Rhinoplasty, also known as a nose job, is a plastic surgery procedure that reshapes and reconstructs the nose to improve its appearance, alignment, size or proportion. A rhinoplasty can repair birth defects, injuries and breathing problems or reshape the nose for purely cosmetic reasons. The global rhinoplasty market is growing rapidly due to the rising demand for minimally invasive aesthetic procedures. More individuals are opting for rhinoplasty surgery to modify certain features of their nose size, shape and size. Advancements in surgical techniques and devices have also reduced procedure times and risks making rhinoplasty a preferred choice.
The global rhinoplasty Market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the growth of the rhinoplasty market is the increasing popularity of non-surgical rhinoplasty procedures. Also known as liquid rhinoplasty, non-surgical rhinoplasty involves the use of injectable dermal fillers to contour and reshape the nose in a minimally invasive manner. These procedures are gaining traction due to their quick recovery times, low costs and minimal risks associated with anesthesia. With advancements in filler technologies, physicians are increasingly able to achieve natural yet defined results. The use of hyaluronic acid and collagen based fillers for subtle nose reshaping has paved the way for non-surgical rhinoplasty to become a mainstream cosmetic procedure. This growing adoption of non-invasive alternatives to traditional surgery is expected to drive significant growth of the overall rhinoplasty market during the forecast period.
Segment Analysis
The global rhinoplasty market is dominated by the cosmetic procedure segment. Around 80% of all rhinoplasty procedures performed worldwide are purely cosmetic in nature, aimed at improving the shape and appearance of the nose. These procedures allow patients to reshape or resize their nose to suit personal aesthetic preferences. The popularity of rhinoplasty as a cosmetic procedure is driven by the increasing emphasis on physical appearance and rise of social media, which pressures people into seeking procedures to achieve perceived beauty standards.
Key Takeaways
The Global Rhinoplasty Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global rhinoplasty Market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the rhinoplasty market, accounting for over 35% revenue share. This is attributable to factors such as higher procedure rates in the US, rising medical tourism, and well-established healthcare infrastructure. However, Asia Pacific is projected to be the fastest growing regional market during the forecast period owing to improving medical infrastructure, rising medical tourism from Western nations, and increasing discretionary spending on cosmetic procedures.
Key players: Key players operating in the rhinoplasty market are ESI Triage, Emergency Medical Associates, VeEDIS Clinical Systems, HealthLynked Corp, Innovative Health Media LLC, Digital Health Solutions LLC, PatientStack, Allm Inc., Pulsara, PatientCare Technology, Averhealth LLC, Emergisoft, Kyruus, Evolve Technology Solutions, eVisit, LeanTaaS, Twiage LLC, RapidDeploy, SonarMD, and Qventus Inc. These companies are focusing on new product launches, partnerships, mergers and acquisitions to expand their service offerings and geographical presence. For instance, in 2022, PatientStack acquired LeanTaaS to strengthen its platform capabilities for hospital and surgery center customers.
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