Cosmetic surgery is a specialized branch of medicine that focuses on the enhancements of one’s physical appearance through the use of surgical or other medical producers. The purpose of performing cosmetic surgery is to improve the symmetry and aesthetic appeal of the body part. A variety of procedures and techniques are used, including body contouring, dermabrasion, laser skin resurfacing, facelift, and eyelid surgery. In this social media-dominated world, the growing trend for aesthetic appearance among the young population has surged the demand for the product to a great extent. For instance, Lynton Lasers Ltd introduced a laser hair removal platform Motus AY that benefits dark and light skin tones.
Fortune Business Insights™ estimates the global cosmetic surgery market size to reach USD 58.78 billion by 2028, growing at 3.6% CAGR from 2021 to 2028.
Fortune Business Insights™ highlights the top 6 companies in the market.
Johnson & Johnson Services, Inc. (U.S.)
Johnson & Johnson Services, Inc. is a healthcare firm headquartered in the U.S. and was founded in 1957. The organization deals in medical devices & diagnostics, pharmaceuticals, and consumer and healthcare services. Researchers in pharmaceuticals use artificial intelligence to discover lifesaving drugs. Furthermore, the firm is developing such techniques to make the style of working more efficient, enjoyable, and transparent.
Bausch Health Companies Inc. (Canada)
Bausch Health Companies Inc.is a Canada-based firm that was founded in 1983. The company has set its benchmark in the marketplace to deliver advanced global health through its innovative ideas and commitments. The firm specializes in specific areas such as aesthetics, dermatology, neurology, gastroenterology, and eye health.
Long Island Plastic Surgical Group, P.C. (U.S.)
Long Island Plastic Surgical (LIPSG) is a global leader in the renowned medical firm headquartered in the U.S. and was founded in 1948. The organization is very much committed to providing the best medical care practices to improve patients’ lives. Also, highly experienced surgeons of LIPSG have a history of performing some of the most complex surgeries in the field.
GALDERMA (Switzerland)
Founded in 1981, GALDERMA is a pharmaceutical manufacturing corporation dealing in healthcare, health, aesthetics, consumer care, prescriptions, dermatology, and skin health segments. Through its years of experience in dermatology, the firm provides solutions to maintain healthy skin throughout their lives.
Sientra, Inc. (U.S.)
Sientra, Inc.is a leading producer of medical equipment andwas founded in 1948 and headquartered in the U.S. The firm is highly focused on progressing the art of plastic surgery and making a change in patients’ lives. The company’s significant sections include breast tissue expanders, aesthetic medical devices, silicone scar treatments, and breast implants.
Cynosure, Inc. (U.S.)
Cynosure, Inc.is an American provider of medical services headquartered in the U.S and was founded in 1991. Various physicians and practitioners worldwide use such technology to provide their patients with the last treatments through its light-based medical and aesthetic treatment systems.
Factors Driving this Industry:
An increase in awareness about skin treatment and an increase in the number of young people have surged the demand for the product. Some of the reasons behind the surge in demand are the increasing need for aesthetic procedures, technical developments in the medical healthcare industry, and rise in expenditure on healthcare products. Owing to the decline in prices, there has been a significant increase in the number of patients undergoing cosmetic surgery procedures globally.
Challenges Faced by this Industry:
The high cost associated with cosmetic surgical procedures and their side effects are significant factors that could hinder the competitive space. The presence of unskilled board-certified and skilled cosmetic surgeons could also hamper the global market of cosmetic surgery. Furthermore, with reduced demand for invasive procedures and a spike in the number of illegal vendors offering cosmetic procedures, the industry is facing tough challenges in making profits.
Way Forward:
It can be concluded that the industry is moving at a significant pace due to the growing popularity of cosmetic surgery among the young population. Furthermore, manufacturers can enhance their business with the rising adoption of effective methods. Moreover, strong demand for skin care products from the healthcare industry could provide remunerative growth opportunities for the industry in the coming years.