Market Challenges: High cost of rhinoplasty procedures

The high cost of rhinoplasty procedures is a major restraining factor for the growth of the global rhinoplasty implants market. Rhinoplasty surgery, also known as nose reshaping surgery, is an expensive cosmetic procedure that aims to correct and reconstruct deficient structures of the nose to improve both the form and function. The average cost of rhinoplasty surgery in the U.S. ranges widely from US$ 4,000 to US$ 10,000 depending on factors like the surgeon's experience, geographical location, extent of correction required, choice of implant materials used, etc. This high price tag puts the surgery out of reach for many individuals who otherwise wish to undergo the procedure for cosmetic or medical reasons.

Market Opportunities: Emerging markets in Asia Pacific and Latin America

The emerging markets in Asia Pacific and Latin America present a huge growth opportunity for the global rhinoplasty implants market. These regions have large, young population bases with increasingly higher disposable incomes. Combined with rapidly improving healthcare infrastructures and growing medical tourism industries, more people will be able to afford and access elective cosmetic procedures like rhinoplasty in the coming years. Countries like Brazil, Mexico, South Korea, Thailand, and India have seen spike in interest for facial cosmetic surgeries. According to the Department of Commerce (India), the medical tourism industry in India saw a 15% year-over-year increase in 2022 with US$ 9 billion in annual revenues, majority of which is attributed to cosmetic surgeries. Thai Board of Investment also reported a 20% rise in medical tourists arriving for procedures such as rhinoplasty in Thailand between 2020-2021. This exemplifies growing demand and investment in these markets.

Rhinoplasty Implants Market Report Snapshots