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The global cosmetic surgery market size was valued at USD 55.68 billion in 2022 and is projected to grow from USD 57.67 billion in 2023 to USD 75.20 billion by 2030, exhibiting a CAGR of 3.9% during the forecast period.
The popularity of cosmetic procedures among the general population to improve their aesthetic appearance is increasing each year. Furthermore, the growing prevalence of dermatological conditions and presence of a large patient pool requiring treatment are boosting the demand for such procedures in the market.
However, the availability of innovative technologies and devices for treating skin conditions as well as improving reimbursement policies for cosmetic procedures will increase the number of patients undergoing these surgeries. Furthermore, several people are preferring easy, pain-free methods for appearing youthful and healthy without complications. This factor is increasing the demand for non-surgical procedures.
Additionally, key players in the market are focusing on new product developments 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 market.
Furthermore, growing demand for medical tourism, where people travel from other countries for various cosmetic procedures, and the emergence of new cosmetic clinics are expected to fuel the cosmetic surgery market growth during the forecast period.
Declining Number of Cosmetic Procedures during COVID-19 Pandemic Hindered Market Growth
The impact of the COVID-19 pandemic resulted in reduced demand for various cosmetic procedures across the world. Many 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 disruption of supply chains for required materials during the pandemic led to decreased cosmetic procedures.
Due to the slowdown of elective surgical procedures in 2020, the total number of cosmetic surgeries performed decreased compared to the previous year. This factor affected the sales of various cosmetic surgery-related products, and many 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% during 2020.
The ease of lockdown restrictions, increasing demand for home care-based procedures, and focus on introducing advanced products to meet the demand are expected to drive the market from 2023-2030.
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Increasing Demand for Cosmetic Procedures among Male Population to Propel Market Growth
The popularity and adoption of cosmetic procedures among the male population are increasing annually due to age-related concerns, and men are adopting these solutions to maintain their youthful look. Moreover, the increasing demand for non-surgical procedures, such as dermal fillers and botulinum toxin among the male population is raising the number of treatments performed and contributing toward the market’s growth.
Also, the top surgical and non-surgical treatments that men undergo are eyelid surgery, liposuction, gynecomastia, rhinoplasty, botulinum toxin, and hair removal.
The above factors are resulting in the higher demand for cosmetic procedures among the male population.
Rising Focus on Improving Aesthetic Features to Fuel 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 treatments in the market. According to a survey conducted by the International Society of Aesthetic Plastic Surgery (ISAPS) in 2020, women accounted for 86% of all cosmetic procedures across the world.
More patients are opting for minimally invasive cosmetic procedures over conventional surgeries. People choose non-surgical procedures due to their various advantages such as reduced recovery time, less pain, decreased healthcare costs, and others.
The factors mentioned above, along with increase in research & development investments and new product launches by key players, are further driving the growth of the market.
Complications Associated with Cosmetic Procedures to Restrict Market Growth
The growing popularity of aesthetic procedures in countries, such as the U.S., Germany, Brazil, and others, is increasing the number of cosmetic procedures performed. However, there are many complications associated with the treatment, which can negatively affect the market growth.
The procedures carried out by non-physicians in salons, spas, and other non-medical settings are increasing the risk of these 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 concern arises in people’s minds and this makes them reluctant to undergo cosmetic procedures. This factor has limited the demand for cosmetic surgeries. Moreover, the high costs associated with these operations will negatively impact the market growth.
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Non-surgical Procedures to Witness Highest CAGR due to Increasing Preference in Emerging Countries
On the basis of procedure, the market is 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 long-term results they offer; they do not require to be repeated every couple of years. Further, the availability of approved aesthetic devices offered by key players in the market will contribute to the segment's growth.
The non-surgical procedure segment is expected to register the highest CAGR during the forecast period. The growing popularity of non-surgical procedures, such as dermal fillers, botulinum toxin, hyaluronic acid, and others across the world may fuel the segment’s growth during the forecast period. These treatments offer various benefits, such as less recovery time, reduced hospitalization rates, painless procedures, and others.
Growing Emphasis on Aesthetic Appearance to Augment Demand for Cosmetic Treatments among Females
On the basis of gender, the market has been segmented into female and male.
The female segment captured the largest cosmetic surgery market share in 2022. The large number of females undergoing cosmetic procedures for various purposes, such as skin resurfacing & tightening, hair removal, breast reduction, and others is fueling the segment’s growth. Moreover, breast augmentation is the most common procedure performed by plastic surgeons across the world.
The male segment is expected to grow at a moderate rate during the forecast period. The increasing adoption of cosmetic surgery by men to improve their aesthetic appearance to have a youthful look is boosting the segment’s growth. The rising number of males undergoing procedures, such as gynecomastia and eyelid surgery, among others, across the world, will fuel the segment’s expansion during 2023-2030.
Demand for Cosmetic Treatments to Rise among 35-50 Years Age Group
Based on age group, the market is segmented into 18 years & younger, 19 to 34 years, 35 to 50 years, 51 to 64 years, and 65 years & above.
The 35 to 50 years segment held the largest share in the market in 2022 and is expected to witness significant growth during the forecast period. This is due to a major surge in the adoption of non-surgical procedures such as botulinum toxin among people in this age group. Furthermore, the growing awareness regarding anti-aging and body contouring treatments among women in this age group will also provide lucrative growth opportunities for this segment.
Additionally, the 19 to 34 years segment held the second-largest share of the market in 2022. This is attributed to the growing demand for cosmetic treatments among this age group such as breast augmentation and rhinoplasty.
People in the age group of 51 to 64 years are slowly seeking rejuvenating aesthetic procedures, which can minimize wrinkles. Therefore, the demand for non-surgical procedures, such as face lift and eyebrow surgery, has significantly increased over the past few years.
Hospitals & Specialty Clinics to Dominate Market Due 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 2022. Most cosmetic procedures are performed in hospitals & specialty clinics. Furthermore, the growing demand for minimally invasive procedures and preferential shift of patients toward specialty clinics are fueling the segment’s growth. Also, majority of plastic surgeons prefer to be associated with hospitals and specialty clinics, offering a diverse portfolio of services.
The spas & cosmetic surgery centers segment is expected to grow positively in the upcoming years due to the robust growth of medical tourism and emergence of new medical spas & cosmetic surgery centers.
Also, a gradual increase in the number of procedures performed in cosmetic centers may further fuel the segment’s growth during the forecast period.
North America Cosmetic Surgery Market Size, 2022 (USD Billion)
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On the basis of region, the global market has been classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for a market value of USD 17.45 billion in 2022. 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 latest advanced aesthetic devices in the market is further fueling the demand for cosmetic surgery 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 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.
Key Players to Introduce New Products to Strengthen their Market Position
In terms of the competitive landscape, Bausch Health Companies Inc., Johnson & Johnson Services, Inc. (MENTOR), and AbbVie Inc. are dominating the market due to the presence of a wide product portfolio and rising focus on the introduction of new 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. New product launches and execution of various strategies for expanding the companies’ market presence are expected to propel their growth.
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, key gender types, and providers. Besides this, it offers insights into the latest 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.
CAGR of 3.9% from 2023-2030
Value (USD billion)
By Procedure, Gender, Age Group, Provider, and Region
By Age Group
Fortune Business Insights says that the global market value stood at USD 55.68 billion in 2022 and is projected to reach USD 75.20 billion by 2030.
In 2022, the market stood at USD 55.68 billion.
The market will exhibit a CAGR of 3.9% during the forecast period of 2023-2030.
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 largest market share.
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