Cosmetic Surgery Market Size, Share & COVID-19 Impact Analysis, By Type (Surgical Procedures {Breast Augmentation, Liposuction, Eyelid Surgery, Abdominoplasty, Rhinoplasty, and Others}, and Non-Surgical Procedures {Botulinum Toxin, Hyaluronic Acid, Hair Removal, Nonsurgical Fat Reduction, Photo Rejuvenation, and Others}), By Gender (Females, and Males), By Providers (Hospitals & Specialty Clinics, and Spas & Cosmetic Surgery Centers), and Regional Forecast, 2021-2028

The global cosmetic surgery market size was USD 44.55 billion in 2020. The market is projected to grow from USD 46.02 billion in 2021 to USD 58.78 billion in 2028 at a CAGR of 3.6% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with cosmetic surgeries witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -15.0% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Cosmetic surgery has always been a topic of attention globally, as the trends demonstrated by these surgical procedures have shown significant impacts on society. The growing awareness among the young population and availability of technologically advanced products to perform several surgical and non-surgical procedures contribute to the growth of the overall market during the forecast period 2021-2028.

Additionally, key players emphasize new product development and approval to strengthen market position. For instance, in October 2021, Cynosure Inc. announced the launch of the Potenza radiofrequency (RF) micro needling system for skin revitalization in Canada. Furthermore, in June 2020, Cynosure launched the Elite iQ aesthetic workstation for laser hair removal and skin revitalization in the U.S., Europe, and Australia. This launch reinforced company’s position in the developed market. Cosmetic or aesthetic surgery is gaining popularity globally, even in countries that historically and traditionally considered these procedures as a social stigma.

COVID-19 IMPACT  

Decline in Number of Cosmetic Procedures amid COVID-19 Pandemic to Adversely Impact Market

The COVID-19 pandemic impact is clearly visible in the healthcare sector as it is at the epicenter of this unprecedented global pandemic challenge. The COVID-19 pandemic has adversely affected cosmetic surgeries and their related products across the globe due to reduced demand for several aesthetic applications. Stringently imposed lockdowns, a suspension of elective procedures, and disturbance in the supply chain are the key recognizable factors responsible for the reduced demand.

For instance, according to the International Society of Aesthetic Plastic Surgery (ISAPS) data, the total number of cosmetic surgical procedures were decreased from 11.3 million in 2019 to 9.8 million in 2020, and it observed a decline of 13.0% in procedures. Similarly, the total number of cosmetic non-surgical procedures were decreased from 13.6 million in 2019 to 11.5 million in 2020, and it observed a decline of 15% in procedures. Furthermore, the total number of cosmetic procedures were decreased from 24.9 million in 2019 to 21.4 million in 2020, and it exhibited a decline of 14.1% in total procedures. This factor resulted in the deterioration of the overall market in 2020.

Key players in the market reported a drop in the revenue from cosmetic related products in the 2020 fiscal year. For instance, Allergan, a strong player in the botulinum toxin market, recorded a decline of 33.1% of revenue in 2020 compared to last year for ‘Botox Cosmetic.’ Other companies such as Cutera, Inc. and Sientra, Inc. also reported a decline in revenues of cosmetic products in 2020 owing to the closure of treatment centers. For instance, Cutera, Inc. reported a decline of 18.7% in 2020 compared to 2019.

Thus, to promote the cosmetic business during the pandemic, several medical and cosmetic organizations provided guidelines recommending telehealth and virtual consultations. Therefore, such advanced models are anticipated to present a new set of models for aesthetic home care settings procedures during the forecast period.

LATEST TRENDS

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Growing Awareness among General Population towards New Cosmetic Procedures to Augment Market Growth  

Cosmetic surgery, including non-surgical procedures such as Botulinum toxin and other injectables, has been in the spotlight for some time now. The availability of medical spas and specialty clinics offering these procedures has been abundant and is constantly rising. This factor has sparked a rise in the number of people undergoing dermal filler and facial injectable non-surgical procedures to improve their cosmetic appearance. A growing emphasis and self-awareness among the population towards the aesthetic appearance in this digital and social media-dominated world have been pivotal for the observed spike in the number of patients undergoing aesthetic surgery procedures.

Among surgical procedures, a few notable procedures such as nose reshaping, eyelid surgery, and facelift have seen a significant rise in the number of patients undergoing these procedures. According to the American Society for Aesthetic Plastic Surgery (ASAPS), nose reshaping (rhinoplasty) (15.2%), eyelid surgery (14.0%), and facelift (18%) were among the most sought after surgical procedures in the U.S. in 2020.

