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Cosmetic Surgery Market Report 2008
Key Note Publications Ltd, March 2008, Pages: 106
The UK cosmetic surgery market has expanded rapidly over the past 5 years (2003 to 2007). We estimate that the market — which includes both surgical and non-surgical procedures — was worth £493m at the end of 2007, with annual growth rates of between 21.7% and 69% from 2003. Although there is no national auditing for the industry in terms of revenue, The British Association of Aesthetic Plastic Surgeons (BAAPS) records detailed procedure numbers for its 200-plus members every year; therefore, very accurate trends can be surmised from these figures.
While the consumer base for surgery is still small (less than 0.05% of the population, according to BAAPS) and procedures are still relatively expensive compared with those in the US, a growing number of younger women and men are opting to undertake procedures such as breast augmentation and liposuction. This has driven the cosmetic surgery market to no small extent. Another major driver has been the advancement in less-invasive techniques, particularly in facial surgery, which have encouraged older consumers to undergo face lifts and eyelid surgery in far higher numbers.
The other major feature of the cosmetic surgery market has been the dramatic expansion in provision for non-surgical procedures, again propelled by advancements in techniques and technology. For example, newer, more effective dermal filler treatments are encouraging many more women to undergo non-surgical facial treatments. In addition, advancements in laser technology are set to potentially revolutionise this form of treatment. Lasers can also now be used for lipolysis, for which there is growing demand in the UK. In this way, the distinction between surgical and non-surgical techniques is starting to become more blurred, and is likely to become increasingly more so over time.
The US market is currently experiencing a rather flat period; this is in contrast to the UK market, which is still highly dynamic. Although growth has slowed in the UK market in 2007, and forecasts that this trend will continue, the market is expected to retain demand and further expansion. It is anticipated that increasing popularity of non-surgical procedures will underpin market developments and the consumer base will continue to expand.
In the UK, attitudes towards cosmetic surgery are nowhere near as positive as those in the US, and this is an important distinction. Although attitudes are shifting, UK consumers are likely to remain modest in terms of their aims, opting mainly for subtly enhancing treatments, which allow them to age gracefully or to participate in social situations with more confidence. The industry needs to be fully and visibly regulated, however, and there may be even further pressure over the next few years to bring those areas of the market that are still not fully subject to strict legislation to better accountability.
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