Rhinoplasty, also known as nose job surgery, involves surgically reshaping and reconstructing the nose to alter its appearance and improve the way it functions. It is one of the most commonly performed cosmetic surgeries aiming to narrow or widen the nose, change nasal contours or reshape a protruding bump. With a rise in beauty consciousness and self-esteem issues, more people are opting for rhinoplasty to enhance their facial features. Some patients also undergo rhinoplasty to correct birth defects, injuries or breathing problems with their nose. The global rhinoplasty market is driven by people’s increased focus on physical appearance and aesthetics which has normalized cosmetic surgical procedures.
The global rhinoplasty Market is estimated to be valued at US$ 5170.76 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Non-surgical rhinoplasty procedures using dermal fillers and botox injections have gained traction lately. These non-invasive treatments do not require any incisions or surgery and help temporarily sculpt and lift the nose to achieve desired shape. Furthermore, the availability of advanced rhinoplasty techniques like alar base resection, lateral crural strut graft and columellar strut graft allow surgeons to achieve highly defined and natural results. Realself, a leading platform for finding trusted reviews on cosmetic procedures, has reported a 60% increase in searches for rhinoplasty between 2019 and 2020, indicating a rise in demand. With growing medical tourism in low-cost countries and increasing surgeon expertise, rhinoplasty is becoming more accessible globally which is broadening its potential patient pool.
Porter’s Analysis
Threat of new entrants: The rhinoplasty market requires substantial investment in technology, manufacturing facilities and marketing. Therefore, the threat of new entrants is low.
Bargaining power of buyers: Individual consumers have low bargaining power as rhinoplasty procedures are highly specialized and there are few alternatives. However, large hospitals and healthcare providers have higher bargaining power.
Bargaining power of suppliers: A few large companies dominate the supply of required medical technologies and equipment. Therefore, suppliers enjoy moderate bargaining power.
Threat of new substitutes: There are limited substitutes for rhinoplasty procedures. Advanced imaging and non-surgical techniques offer some alternatives but do not replace the advantages of rhinoplasty. Therefore, the threat is low.
Competitive rivalry: The rhinoplasty market is moderately competitive with the presence of several large and specialized clinics and hospitals. Competition is based on technological expertise, customer service and price.
Key Takeaways
The Global Rhinoplasty Market Growth is expected to witness high over the forecast period of 2024 to 2031. Advancements in medical technologies have increased the success rate of rhinoplasty procedures and boosted their popularity.
Regional analysis: North America currently dominates the rhinoplasty market driven by a highly developed healthcare sector and rising cosmetic procedures in the region. Asia Pacific is expected to exhibit the fastest growth due to increasing medical tourism and availability of low-cost rhinoplasty in countries like India, South Korea and Thailand.
Key players: Key players operating in the rhinoplasty market are Barco, Absen, Lighthouse Technologies, ROE Visual, Unilumin, PixelFLEX, LianTronics, Daktronics, NEC Display Solutions, Sony Corporation, Christie Digital Systems, Planar Systems, Yestech Optoelectronic, Galaxy LED Display, Mitsubishi Electric Corporation. Major players are focusing on advances like 3D imaging and Virtual Reality technologies to provide enhanced surgical experiences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
