Plastic Surgery Market Stumped by Covid-19
Date : Sep 11, 2020 Author : PMR Editorial Staff Category : Healthcare
Plastic surgeries come into picture when alterations in skin, torso, breast, hand, musculoskeletal, and craniomaxillofacial portions are called for. The spike in the number of surgeries being performed every single year could be reasoned with development of less invasive/minimally invasive surgeries.
The American Society of Plastic Surgeons states that the year 2019 saw 299,715 breast augmentation procedures, 265,209 liposuction procedures, 211,005 eyelid surgeries, and 207,284 nose reshaping procedures.
As far as breast augmentation is concerned, silicone implants found their presence in 85% therein. The breast augmentation market is likely to grow at the double digit CAGR in the forecast period. In minimally-invasive surgical procedures, facial rejuvenation was the highest revenue generator. At the same time, tumour removals dominated the reconstructive procedures in 2019 (4.5 Mn procedures).
The other trend catching up is that of rhinoplasty (nose reshaping). The issues like a droopy nose tip, uneven cartilage could be fixed through rhinoplasty. The market for rhinoplasty is expected to witness a CAGR of over 5% between 2020 and 2030.
Likewise, non-surgical skin tightening market is expected witness linear transition (6-7%) between 2020 and 2030. This could be attributed to sizable population of baby boomers opting for the benefits of non-surgical tightening like new collagen growing in treated areas followed by surrounding areas promoting extra absorption of collagen.
Cosmetic procedures have been doing the rounds due to painless laser surgical treatments. This market is expected to witness a CAGR of 7.5% from 2020 to 2030. Belly flattening is another thing drawing people’s attention. Tummy tuck surgery, better known as abdominoplasty, comes to the rescue herein. One ends up getting a more defined, flatter, and firmer abdomen. The tendons and muscles could also be repaired and tightened through this procedure. The UK holds the largest market share of this type of cosmetic surgery.
Facial Implants are used by plastic surgeons for enhancing facial contours. Chin and cheek implants and lip implants play a vital role with respect to correction of facial appearance. Opting for these kinds of implants is expected to boost the plastic surgeries market further.
Amongst the surgical and non-surgical procedures, the ones in the latter category like laser hair removal and botox are preferred to negligible pain involved therein.
Plastic Surgery Market Dynamics
Going by products, the global plastic surgery market gives injectables, equipment, and implants. Within implants, there are breast implants and facial implants (as mentioned above). The equipment include microdermabrators, hair removal lasers, liposuction equipment, and dermal resurfacing lasers. Botulinum, hyaluronic acid, and collagen form injectables.
Covid-19: The Speedbreaker
The outbreak of Covid-19 has resulted in plastic surgeons all over the US stopping the elective procedures as per guidelines given by Centers for Medicare & Medicaid Services, American College of Surgeons, American Society of Plastic Surgeons, and American Medical Association. Essential reconstructive surgeries are being permitted, only after striking a balance amidst protection of HCP, patient care, resource conservation, and abysmal Covid-19 spread.
On the similar grounds, Europe is also following suit. In other words, plastic surgeries amidst the pandemic are happening only if they are termed “imperative” by registered medical practitioner. In the developing economies of Asia-Pacific (where plastic surgery is still looked upon as a luxury), the gears have already shifted towards combating Covid-19.
It could be inferred that for the time being the plastic surgery market is undergoing a slowdown. However, the year 2021 is expected to restore normalcy in this regard.
The key players in the plastic surgery market include BioForm Medical, Inc., Candela Corporation, Allergan, Inc., Solta Medical, Cynosure, and Lumenis.
How would Geographies progress post Covid-19?
The economy is expected to start embracing normalcy from the year 2021. As such, the professional lives of people across the globe are also expected to stabilize. North America and the Europe will start with their basic plastic surgery practices, but exponential growth will be a far-fetched dream for the subsequent months, more due to backing from the governments, but in the Asia-Pacific, Latin America, and MEA, it will take a while for people to go for plastic surgeries. Research states that more than 4 Mn young Indians have lost jobs in the wake of Covid-19. Also, in the US, almost 67 Mn Americans are at a greater risk of layoffs.
Those who stay employed are also facing pay cuts (in the range of 10% to 50%). Striving for basic needs, the next few years look sluggish from 360 degree perspective for plastic surgery market.