RHINOPLASTY MARKET ANALYSIS

Global rhinoplasty market is estimated to be valued at US$ 4,488.5 million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030). Increasing acquisition of new business strategies by the market players is expected to increasing the growth of the market over the forecast period. For instance, on March 31, 2023, Osteopore, a Singapore-based leading medical device company, officially acquired multiple medical distribution businesses, which on a group basis will represent around 40%- 45% of global sales, and is anticipating a boost in revenue primarily from its aesthetic rhinoplasty product line. The acquisition is expected to boost revenue in the aesthetic businesses through higher margins with improved efficiencies.

Analysts’ Views on Global Rhinoplasty Market:

The rhinoplasty market's growth is expected to increase over the forecast period. This is due to the increasing number of new technologies, and launching of new products. As many manufacturers started conducting more research and development activities for the production of aesthetic devices which is used in plastic surgeries and treatment of post-traumatic injuries. Moreover, the demand for rhinoplasty devices will also increase in the future as non-surgical treatments are also increased.

Figure 1. Global Rhinoplasty Market Share (%), by Treatment Type, 2023

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Global Rhinoplasty Market- Driver

Product launch by the market players

Market players are launching new products, which is expected to increase the growth of the global rhinoplasty market over the forecast period. For instance, on February 23, 2023, Acclarent, Inc. a part of Johnson and Johnson companies launched RELIEVE SPINPLUS Balloon Sinuplasty Systems. Using endoscopic techniques, the balloon sinuplasty system enables qualified otolaryngologists (surgical subspecialty within medicine that deals with the surgical and medical management of conditions of the head and neck) to dilate obstructed sinus ostia and passageways in patients suffering from sinusitis and difficulties in breathing and it is also used in reshaping the nose.

Figure 2. Global Rhinoplasty Market Share (%), by Region, 2022

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Global Rhinoplasty Market- Regional Analysis

Among all regions, North America region is expected to dominate the market over the forecast period owing to the constant increase in aesthetic surgeries. According to the Journal American Society of Plastic Surgeons published recent statistics in 2020 states that North America spent US$16.7 billion on 15 million cosmetic medical procedures on their skin, including both surgeries like liposuction and minimally invasive procedures, like Botox injections and chemical peels. The vast majority (92 %) of patients for both minimally invasive treatments and surgery were female. The most popular cosmetic surgery was rhinoplasty, followed by eyelid surgery, facelift, liposuction, and breast augmentation.

Europe region is expected to be the second largest region over the forecast period. Due to increasing special awareness activities by the hospitals. For instance, on May 8, 2020, Resenburg Hospital organized a special awareness program on endonasal rhinoplasty, basic and advanced concepts in endonasal rhinoplasty was presented to training surgeons and to those who would like to add endonasal techniques to their established open rhinoplasty spectrum. Topics discussed to achieve natural appearing results, maximize patient comfort, and reduce postoperative recovery.

Global Rhinoplasty Market– Impact of Coronavirus (COVID-19) Pandemic

During the COVID-19 pandemic, there was a decrease in the growth of the global rhinoplasty market owing to various risk factors like transmission of COVID-19 associated with plastic surgery during the COVID-19 pandemic. According to article published in Journal of the American Society of Plastic surgeon states that the various risks factors associated with transmission of COVID-19. The risks for disease transmission to patients are highest when they are in close proximity to other individuals (such as medical staff and visitors) and when their face is exposed during examination or intervention. In addition to being candidates for rhinoplasty, patients should undergo comprehensive evaluation for surgical candidacy, with particular attention paid to high-risk factors for disease transmission or for disease acuity that might result in a critical condition. The resumption of elective surgical procedures, particularly rhinoplasty has been approached with anxiety and fear because of COVID-19.

Global Rhinoplasty Market Segmentation:

The global rhinoplasty market report is segmented into Treatment Type, Application, Technique, and End User.

Based on Treatment type, the market is segmented into augmentation (by implants), reduction, fillers, and others (reconstructive and others). Out of which, the augmentation segment is expected to dominate the rhinoplasty market during the forecast period and this is attributed due to high demand of rhinoplasty devices.

Based on Application, the market is segmented into post-traumatic and aesthetics. Out of which, the aesthetic applications segment is expected to dominate the market over the forecast period.

Based on Techniques, the market is segmented into open rhinoplasty and close rhinoplasty. Out of which, open rhinoplasty segment is expected to dominate the market over the forecast period.

Based on End User, the rhinoplasty market is segmented into hospitals, specialty clinics, aesthetic clinics, and others (research centers and academic institutes). The aesthetic clinics segment is expected to dominate the market over the forecast period and this is attributed to the higher surgery occurring to improve the appearance of the face carried out by the patients.

Among all segmentation, the aesthetic segment has the highest potential due to the high demand for rhinoplasty market products. Therefore, most of the manufacturers such as Allergan (Abbvie), Luminera, and others are manufacturing rhinoplasty devices.

Global Rhinoplasty Market Cross Sectional Analysis:

In End User segment, aesthetic clinics held the dominant position for the augmentation of the nose due to therapy offered by aesthetic hospitals. For instance, according to the news by Ageless Clinics published on June 10, 2020, nose augmentation is offered by Ageless clinics, it is a non-surgical nose job for 15 minutes. It helps to straighten a crooked nose, fill in a dented nose and align the nose with the face.

Global Rhinoplasty Market: Key Developments

On 30 December 2021, Sun Moral International (HK) Limited by Sihuan Pharmaceutical a China-based pharmaceutical company, entered into an acquisition agreement with the original shareholder Genesis Biosystem Inc a American manufacturer and both parties agreed that the entire equity of Genesis is to be acquired by Sun Moral International. They are mainly engaged in the development, manufacture, and distribution of aesthetic equipment, focusing on the microchannel system and fat collection products for beauty treatments, skincare as well as plastic surgery.

Global Rhinoplasty Market: Restraint

Risks Associated With Needle-Free Devices

Risks Associated with Needle-Free Devices is expected to hamper the growth of the global rhinoplasty market, over the forecast period. For instance, the U.S. Food and Drug Administration on October 8, 2021, stated that risks like blockage of a blood vessel, lead to tissue death associated with needle-free devices. Also proclaims that do not use needle-free devices for injection of dermal fillers. The FDA is aware that products for use with needle-free devices, as well as lip and face fillers, are sold to the general public directly online, and their use is promoted on social media to increase lip volume, improve the appearance of wrinkles, change the shape of the nose, and other similar procedures.

Global Rhinoplasty Market: Key Players

Major players operating in the global rhinoplasty market include Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Allergan (Abbvie), Luminera, Implantech, Koken, ANTHONY PRODUCTS, INC., NOUVAG, Sihuan Pharmaceutical Holdings Group Ltd. and other prominent players

*Definition: Plastic surgery on the nose is also known as a nose job (Rhinoplasty). Rhinoplasty is a facial cosmetic procedure that is usually performed to enhance the appearance of the nose.