DRIVING FACTORS

Growing Number of Licensed Medical Spas to Attract People to Undergo Cosmetic Procedures

A large and attractive aesthetic medicine industry operating globally has witnessed a boom in the number of patients undergoing surgical and non-surgical cosmetic procedures. This factor has led to a significant increase in the number of FDA-approved and licensed medical spas in various countries. An increase in the number of medical spas offering diverse portfolios of procedures has led to intense price competition, further leading to a decline in the prices of cosmetic procedures. According to the American Med Spa Association (AmSpa), the number of medical spas in the U.S. grew by approximately 50% from 2016 to 2018. In 2018, the country had an estimated 5,400 operating licensed medical spas.

The emergence of medical spas has also been favorable for the market, where these providers have been adopting advanced instruments and products to offer at par services to their customers. These conditions have been conducive to the growth of the market. There has been a significant increase in the number of patients undergoing aesthetic procedures globally, owing to a decline in prices and improved access to healthcare professionals and services.

Availability of Technologically Advanced Products to Boost Demand for Non-surgical Cosmetic Procedures Globally

Key players offering products and instruments in the market have cited the lucrative growth and are aiming to capitalize on their current market share. An ever-increasing demand for advanced products with reduced adverse effects and post-surgical interventions has led to market players focusing on R&D to introduce advanced products. In February 2019, Evolus Inc. received US-FDA approval for its new dermal filler named ‘Jeuveau.’ This is a neurotoxin drug used to treat wrinkles and competes against the likes of established dermal fillers, including Botox from Allergan. Furthermore, in October 2020, GC Aesthetics Ltd. (GCA) announced the launch of the next generation of GCA breast implants, PERLE. PERLE is a novel Round Breast Implant with (R)evolutionary BioQ– Surface technology and highly cohesive Emunomic Breast Tissue Dynamic Gel.

The increasing demand by healthcare providers and patients for innovative products and the growing emphasis on reducing or eliminating the adverse effects of implants and other cosmetic products has led to the introduction of advanced products in the market. This factor combined with the growing emphasis on aesthetics and increasing awareness of available procedures, drives the cosmetic surgery market growth.

RESTRAINING FACTORS

Presence of an Unregulated Market to Hamper Growth

There is a marked increase in the number of licensed medical spas globally. Various countries, including Brazil, South Korea, the U.S., and others, have witnessed a rise in the number of these healthcare settings providing diversified service offerings. However, this factor is disrupted by the presence of an unregulated market with the emergence of non-licensed facilities globally.

Various countries have witnessed a spike in the number of illegal vendors offering cosmetic procedures and attracting a significant proportion of the population willing to undergo aesthetic procedures. These facilities include un-registered medical practitioners and surgeons, which hugely negatively impacts the market. This factor leads to the increasing number of cosmetic surgeries gone wrong, with patients receiving sub-standard products and implants. Growing cases of adverse effects of aesthetic surgery have been primarily linked to the presence of an unregulated market, which is anticipated to restrain the growth of the market during the forecast period.

SEGMENTATION

By Procedure Analysis

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Growing Demand for Non-Surgical Procedures to Aid Market Growth

Based on procedure, the market is segmented into surgical procedures and non-surgical procedures. In terms of revenue, the surgical procedures segment dominated the aesthetic surgery market in 2020. Even though the number of surgical procedures performed globally is significantly lower than the non-surgical procedures, the higher cost of these surgical procedures due to long-term effects is pivotal in the higher revenue share of the segment. According to the International Society of Aesthetic Plastic Surgery data, the top surgical procedures in terms of volume in 2019 were breast augmentation, liposuction, eyelid surgery, abdominoplasty, and rhinoplasty. Eyelid surgery exhibited a 14.5% growth in the number of procedures over 2018, while rhinoplasty witnessed a marked 13.1% growth during 2018-2019.

However, the number of non-surgical procedures is showcasing a marked increase, owing to the rising number of patients undergoing injectable and dermal filler procedures globally. Botulinum toxin and hyaluronic acid dominated the field of non-surgical cosmetic procedures in 2020. Together, these two accounted for more than 75% of the non-surgical procedures performed globally in 2020. Growing awareness among the general population towards non-surgical procedures, combined with the declining costs of these procedures, is presenting a large patient pool undergoing these procedures. The introduction of advanced dermal fillers in the market is projected to further boost the segment's growth in the global market.

By Gender Analysis

Growing Emphasis on Aesthetic Appearance among Females to Dominate Segmental Growth

In terms of gender, the market is segmented into females and males. The female segment will dominate the market in 2020. The segment is projected to continue its dominance during the forecast period. According to The International Society of Aesthetic Plastic Surgery (ISAPS), females accounted for more than 85% of the surgical and non-surgical procedures performed globally in 2020. A rapidly growing emphasis on personal aesthetic appearance among females and rising per capita expenditure in emerging countries lead to the rising number of females undergoing cosmetic procedures. This factor is further augmented by the increasing number of medical spas offering diversified services and boasting new and advanced instruments and products. These factors drive the growth of the female segment in the market.

