Plastic Surgery Market
The global plastic surgery market has witnessed steadfast growth in the past few years. It is expected to continue gaining traction throughout 2020 and into the coming years. This is majorly due to a growing increase in the number of patients opening to the idea of cosmetic procedures, such as breast reduction, chin augmentation, and breast augmentation.
According to the American Society for Aesthetic Plastic Surgery (ASAPS) chin augmentation and breast reduction are among the most popular surgical procedures undertaken in the United States.
Plastic Surgery Market: Opportunities and Trends
There are several technological advancements made in the techniques of plastic surgery. This has pushed the cosmetic surgery market towards a world of innovation involving minimally invasive and non-invasive procedures. There is a rapid improvement in cosmetic treatment procedures done globally with an increase in altogether awareness.
Major growth driver in 2020 for the global market stems from an integral desire in people to look better. Affordability and an acceptance within the society for aesthetic procedures fuel the industry too. Major opportunities are coming from an increase in the overall numbers of certified service providers with the field becoming a highly lucrative option.
Application over a large patient population group and lower costs of procedure are something to look forward to in the coming years. There has been a significant rise in the number of geriatric people opting for plastic surgery in recent years. This trend is expected to grow manifold in the next five years. This is a key driver for the global plastic surgery market.
Plastic surgery market is bolstered with a growing demand among the young to retain and enhance their beauty. However, a swiftly developing trend in the industry is procedures among obese and over-weight people. Technological advancements are expected to keep fueling the growth and offer multiple opportunities in the next few years.
Key Players in the Plastic Surgery Industry
The global plastic surgery market has several contenders and key players. The market has two major segments: surgical and non-surgical. The surgical category includes breast augmentation, eyelid surgery liposuction, nasal surgery, and tummy tucks surgeries while the non-surgical procedures include hair removal and photo rejuvenation among others.
Few of the top players in the industry on a global scale are Allergan, BioForm Medical, Solta Medical, Candela, Lumenis, and Cynosure among others. There are several regional players and the ones that specialize in their particular segments.
It is projected that the plastic surgery market shall increase at the rate of 7.8% CAGR to become a $21.97 billion (US) market by 2025. It is anticipated to rise steadily between the period 2020 and 2026 with numerous technological advancements taking place. There will be a rise in the adoption of new methods and strategies by key players.
Geographically, Europe and North America are expected to be major global players in the plastic surgery market. This is owing to a steady rise in the number of aging people and a high adoption rate of cosmetic products. South Korea and Japan could also become large players in the plastic surgery market as well.
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