Dublin, Ireland-based Research and Markets, in a recent market research report, projects continued expansion in the global plastic surgery market over the next 4 years.
The projections place industry growth at a CAGR of 9.47% during the 2016-2020 period, according to the report.
A media release from Research and Markets notes that the reasons for the continued expansion include the adoption of lasers in the aesthetics market. The versatility of lasers allows usage by plastic and cosmetic surgeons in a variety of ways, including the treatment of skin photo damage, unwanted hair, dyschromia (hyperpigmentation and hypopigmentation), wrinkles, tattoo removal, acne, body contouring, warts, and facial vein removal.
The versatility and cost-effectiveness of lasers are key to boosting the adoption of laser procedures in the plastic surgery and cosmetic market, per the release.
Another reason for the industry’s growth is the rising importance placed on physical appearance, according to the report. This includes more people looking to have minimally invasive cosmetic procedures as well as facial implantation, facial rejuvenation products, and breast implant procedures. The report also attributes high treatment costs to monopolistic approaches and procedure expenditures related to implantable medical devices.
Because insurance does not reimburse most plastic surgery procedures, this could hinder further growth of the market globally, the release continues.
[Source(s): Research and Markets, Business Wire]