Cosmetic Surgery Market Expected to Reach $201.0 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cosmetic Surgery Market," The cosmetic surgery market size was valued at $67.3 billion in 2021, and is estimated to reach $201.0 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031. Cosmetic surgery is where a person chooses to have an operation or invasive medical procedure to change their physical appearance for aesthetic rather than medical reason. Cosmetic surgery means redesigning body’s contour and shape, smoothing wrinkles, or eliminating balding areas. There are various types of cosmetic surgery procedures that women and men can choose to create an image that makes them feel more confident and comfortable with their appearance. Top cosmetic surgeries are breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck, and facelift. Some non-surgical procedures such as botulinum toxin that temporarily reduces or eliminates facial fine lines and wrinkles. Laser skin resurfacing can reduce facial wrinkles, scars, and blemishes. Microdermabrasion treatments use a minimally abrasive instrument to gently sand skin, removing thicker, uneven outer layer, and has many benefits. According to report share by American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS) in February 2022, total  number of surgical and non-surgical procedures is up to 1.4 million in year 2021, and have increased by 40% than 2020.

Factors that drive cosmetic surgery market trends includes increase in number of cosmetic procedures. According to the report share by the American academy of facial plastic and reconstructive surgery, (AAFPRS), it was reported that the number of surgical and non-surgical procedures have been increasing day by day.  According to a report by Statista, published in January 2022, the most common cosmetic surgical procedure was breast augmentation. Approximately, 1.6 million augmentation procedures were performed worldwide in 2020. The second most common cosmetic surgical procedure is liposuction and approximately 1.5 million liposuction procedures were performed worldwide in 2020. According to a report by Statista, published in 2021, botulinum toxin is the highest non-surgical procedure performed worldwide. Approximately 2.6 million botulinum toxin procedures were performed in 2020 across the globe.  Increase in number of key players to launch various cosmetic surgery products and rise in number approval for the cosmetic surgery products propel the cosmetic surgery market growth. Galderma is a dermatology and pharmaceutical company, which received approval for two products. In May 2020, it received food & drug administration (FDA) approval for restylane kysse, a new hyaluronic acid (ha) filler specifically designed and indicated to add fullness to lips and help smoothen wrinkles above the mouth. In February 2021, it received food & drug administration (FDA) approval for restylane defyne for augmentation and correction of mild to moderate chin retrusion for adults over the age of 21. Increase in number of licensed medical spas. The reason behind increasing number of medical spas is attributed to increase in number of non-invasive procedures such as cryolipolysis, laser lipolysis, liposuction, and tummy tuck. These procedures are highly popular among women due to increased levels of self-consciousness and a desire to be beautiful. Increase in skin damage and changes in lifestyle are the major factors that lead to rise in number of medical spas.

The cosmetic surgery market size is segmented procedure, gender, age group, provider, and region.

On the basis of procedure, the market is classified into breast augmentation, eyelid surgery, liposuction, rhinoplasty, and others. The surgical segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in number of breast augmentation procedures and increase in number of approvals    for cosmetic surgeries in breast implant.  

On the basis of gender, it is classified into male and female. The female segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in demand for aesthetic procedures, rapidly growing emphasis on personal aesthetics among females, and increase in number of female populations conducting cosmetic surgery.

On the basis of age group, the market is classified into 13 to29, 30 to 54, and 55 and others. The 30 to 54 segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in demand for liposuction and rise in number of cosmetic procedures in population of age group 30–54.

On the basis of provider, the market is classified into ambulatory surgical facilities, hospital and clinics, office & cosmetic surgical center. The hospitals & clinics segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in number of cosmetic surgeries and rise in number of hospitals and clinics to conduct various surgical procedures.

North America accounted for a majority of the global cosmetic surgery market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in number of breast augmentation procedures, increase in number of approvals for cosmetic surgery products, presence of cosmetic surgery industry, and advancements in healthcare, medical devices, and aesthetic sector in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of liposuctions, rise in awareness among young population regarding aesthetics, growth in health care expenditures, and rise in adoption of aesthetic products.

KEY FINDINGS OF THE STUDY

• By surgical procedure, the breast augmentation segment was the highest contributor to the market in 2021.
• By gender, the female segment was the highest contributor to the market in 2021.
• By age group, the 30 to54 segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By provider, the hospitals & clinics segment was the highest contributor to the market in 2021.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.