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Cosmetic Surgery and Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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    Report

  • 114 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 4591203
UP TO OFF until Mar 31st 2024
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.

Cosmetic Surgery & Services Market Trends

The Botulinum Toxin Segment is Expected to Witness the Fastest Growth in the Market

Botulinum toxin is a naturally occurring substance with wider applications. The most common use of this toxin is in treating painful muscle spasms and cosmetic treatment. Botox and Dysport are the commercial names of the botulinum toxin. In 1950, researchers found that the minute use of this toxin helps control muscle movement. Gradually, they realized the benefit of this substance in cosmetic treatments.

There is increased competition in the United States, with many players launching several products. For instance, in July 2021, Allergan received the US FDA approval of a label expansion of BOTOX to include eight new muscles for the treatment of upper limb spasticity in adults. The new muscles for treatment include additional muscles of the elbow and forearm (brachialis, brachioradialis, pronator teres, and pronator quadratus). The American Society of Plastic Surgeons study found that Botox injections were the most popular non-invasive cosmetic procedure in 2020, with 4.4 million procedures performed in the year. Hence, the use of botulinum toxins in aesthetic medicine has increased remarkably. Botox injections are used to treat frown lines, crow's feet, and horizontal forehead lines, which are cosmetic indications approved by the US FDA. They offer predictable results with few adverse effects and are associated with high patient satisfaction with the rising applications of the substance. Thus, the segment is expected to experience rapid growth worldwide.

In addition, as per Cosmetic Executive Women, a trade organization for the cosmetics, fragrance, and personal care industry, in 2021 9,435,000 people searched for aging-related concerns in the skincare category every month in the United States and people searched for Botox treatment in 2021 was 25.5% more than in the year 2020. This rising awareness about medical aesthetic procedures is increasing and driving the segment's growth.



North America is Expected to Dominate the Market Over the Forecast Period

North America dominates the cosmetic surgery and services market due to the rising population focusing on external aesthetics and the improvements being done in cosmetic procedures. According to the American Society of Plastic Surgeons (ASPS), in 2020, 15.5 million cosmetic procedures were performed in the United States, out of which 13.2 million were minimally invasive.

The large volume of aesthetic procedures in the region creates the need for aesthetic devices and thus drives the growth of the market. For instance, according to the AAFPRS survey released in March 2022, in the United States, an estimated 1.4 million surgical and non-surgical procedures were performed in 2021, an increase of 40% over the procedures performed in 2020. Moreover, according to the International Society of Aesthetic Plastic Surgery, a total of around 860,718 aesthetic procedures were done in Mexico in 2020. The non-surgical procedures were in the lead with over 331,348 injectables and 20,831 facial rejuvenation procedures. Therefore, the increasing cosmetic procedures are expected to boost the growth of the market in the region over the forecast period.

Currently, people in North America are spending more money on cosmetics. They are eager to adopt novel cosmetic treatments, thus boosting market development. For instance, in September 2021, Galderma’s Restylane portfolio grew and expanded. Restylane Eyesight was launched as a targeted treatment solution to combat under-eye shadows. In February 2021, the FDA approved Restylane Defyne for the augmentation and correction of mild to moderate chin retrusion for adults over 21 years. In the future, new product approvals and launches are expected to hit the market, thus boosting the market’s growth during the forecast period.



Cosmetic Surgery & Services Market Competitor Analysis

The cosmetic surgery and services market is consolidated. Key players with major market shares include Abbvie, Bausch Health Companies Inc., Merz Pharma GmbH & Co. KGaA, Galderma SA, and Johnson & Johnson. With the help of product innovation, a few small-scale companies are also penetrating the market and holding a substantial share.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements in Devices
4.2.2 Growing Demand for Minimally Invasive and Non-invasive Procedures
4.2.3 Growing Awareness Regarding Cosmetic Surgery
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies
4.3.2 Side Effects Associated with Cosmetic Treatments
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Treatment Type
5.1.1 By Surgical
5.1.1.1 Breast Augmentation
5.1.1.2 Liposuction
5.1.1.3 Tummy Tuck
5.1.1.4 Eyelid Surgery
5.1.1.5 Breast Lift
5.1.2 By Non-surgical
5.1.2.1 Botulinum toxin
5.1.2.2 Dermal Fillers
5.1.2.3 Laser Hair Removal
5.1.2.4 Photo-rejuvenation
5.1.2.5 Microdermabrasion
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AbbVie Inc.
6.1.2 Bausch Health Companies Inc.
6.1.3 Cynosure Technologies
6.1.4 Galderma SA
6.1.5 Laboratories Vivacy SaS
6.1.6 Merz Pharma GmbH & Co. KGaA
6.1.7 Sinclair Pharma PLC
6.1.8 Syneron
6.1.9 Teoxane Laboratories
6.1.10 Vital Esthetique
6.1.11 Johnson & Johnson
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AbbVie Inc.
  • Bausch Health Companies Inc.
  • Cynosure Technologies
  • Galderma SA
  • Laboratories Vivacy SaS
  • Merz Pharma GmbH & Co. KGaA
  • Sinclair Pharma PLC
  • Syneron
  • Teoxane Laboratories
  • Vital Esthetique
  • Johnson & Johnson

Methodology

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