The rising popularity of medical tourism is anticipated to open up new avenue for the Rhinoplasty Market

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/

Comments

Post a Comment

Popular posts from this blog

The Notchback Market is Estimated To Witness High Growth Owing To Rising Demand From Emerging Economies

Image
  Notchback Market Market Overview: A notchback is a body style of cars characterized by a gently sloped rear window and greenhouse. Notchbacks provide practical interior space with good cargo capacity. They offer balanced interior volume for passengers and cargo along with sleek and stylish exterior design. The body style has advantages like no C-pillar which enhances visibility compared to sedans. Market key trends: The growth of the notchback market is attributed to rising demand from emerging economies like China, India and Brazil. These nations have growing middle-class population and increasing disposable income which is driving vehicle ownership. Moreover, notchback body style is quite popular in these developing markets due to its spacious cabin combined with stylish looks at affordable prices. Leading automakers are launching various notchback models to cater to the surging demand from developing countries, which is fueling the growth of the notchback market size during ...
Read more

Commercial Drones Market is Poised to Register Notable Growth Owing to Expanding Usage Across Varied Industries

Image
  Commercial Drones Market  The commercial drones market has been gaining significant traction over the recent years primarily driven by expanding deployment across various industries including agriculture, infrastructure, disaster management, and transportation among others. Commercial drones offer several advantages including cost-effectiveness, flexibility, precision and real-time monitoring capabilities. Meanwhile, growing popularity of drone delivery services across e-commerce as well as healthcare sectors has further catalyzed the market growth. Drones help in reducing operational costs while effectively meeting the target delivery timelines. Additionally, continuous technological advancements have resulted in miniaturization and development of drones with increased payload capacity and battery life. The Global commercial drones market is estimated to be valued at US$ 22.29 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031. Key T...
Read more

The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Image
Petroleum Resins Market  Market Overview: Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives. Market Dynamics: The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Pe...
Read more