The cosmetic surgery and services market is expected to register a CAGR of 5.9% over the forecast period. The key factors propelling the growth of this market are technological advancements in devices, growing demand for minimally invasive and non-invasive procedures, improved cosmetic treatment procedures, and growing awareness regarding cosmetic surgery.
- The demand for cosmetic surgeries and minimally invasive procedures, such as botulinum toxin and facial filler injections, has increased dramatically over the past decade. It has been observed since the past few years that US citizens are spending more money on cosmetic surgeries.
- As per the data from the American Society of Plastic Surgeons, around 17.7 million cosmetic surgeries were done in 2018, a 2% increase from 2017. The increase was attributed to the safe and effective minimally invasive procedures and their lesser side-effects. The growing popularity of aesthetic treatment for facial enhancement is the key driver of this market.
- An overwhelming majority of patients felt that skin care was critical to improving the appearance of aging on the face. Owing to these aforementioned factors, along with technological advancements in devices and growing awareness regarding cosmetic surgery, the cosmetic surgery and services market is expected to grow rapidly over the forecast period.
Key Market Trends
The Botulinum Toxin Segment is Expected to Witness the Fastest Growth in the Market
Botulinum toxin is a highly poisonous, naturally occurring substance, but has wide applications. The most common use of this toxin is in the treatment of painful muscle spasm and cosmetic treatment. Botox and Dysport are the commercial names of the botulinum toxin. In 1950, the researchers found that the minute use of this toxin helps in controlling the muscle movement. Gradually, they understood that this substance is also beneficial in cosmetic treatments.
According to the American Family Physician Journal, botulinum toxin injection for the treatment of facial wrinkles is the most frequently performed cosmetic procedure in the United States, and it is one of the most common entry procedures for clinicians seeking to incorporate aesthetic treatments into their practice. The US FDA has approved the use of botulinum toxin in the treatment of frown lines and crow's feet.
With the rising applications of the substance, the segment is expected to experience fast growth across various regions of the world.
North America is Expected to Dominate the Market Over the Forecast Period
North America dominates the cosmetic surgery and services market, owing to the rising number of people focusing on the external aesthetics and the improvements that are being done in cosmetic procedures. Currently, people in the United States are spending more money on cosmetics and are eager to adopt novel cosmetic treatments. Therefore, it is expected that the market will be dominated by this region.
The cosmetic surgery and services market is consolidated. Certain key players having the major market share include Allergan PLC, Bausch Health Companies Inc., Merz Pharma GmbH & Co. KGaA, Galderma SA, and Mentor Worldwide LLC.
With the help of product innovation, few small-sized companies are also penetrating the market and are holding a substantial share.
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