The total addressable market (TAM) for rhinoplasty was valued at USD 5 billion in 2021. It is estimated to reach USD 10.68 billion by 2030, growing at a CAGR of 8.8% during the forecast period (2022–2030). The surgical procedure known as rhinoplasty, a nose job, is used to alter the nose's shape and appearance for restorative, reconstructive, and cosmetic reasons. One of the most popular kinds of plastic surgery involves sedating the patient and administering local anesthesia. This procedure helps to improve breathing issues brought on by congenital disabilities or structural nose flaws, as well as deformities caused by injuries. In rhinoplasty, the nose's bone, cartilage, and skin are all altered, the bridge is straightened, the tip is reshaped, and the nostrils are smaller. Additionally, it realigns the deviated septum by modifying the nasal structure to produce better alignment.
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Increasing Awareness of Aesthetics
The rhinoplasty market is expanding quickly due to rising esthetic awareness. Modern society gives increasing aesthetic appeal a high priority across all demographic groups. A person's aesthetic appeal is improved by complete skin rejuvenation. Women are the most significant market contributors because they are more concerned about their physical appearance and therefore have a greater demand for esthetic devices.
In addition, according to the Plastic Surgery Statistics Report, Rhinoplasty is one of the top five cosmetic procedures in the US. This increases the demand for rhinoplasty surgical tools, technology, and clinics, further fueling the market's expansion. The demand for rhinoplasty procedures and devices is also increasing due to quick technological advancements. The high demand for rhinoplasty further fuels the market's growth as a result of this expanding desire to improve appearance.
Technological Advancements in Aesthetic Methods
Technology-advanced equipment has gradually replaced conventional products as people become more concerned with their appearance and better skin disease diagnosis and treatment. The development of medically sophisticated treatment methods has increased the demand for rhinoplasty. Key market players are concentrating on creating new products and innovations, expanding the market's accessibility to cutting-edge rhinoplasty surgery methods.
The techniques used in rhinoplasty are continuously being refined to offer better results. For instance, the Synthes Piezoelectric System can cut through bone or hard tissue thanks to its ultra-high frequency. It can stop cutting as soon as it meets soft tissue during a reconstructive procedure. As a direct result, there will be significantly less bleeding and bruising. Quick technological advancements are anticipated to improve the procedure and postoperative recovery.
Negative Effect of Lockdown
The coronavirus pandemic caused a severe setback for the cosmetics industry. Nearly 418,186,917 coronavirus cases and roughly 5,869,101 pandemic-related deaths were reported worldwide as of 17 February 2022, according to Worldometer. The lockdown in several countries has caused the closure of numerous beauty salons and med spas, even though most cosmetic procedures are not strictly necessary medical procedures and are instead elective. Worldwide hospital administrators and government officials also urged medical professionals to cancel non-emergency appointments. Additionally, the necessity of the job, which necessitates a close examination of a patient's face, combined with the coronavirus scare, hurt market demand. The outbreak adversely affected market growth due to its effects on the global economic climate and healthcare infrastructure.
Technology advancements in the methodology, materials, and tools used during such procedures have become a significant trend due to their expanding need. The market for nose reconstruction is being driven forward by the growing use of 3D imaging, which enhances the preoperative evaluation for rhinoplasty, intraoperative surgical navigation, and new ultrasonic equipment. Ultrasonic nose reconstruction uses sophisticated tools to restructure nasal bones to produce a more precise shape, opening various market opportunities.
The global rhinoplasty market is segmented by treatment type and technique.
Based on treatment type, the global rhinoplasty market is bifurcated into augmentation, reduction, post-traumatic, reconstructive, revision, and filler.
The augmentation segment is the highest contributor to the market and is expected to grow at a CAGR of 9.7% during the forecast period. The nasal tip and bridge construction during the augmentation procedure involves tissue or bone grafting. The nasal septum is most frequently used when cartilage from other nose parts is needed. When a patient does not have enough tissue in this area for augmentation, the rhinoplasty surgeons have a variety of materials at their disposal. Materials can be allogenous (obtained from cadavers), autologous implants (made from a patient's tissue), or alloplasts (synthetic implants). In severe nasal collapse, skin grafts thicken the skin and achieve a satisfactory reconstruction.
