Rhinoplasty Market Size Worth $5.4 Billion by 2026
The global rhinoplasty market size is expected to reach USD 5.4 billion by 2026, exhibiting a CAGR of 6.4% during the forecast period, according to a new report by Grand View Research, Inc.
According to a report published by the International Study on Aesthetic/Cosmetic Procedures, 877,254 rhinoplasty procedures were performed across the world in 2017. The report records 4.0% rise in cosmetic surgery procedures in 2017 from 2016. There was a significant rise of 11.0% rhinoplasty procedures across the world from 2016 to 2017. An increase in the number of plastic surgeons performing rhinoplasty surgery to 11.0% is also mentioned in the report. These statistics indicate the huge demand. Availability of skilled plastic surgeons coupled with technological advancements, such as 3D computer-assisted techniques are anticipated to further fuel the growth of the rhinoplasty market.
Growth of rhinoplasty
Factors such as rising awareness among people about physical appearance, rapid technological advancements in dermatology industry, and rising disposable income are anticipated to propel the growth.Apart from enhancing physical appearance, rhinoplasty is also performed for treating breathing problems that may affect the ability to exercise and sleep and for improving nasal function after a traumatic injury or illness. Different types of rhinoplasty procedures are performed based on techniques and treatment types. For instance, the post-traumatic rhinoplasty is performed to address the nose injury damaging the airways.
Augmentation rhinoplasty emerged as the largest segment in 2018 owing to its necessity for both functional and aesthetic indications. Open rhinoplasty was the largest technique segment in 2018 in terms of revenue and is anticipated to continue its dominance over the forecast period. This technique helps alter nasal shape with precision and to enhance the overall appearance of the face. North America held leading market share in 2018, owing to the rapid rise in adoption of advanced treatment types and techniques. Asia Pacific is anticipated to expand at the fastest CAGR over the forecast period. Factors such as economic development and medical tourism in this region are anticipated to boost the growth. Some of the key players in rhinoplasty market are Stryker, Grover Aesthetics, Sunset Cosmetic Surgery, Implantech, GC Aesthetics, and Surgiform Technologies LLC
Source: PR News Wire