by Rhinoplasty, commonly known as a nose job, is a cosmetic surgical procedure used to reshape and improve the appearance of the nose. It is one of the most commonly performed cosmetic surgeries with purposes ranging from simply improving the look of one’s nose to correcting functional issues. Procedures can include narrowing the width of the nose, changing the angle between the nose and the upper lip, altering the shape of the nasal tip, and correcting a deviated septum. With rising income levels, growing medical tourism sector, and increasing social acceptance of cosmetic procedures, more individuals are opting for rhinoplasty to modify their facial features and boost their confidence and self-esteem. The global rhinoplasty market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 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 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the major trends driving growth in the rhinoplasty market is the growing popularity of non-surgical rhinoplasty procedures. Also known as liquid rhinoplasty, non-surgical rhinoplasty involves the use of dermal fillers or botox injections to subtly reshape and refine the nose without surgery. Procedures offer benefits such as minimal downtime, lower costs, and reversible results. They are gaining traction amongst those seeking modest improvements or as a precursor to surgical rhinoplasty. Furthermore, with advancements in minimally invasive surgical techniques and technologies such as balloon sinus dilation, recovery times continue to reduce making rhinoplasty more accessible and appealing to consumers. This is further expected to support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low as it requires significant capital investments and expertise to establish healthcare infrastructure.
Bargaining power of buyers: Moderate as buyers have alternatives like cosmetic surgeries but rhinoplasty helps correct structural deformities.
Bargaining power of suppliers: Moderate as key suppliers are medical device companies and a few specialized surgeons, giving them some pricing power.
Threat of new substitutes: Low as there are currently no major substitutes for rhinoplasty that can effectively reconstruct or reshape the nose.
Competitive rivalry: High as the market is concentrated with a few global players and local surgeons competing on technology, customer service and pricing.
Key Takeaways
The global Rhinoplasty Market Growth is expected to witness high growth.
Regional Analysis: North America currently dominates the market due to high acceptance of cosmetic procedures and presence of major players. However, Asia Pacific is expected to grow at the fastest pace over the forecast period owing to growing medical tourism and rising middle class population willing to spend on cosmetic enhancements.
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. Barco and Absen are the global leaders with pioneering technologies like ultra-narrow bezel LED and seamless tiling capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
