The global rhinoplasty market is projected to generate $8,989.2 million revenue in 2030, advancing at a CAGR of 7.0% during 2021–2030. This can be ascribed to the rising aesthetic awareness, high disposable income, and technological advancements in the field of cosmetic surgery. Furthermore, the rising number of road accidents and surging healthcare expenditure will fuel the market growth.
Open rhinoplasty contributes the higher revenue to the market, and this category is expected to continue on this path during the forecast period, advancing with a CAGR of over 7%. This will be due to an increase in the number of nose reshaping surgeries, as well as a growing demand among surgeons for this treatment, which provides high visibility and accessibility during extensive and intricate procedures.
Based on treatment type, augmentation rhinoplasty is the largest and fastest-growing category in the market. This is due to the preference for this surgery for aesthetic purposes as well as for improving the functionality of the nose, to offer greater ease in breathing and to improve the projection of the nasal dorsum on the profile view.
Furthermore, reduction rhinoplasty holds a significant rhinoplasty market share, due to the increasing need to repair deformities from an injury, correct a birth defect, and alleviate breathing difficulties by reducing the shape and size of the complete nose or a specific part of it.
The rising adoption of innovative methods for rhinoplasty, such as ultrasonic rhinoplasty and liquid rhinoplasty, is driving the rhinoplasty market expansion. Moreover, 3D imaging plays a vital role in helping decide whether the patient will need to undergo surgery or not, through the computerized images of the patient’s nose from any and every angle.
Moreover, in recent years, many celebrities have openly revealed the use of facial aesthetic treatments, thus leading to an increase in the awareness about these treatments and, at the same time, making them acceptable by society. Hence, with the beginning of the social acceptance of these treatments, the rhinoplasty market is likely to see immense growth in the coming years.
Geographically, North America dominated the market in 2021, and it is set to continue the trend during the forecast period. This Will be due to the large number of market players, increasing rate of road accidents, highly developed healthcare infrastructure, and rising number of nasal reconstruction product launches. Moreover, the U.S. generates the majority of the revenue in the regional market due to the increasing number of minimally invasive surgeries and high adoption rate of advanced technology and equipment.
APAC will undergo the fastest growth during the forecast period. This can be attributed to the rising disposable income, growing medical tourism sector, cost-effectiveness of the procedures, and rising healthcare expenditure in the region. Furthermore, Japan, China, and India are the major revenue contributors to the regional rhinoplasty market due to the increasing incidence of congenital deformities of the nose and rising aesthetic consciousness.
Some of the major players in the market are Stryker Corporation, Grover Aesthetics, Implantech Associates Inc., Sunset Cosmetic Surgery, Guangzhou Wanhe Plastic Material Co. Ltd., and Surgiform Technologies Ltd.