Reduction rhinoplasty is a resizing technique used during nasal surgery, much like augmentation rhinoplasty. Reduction rhinoplasty alters the nose's overall size and shape and certain features like the bump, hump, or tip. Most frequently, the nose's bone or cartilage is removed to reduce its size. The exact recovery procedures and strategies apply to reduce rhinoplasty as to all other rhinoplasty procedures.
Based on technique, the global rhinoplasty market is bifurcated into open rhinoplasty and closed rhinoplasty.
The open rhinoplasty segment owns the highest market share and is expected to grow at a CAGR of 9.1% during the forecast period. The columellate is used as an access point to open the nose's skin and reveal the underlying structure during open or external rhinoplasty. It is used to reshape the nose significantly. This surgery may leave visible scars on the nose afterward, but these scars may eventually go away. The desired contouring can be achieved more easily with open rhinoplasty than with closed rhinoplasty. The cartilage at the nasal tip can be reshaped using complex grafting and suturing techniques.
Incisions are made internally and are not visible to patients during closed or endonasal rhinoplasty. The benefit of this method is that there are no visible scars after surgery; as a result, it is less invasive than open rhinoplasty and only needs a brief recuperation period. Since it is only used to make minor changes to the nose's shape, closed rhinoplasty is not advised for extensive procedures. One of the main drawbacks of this method is the distortion of the nasal cartilage.
North America Dominates the Global Market
By region, the global rhinoplasty market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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North America is the most significant shareholder in the global rhinoplasty market and is expected to grow at a CAGR of 9.4% during the forecast period. The availability of board-certified cosmetic surgeons and the region's well-developed healthcare infrastructure has fueled the growth of the rhinoplasty market. The market is expanding due to rising esthetic consciousness and increased adoption of cutting-edge technology in this region. North America is anticipated to experience the highest growth during the forecast period due to rising disposable income, an increase in foreign patients seeking treatment due to low procedure costs, and quick infrastructure improvements in the healthcare industry.
Europe is expected to grow at a CAGR of 9.31% during the forecast period. Regulations for products like cosmetic lenses, lipolysis and liposuction equipment, cosmetic implants, and other electronic devices used in esthetic applications are included in the EU Regulation 2017/745. By 2020, market participants would have to abide by these new rules and the rules governing the CE marking procedure. In addition, the EN 16844 standard, approved in 2017, and the EN 16372 standard, approved in 2015, were approved by the European Committee for Standardization. They are expected to ensure that practicing standards are standardized across member countries, promoting market expansion. The availability of qualified professionals, the presence of well-established healthcare infrastructure, and the increase in the population of elderly people all contribute to the region's expected profitable growth during the forecast period.
Asia-Pacific is expected to grow significantly over the forecast period. Japan, China, India, Thailand, and South Korea are essential nations to consider in the Asia-Pacific region. Most of the nations in this region are developing, and technology is advancing very quickly. Additionally, medical tourism is driving market growth in this region, which is expanding significantly there. The Asia-Pacific rhinoplasty market's growth is also driven by rising esthetic consciousness among people.
Most of these nations are developing ones experiencing rapid technological advancements and ground-breaking research. Medical tourism has experienced significant growth, which hastened the healthcare sector's growth. Brazil and Mexico are part of the Latin American region. The presence of untapped markets in developing nations like Mexico and Brazil is also anticipated to fuel the expansion of the rhinoplasty market in the region over the forecast period.
South Africa, Saudi Arabia, and the UAE comprise most of the Middle East and Africa region. The Middle East and Africa rhinoplasty market is expected to expand steadily over the forecast period due to rising affordability and increased medical tourism in this region. Rapid technological progress, rising public awareness, and increased demand for rhinoplasty procedures are the main factors driving market expansion. Another factor driving up demand for rhinoplasty services and goods is rising esthetic consciousness.
The global rhinoplasty market’s major key players are