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Redefining Beauty: The Latest in Rhinoplasty Market Growth
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According to The Business Research Company's, The rhinoplasty market size has grown strongly in recent years. It will grow from $5.55 billion in 2023 to $5.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to shifts in beauty standards and cultural perceptions, rising disposable income, and the influence of celebrities and public figures.
The rhinoplasty market size is expected to see strong growth in the next few years. It will grow to $8.17 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to changing aesthetic preferences, updates in healthcare regulations, economic fluctuations, population growth, aging populations, and shifts in demographics. Major trends in the forecast period include a focus on functional improvements, the integration of virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) has focused on natural results and increased demand among men.
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Market Drivers and Trends:
The rising number of minimally invasive surgeries is expected to propel the growth of the pediatric catheter market going forward. Minimally invasive surgery (MIS) is a surgical method that minimizes cutting through the skin and tissues using techniques that produce as little harm as possible during treatments. Minimally invasive surgery is in demand due to faster recovery, less discomfort, and minimal scarring. Minimally invasive surgery enhances the utilization of pediatric catheters by providing less invasive access for insertion, reducing pain, shorter hospital stays, and faster recovery. For instance, in August 2023, according to The Aesthetic Society, a US-based organization devoted entirely to aesthetic plastic surgery and cosmetic medicine of the face and body, Americans spent over $11.8 billion on minimally invasive surgeries (aesthetic procedures) overall, up 2% from the previous year. Therefore, rising minimally invasive surgeries are driving the pediatric catheter market.
Major companies operating in the rhinoplasty market are increasing their focus on developing advanced nonsurgical procedures to sustain their position in the market. Nonsurgical procedures are medical treatments and interventions that do not involve making incisions into the body or removing tissue. These procedures are less invasive than surgical ones and often involve minimal recovery time. For instance, in February 2023, TrueAesthetics, a US-based cosmetic services provider, introduced a nonsurgical nose job procedure. This procedure entails strategically injecting fillers into the nose to achieve a smoother, more aesthetically pleasing look without surgery. The most common nonsurgical nose job corrects a bump on the bridge of the nose by filling the radix area, which is the highest point of the nose, located directly between the eyes, by injecting along the middle of the bridge.
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Major Key Players of the Market:
Medtronic PLC, Stryker Corporation, Zimmer Biomet, Integra Lifesciences Holdings Corporation, MTF Biologics, KLS Martin Group, Syneron Medical Ltd., Pristyn Care, Sientra Inc., Koken Co. Ltd., Graham Plastic Surgery, GC Aesthetics, Merz Aesthetics, Suneva Medical Inc., Implantech Associates Inc., Luminera Derm Ltd., NOUVAG AG, COMEG Medical Technologies, Contura Ltd., Anthony Products Inc, New York Center for Facial Plastic Surgery, Osteopore, Sunset Cosmetic Surgery, Grover Aesthetics
Rhinoplasty Market 2024 Key Insights:
• The rhinoplasty market size is expected to see strong growth in the next few years. It will grow to $8.17 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Impact Of Rising Road Accidents on The Growth Of The Rhinoplasty Market
• Development Of Advanced Nonsurgical Rhinoplasty Procedures
• North America was the largest region in the rhinoplasty market in 2023
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