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According to a new report by EMR titled, ‘Global Cosmetic Procedure Market Report and Forecast 2022-2027’, the market attained a value of about USD 34.5 billion in 2021. The industry is further expected to grow at a CAGR of 5.95% in the forecast period of 2022-2027 to reach USD 49.3 billion by 2027.
The increasing demand for cosmetic procedures can be attributed to the growing awareness among people regarding various surgical and non-surgical cosmetic treatments. The growing focus of individuals on improving their physical appearance, coupled with the need to boost self-esteem is expected to drive the global market for cosmetic procedures. In addition, cosmetic procedures are gaining popularity worldwide, fuelled by the rising living standards and improved disposable incomes. The increased promotion of cosmetic procedures through social media platforms is also supporting the industry growth. Moreover, the rapid technological advancements and the growing investments in research and development activities by the key industry players are expected to aid the market in the forecast period.
The leading market players are focusing on mergers and acquisitions to expand their global reach and expand their product portfolio. For instance, In January 2022, Seintra Inc. (NASDAQ: SIEN) declared the acquisition of all assets of AuraGen Aesthetic, LLC’s novel fat grafting technology to expand its customer base and launch more products for the whole body. The company aims to enhance lives by expanding the art of plastic surgery by superior retention and using the excess fat of an individual to enhance other parts of the body. Meanwhile, in January 2018, Cutera, Inc. (NASDAQ: CUTR) introduced Juliet TM and Secret RF as its new treatment products. Juliet TM is a minimally invasive treatment that uses laser technology to improve vaginal health. Secret RF is the company’s radio frequency micro-needling device that delivers heat into skin to remove wrinkles and diminish scars. Such developments are expected to invigorate the market for cosmetic procedures in the forecast period.
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The major players in the global cosmetic procedure market are Allergan plc, Merz Pharma GmbH and Co. KGaA, Cutera, Inc., Cynosure, LLC, Ipsen subsidiaries, Inc., Sientra Inc., and Alma Lasers Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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