provide Diversified Portfolio of Procedures to the Patients
The cosmetic surgery market is fragmented with key players operating in each country, offering a wide range of services and procedures to their customers. There is no clear dominance of any player operating in the market, which has been instrumental in its oligopolistic and fragmented nature. A few notable and key players operating in the market include Long Island Plastic Surgical Group, P.C., Instituto Ivo Pitanguy, and Perfection Plastic Surgery Center, S.TETIK, Paulo Muller Plastic Surgery, and others.
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The cosmetic surgery market report provides a detailed analysis of the market and focuses on key aspects such as leading service providers, offerings, and leading procedure type. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Value (USD billion)
Fortune Business Insights says that the global market size was USD 50.67 billion in 2018 and is projected to reach USD 66.96 billion by 2026.
In 2018, the market value stood at USD 50.67 billion.
Growing at a CAGR of 3.6%, the market will exhibit steady growth in the forecast period (2019-2026).
Surgical procedures is expected to be the leading segment in this market.
Growing awareness among general population towards available treatment options is one of the major factors driving the growth of the market.
North America held the highest market share in 2018.
Growing number of medical spas offering diversified services and increasing per capita expenditure in the emerging countries are expected to drive the adoption of cosmetic surgery.
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