The rising popularity of medical tourism is anticipated to open up new avenue for the Rhinoplasty Market
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Rhinoplasty Market |
The global Rhinoplasty Market is estimated to be valued at US$ 4,488.5 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Rhinoplasty,
also known as nose job, is a cosmetic surgical procedure that reshapes and
improves the appearance of the nose. It is one of the most commonly performed
cosmetic surgeries today. The purpose of rhinoplasty is to fix functional
breathing problems or change the look of the nose with augmentation or
reduction techniques. Technological advancement in rhinoplasty procedures such
as computer software and three-dimensional CT imaging has improved surgical
accuracy and outcomes. These advanced techniques allow surgeons to diagnose
subtle deformities and develop customized surgical strategies. Animation programs
and computer simulation also provide patients with a preview of the
postoperative results.
Market Key trends:
Increased
usage of virtual surgical planning: Virtual surgical planning utilizes
three-dimensional imaging and computer simulation to digitally modify a
patient's nose image before surgery. This allows surgeons to view the nose from
all angles and test different augmentation and reduction scenarios. It improves
surgical accuracy and reduces the need for revision procedures.
Growing demand for minimally invasive techniques: There is a rising preference
for minimally invasive techniques such as closed or endonasal rhinoplasty.
These approaches involve smaller incisions inside the nose and reduce
postoperative bruising, swelling and recovery time. Several companies are
developing innovative systems for minimally invasive rhinoplasty which is
driving market growth.
Rising cosmetic procedures among male population: Traditionally, rhinoplasty
was not very common among men due to the social stigma. However, there is a
growing acceptance of cosmetic procedures among men today. The demand from male
consumers is expected to further escalate market revenue over the forecast
period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is relatively low for
established players in the rhinoplasty market due to high capital requirements
needed to develop specialized facilities and establish brand reputation.
Bargaining power of buyers: The bargaining power of buyers is moderate as the
benefits of rhinoplasty procedures are non-essential and patients can consider
other substitute options for aesthetic reasons.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
key raw material suppliers for rhinoplasty devices include limited players with
regulatory approvals.
Threat of new substitutes: The threat of substitutes is relatively low as
rhinoplasty procedures are considered as a specialized surgical treatment area
with no close substitutes available.
Competitive rivalry: The competitive rivalry is high among established players
to capture greater market share through new product launches and expansion
strategies.
Key Takeaways
The
Global Rhinoplasty Market Demand is expected to witness high growth,
exhibiting CAGR of 7.9% over the
forecast period, due to increasing beauty consciousness and rising disposable
income.
Regional analysis: North America is expected to dominate the rhinoplasty market
during the forecast period owing to the increasing number of rhinoplasty procedures
being performed in the region. Asia Pacific region is anticipated to witness
fastest growth rate due to growing medical tourism industry in the region.
Key players: Key players operating in the rhinoplasty market are Stryker
Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products,
Allergan (Abbvie) Luminera, Implantech, Koken, ANTHONY PRODUCTS INC., NOUVAG,
Sihuan Pharmaceutical Holdings Group Ltd., and Other prominent players. Stryker
Corporation offers a wide range of implants and surgical instruments for
rhinoplasty procedures.
Read
More:
https://www.marketwebjournal.com/rhinoplasty-market-trends-size-and-share-analysis/
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