The global plastic surgery instruments market is expected to reach USD 1.47 billion by 2023 from USD 1.00 billion in 2018, at a CAGR of 8.1%. Increasing awareness and demand for cosmetic surgeries, growing number of age-related surgeries across the globe, and increasing incidence of cancer are the key drivers for the global plastic surgery instruments market.
The plastic surgery instruments market is segmented on the basis of type, procedure, end user, and region. By type, the market is segmented into handheld instruments, electrosurgical instruments, and other plastic surgery instruments. The electrosurgical instruments segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the factors such as technological advancements, new product launches, and the growing demand for reducing the operating time of surgeries.
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On the basis of procedure, the plastic surgery instruments market is segmented into cosmetic surgery and reconstructive surgery. The cosmetic surgery segment is further categorized into breast procedures, face & head cosmetic surgery, and body & extremities cosmetic procedures. The cosmetic surgery segment is expected to account for the largest share of the plastic surgery instruments market in 2018. The large share of this market segment can primarily be attributed to the high demand and growing public acceptance of cosmetic procedures, changing lifestyles, and growing willingness to spend on cosmetic surgeries across the globe.
Based on end user, the plastic surgery instruments market is segmented into hospitals and other end users. In 2018, the hospitals segment is expected to account for the largest share of the plastic surgery instruments market. Factors such as the growing patient pool, rising number of plastic surgery procedures in hospitals, rising prevalence of cancer, growing number of age-related cosmetic surgeries, increasing awareness of cosmetics surgeries, and improving healthcare infrastructure are driving the growth of this end-user segment.
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Among the four regional segments (North America, Europe, Asia, and RoW) covered in this report, Asia is expected to grow at the highest CAGR during the forecast period. The high growth rate of the region is attributed to factors such as the growing middle-class disposable income in emerging Asian countries, growing aging population and age-related cosmetic procedures, and increasing medical tourism in the region. The increasing focus of prominent players in Asia is also supporting market growth in the region.