Inkwood Research predicts that the Global Cosmetic Surgery and Procedure Market is evaluated to register a CAGR of 5.43% in terms of revenue during the forecasted period of 2022-2030.
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Cosmetic surgery is characterized as a type of plastic surgery that intends to improve a person’s appearance. Since it developed from reconstructive surgeries, cosmetic as well as reconstructive procedures have analogous techniques. For example, in numerous reconstructive procedures, such as suction-assisted lipectomy, liposuction is used to eliminate fatty deposits and fatty tumors. However, it has a broader application across cosmetic techniques for the removal of unwanted fat, in addition to streamlining body shape.
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Development of the Aesthetic Industry to Augment Market Growth
The rapid growth of the aesthetic industry is predominantly accredited to greater consumer awareness for injectable treatments, younger generations aiming to acquire a younger appearance, and economic recovery. Aesthetic surgeries observe increased demand worldwide since individuals desire to look young despite their progressing chronological age. Technological developments have also introduced non-surgical aesthetic treatments adopted by the majority of the population. Therefore, the surging awareness about aesthetic treatments, in addition to the capability to afford treatment, is among the key factors propelling the growth of cosmetic surgery industries within the global market.
Non-Surgical is the Fastest-Growing Type
Non-surgical type is segmented into dermal fillers, botulinum toxin, laser hair removal, photo-rejuvenation, chemical peel, microdermabrasion, and other non-surgical types. The non-surgical cosmetic procedures market is expected to grow substantially, primarily given the advantages of minimally invasive or non-invasive procedures, unlike surgical procedures, coupled with less associated risks. Hence, these factors result in the increased demand for non-surgical cosmetic procedures across the globe. Furthermore, non-surgical procedures are also gaining increased demand due to greater accessibility and affordability.
Asia-Pacific to be the Leading Regional Market
The Asia-Pacific is set to grow with the highest CAGR during the forecasted years. The dominance of cosmetic procedures is shifting toward Asia-Pacific on account of the increasing demand and the rise in the number of cosmetics clinics, particularly in China and India. Furthermore, the significant increase in healthcare expenditure, the entry of new market players, the need to enhance physical appearances, and the development of the Asian economy are the top drivers anticipated to fuel the regional market’s growth.
The global cosmetic surgery and procedure market is fragmented, with manufacturers aiming to elevate their market share by introducing new technology-based products as well as competitive pricing. As a result, the competition among existing players is expected to remain high during the forecast period.
Leading companies operating in the market include Allergan, Merz Pharma, Johnson & Johnson, etc.
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