Market Analysis - Plastic Surgery 2018
Plastic Surgery can be majorly segmented in two based on the purpose of surgeries; reconstructive surgery and aesthetic surgery. Reconstructive surgeons are skilled to improve and restore the functional impairment of the body parts caused by an injury, congenital defects, and tumours or cancer. Aesthetic surgery finds its application in altering the appearance of a body part. While a patient has no choice in case of reconstructive surgery, aesthetic procedures are completely on a patient’s personal interest to improve their body appearance.
Plastic Surgery market can also be divided on the basis of technique of the procedure; surgical and non-surgical procedure. As per Technavio’s market research analysts a global cosmetic surgery market will show a rapid growth at CAGR close to 7% during 2016-2020.
The market growth can be based on the following key drivers:
- Increasing no. of certified service providers
- Low cost procedures
- More focus on non-surgical procedures, with less time, easy recovery, instant and efficient results.
- Increasing awareness, especially in Asian population, will create major revenue traction in short and long term.
- Use of advanced and efficient technologies in the plastic surgery device market.
While the above factors accelerate the growth, there are factors that pose threat to the global plastic surgery market.
- Competition from medical clinics offering facial rejuvenation procedures.
- Lack of skills to perform the procedures, which can be due to the market needs of providing all the procedures in a single clinic.
- Lack of awareness.
As per the plastic surgery statistics released in June 2017 by ISAPS- International society of aesthetic and plastic surgery, a major international society, the increase in procedures show the potential in the global market of plastic surgery. Here are some findings of the data:
- The top five countries for cosmetic procedure claiming market share of 41.4% include USA, Brazil, Japan, Italy and Mexico.
- More than 23 million surgical and non-surgical procedures were performed in 2016 which shows an increase of about 2 million procedures worldwide which is 9% from the previous year.
- An increase of 10% in non-surgical procedures was noted where more than 13 million procedures were performed under the category. Further breakdown into Injectibles and facial rejuvenation procedures, an increase of 11% and 14% was observed. The data clearly reflects the great future of cosmetic procedures.
- Of the total, more than 10 million procedures were surgical marking an increase by 8%. This category includes both aesthetic and reconstructive surgeries. Further breakdown shows an increase of 7% in face and body procedures, 11% in Breast Surgery, 8% in total body and extremities.
- Top five popular surgical procedures -breast augmentation remains the most sought after procedure sizing up to 15.8%, followed by Liposuction (14%), Eyelid Surgery (12.9%), Rhinoplasty (7.6%) and Abdominoplasty (7.4%).
- Injectibles continue to be the most popular non-surgical procedure accounting a market share of 64% in the category. Botox, mark an increase of 7% in Injectibles category.
- Women accounted for 86.2% cosmetic proedures, also there was a significant increase in no. of men opted for plastic surgery. Top procedures requested by men are Eyelid Surgery, Gynecomastia, Rhinoplasty, Liposuction and Hair Transplant.
- Minimally invasive treatments have been the most popular cosmetic treatments, with hyaluronic acid treatments growing by 16.1 per cent in 2016 alone
By 2018, the worldwide market for aesthetic/reconstructive procedures will reach $10.7 billion. The U.S. and the Latin America markets are expected to have a CAGR of 10%. The U.S. and Latin America markets are expected to grow at, respectively, of 9.2% and 10% in line with global trends. The global trends are set by USA market as it holds more than 45% of the market. Europe has been witnessing relatively a slower growth of 6.6% per year. Due to declining purchasing power, particularly in southern Europe the European market are expected to grow by 6.6% and reach $1.94 billion by 2018. The Asia/Pacific region will have an overall CAGR of more than 14.1% driven by increasing demand and, accordingly, by the expanded access to technologies and products in China and by the continued high growth in the strong economies of Japan and South Korea. Overall, Asia will experience the strongest growth in aesthetic/reconstructive product sales, eventually eclipsing the total for the European market in 2018, reaching $2.24 billion.
The international market of medical aesthetic treatment is expected to sum up to US$6.56bn by 2018, led by non-invasive treatments such as Botox and hyaluronic acid treatments as well as energy-based services such as lasers. The highest growth rates are being seen in Asia. Asia is regarded as the next frontier and the number of physicians and clinics in China and India has been steadily rising, along with medical tourism in the region
Top market leaders in plastic surgery
- Allergan, Inc.
- Alma Laser
- Galderma S.A.
- Johnson and Johnson
- Solta Medical
- Syneron Medical Ltd
After receiving the unmitigated success and an overwhelming response from the attendees in the previous edition of International Head Neck and Plastic Surgery Expo conference we are delighted to announce the commencement of the International Conference on Plastic Surgery, slated to hold in Toronto, Canada from August 31- September 01, 2018.