Global plastic surgery market anticipates steady growth
The global plastic surgery market is expected to show steady growth over the next five years, according to a report by Persistence Market Research (PMR).
The report notes that North America and Europe dominate the world market, due to an aging population and high adoption rates of aesthetic products.
Asia, on the other hand, is likely to show high growth rates in the next five years because of increasing awareness about these procedures and the growing medical tourism industry, with China and India leading the way.
None of the findings surprise Priyanka Bhattacharjee, a consultant to PMR. “With a growing quest for defying the aging process, there is rising adoption of both invasive and noninvasive procedures across the globe,” he tells Cosmetic Surgery Times.
Especially in developed markets in North America and Europe, “procedures like upper arm lifts and lower body lifts have shown substantial growth in recent years,” Bhattacharjee says.
Major growth drivers for the global market include an increase in the number of available certified service providers, lower procedure costs and application over a large patient population group.
“Rapid information dissemination over various types of media, an indomitable desire for the male population to appear handsome, rising affordability and opening up of society across the globe toward adoption of aesthetic surgeries are also fueling growth,” Bhattacharjee says.
Data from the American Society of Plastic Surgeons (ASPS) reveal that invasive procedures related to the buttock have witnessed the fastest adoption. “Top procedures include buttock augmentation (a 28% increase from 2014 to 2015), buttock lift (a 36% increase) and buttock implants (also a 36% increase),” Bhattacharjee says.
Conversely, major constraints to global growth include lack of awareness, lack of skilled personnel to perform these procedures and lack of affinity toward adoption of invasive procedures over noninvasive procedures.
Still, “the market is expected to witness rapid influx from the male population counterparts in developed markets,” Bhattacharjee says. “Rising availability of service providers in developed markets and an increased affinity to defy the early onset of aging are also factors expected to create significant revenue traction over the short as well as long term.”