The male segment is exhibiting a steady increase in the number of aesthetic surgery procedures performed globally. Growing urbanization and reducing social stigma associated with males undergoing cosmetic surgical procedures have been instrumental in increasing the number of males undergoing cosmetic procedures. There is a steady rise in the number of males undergoing surgical procedures, including gynecomastia, eyelid surgery, rhinoplasty, and liposuction globally.

By Provider Analysis

Diversified Service Offering in Hospitals & Specialty Clinics to Dominate Segmental Growth

A surge in the number of licensed hospitals and specialty clinics in countries including China, South Korea, U.S., India, and Brazil has led to easy access to patients desiring cosmetic surgeries. Despite several spas & cosmetic surgery centers offering diverse procedures, cosmetic surgeons prefer to be associated with hospitals & specialty clinics, offering a diverse portfolio of services. According to the International Society of Aesthetic Plastic Surgery (ISAPS), around 47% of total cosmetic procedures will be carried out in hospital settings in 2019.

Growing medical tourism in Brazil and the countries in the Asia Pacific are also boosting the emergence of new medical spas in these countries. After the U.S, Brazil and South Korea are among the most sought-after countries for cosmetic surgeries globally. This factor has led to the increasing number of licensed medical spas & cosmetic surgery centers in these countries, driving the growth of this segment in the market. The hospitals & specialty clinics segment is projected to register a moderate CAGR during the forecast period, owing to the several benefits offered by these settings, such as insurance and financing.

REGIONAL INSIGHTS

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The market size in North America stood at USD 13.45 billion in 2020. U.S. holds a dominant position in the market regarding the number of cosmetic surgery procedures performed in 2020. According to the International Society of Aesthetic and Plastic Surgeons (ISAPS), an estimated 4.0 million cosmetic procedures were performed in the U.S. in 2019. This factor is further facilitated by the country's comparatively higher prices per procedure and higher per capita expenditure. These factors have propelled North America to remain dominant in 2020. Latin America and the Asia Pacific followed North America on the leader board in the market in 2020. The presence of a lucrative market in Brazil, Mexico, Colombia, and other Latin American countries and growing medical tourism in these countries are driving the aesthetic surgery market growth in Latin America.

Growing medical tourism in India, coupled with the increasing number of cosmetic surgeries performed in Australia, South Korea, and other countries in the Asia Pacific, are some of the factors responsible for the market's growth in the Asia Pacific. Europe and the Middle East & Africa accounted for a comparatively smaller cosmetic surgery market share in 2020.

KEY INDUSTRY PLAYERS

Diversified Procedures Portfolio offered By Medical Spas & Aesthetic Surgery Centers to Propel Market Growth  

The cosmetic surgery market is fragmented, with key players operating in each country, offering their customers a wide range of services and procedures. There is no clear dominance of any player operating in the market, which has been instrumental in its oligopolistic and fragmented nature. A few notable and key players operating in the market include Long Island Plastic Surgical Group, P.C., Instituto Ivo Pitanguy, and Perfection Plastic Surgery Center, S.TETIK, Paulo Muller Plastic Surgery, and others.

Furthermore, a strong distribution channel and a well-established brand presence have been instrumental in the success of these companies in the market. For instance, Abbvie Inc., (Allergan) retain its market position by directing strong focus on expansion of its production facility and investing for development of R&D infrastructure. Likewise, in January 2020, Allergan inaugurated a new R&D based facility in Ireland.

LIST OF KEY COMPANIES PROFILED:

• Bausch Health Companies Inc. (Canada)


• Johnson & Johnson Services, Inc. (MENTOR) (U.S.)


• AbbVie Inc. (U.S.)


• Cutera (U.S.)


• Merz Pharma (Germany)


• GALDERMA (Switzerland)


• Sientra, Inc. (U.S.)


• Cynosure, Inc. (U.S.)


• Long Island Plastic Surgical Group, P.C. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2020 – AbbVie Inc. Inc., completed the acquisition of Allergan to strengthen its position as a strong leader in many cosmetic and therapeutic categories.


• January 2020 - Lynton Lasers Ltd launched the world’s most advanced laser hair removal platform, Motus AY. The platform uses a high-speed Alexandrite laser that benefits the light and dark skin tones.  

REPORT COVERAGE

An Infographic Representation of Cosmetic Surgery Market

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The global cosmetic surgery market report provides a detailed analysis of the market and focuses on key aspects such as leading service providers, offerings, and leading procedure types. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation