Nose Reconstruction/Rhinoplasty Market to Reach $6.1 Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research
Rise in advancements for nose reconstruction surgeries across the world and increase in the number of R&D activities for new nose reconstruction instruments drive the growth of the global nose reconstruction market.
PORTLAND, Ore., April 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Nose Reconstruction Market by Type (Open Rhinoplasty, Closed Rhinoplasty), by Treatment (Augmentation, Reduction, Revision, Filler, Others), by End User (Hospitals, Plastic Surgery Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global nose reconstruction industry was estimated at $3.3 billion in 2020, and is anticipated to hit $6.1 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Rise in advancements for nose reconstruction surgeries across the world and increase in the number of R&D activities for new nose reconstruction instruments drive the growth of the global rhinoplasty market. On the other hand, high cost of nose reconstruction surgeries restrains the growth to some extent. However, emergence of ultrasonic rhinoplasty is expected to create lucrative opportunities in the industry.
Covid-19 Scenario-
- Postponement of elective surgeries, especially during the initial phase of the pandemic, impacted the global nose reconstruction market negatively.
- However, the market has already started recovering and is expected to get back on track soon.
The open rhinoplasty segment to dominate by 2030-
Based on product type, the open rhinoplasty segment accounted for more than half of the global nose reconstruction market share in 2020, and is anticipated to rule the roost by 2030, due to growing developments in nose reconstruction products. The closed rhinoplasty segment, however, would cite the fastest CAGR of 7.1% throughout the forecast period.
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The augmentation segment to maintain the lion's share-
Based on application type, the augmentation segment held nearly one-third of the global rhinoplasty market revenue in 2020, and is expected to lead the trail by 2030, owing to increase in demand for aesthetic beauty among individuals. The revision segment, on the other hand, would manifest the fastest CAGR of 7.7% from 2021 to 2030.
North America garnered the major share in 2020-
Based on region, North America held the major share in 2020, generating nearly half of the global nose reconstruction market. This is attributed to the robust infrastructure provided for research activities and presence of key players across North America. The Asia-Pacific region, simultaneously, would grow at the fastest CAGR of 8.1% by 2030. Surge in use of nose reconstruction products for the treatment of nose disorders, several R & D activities for new product launch, and increase in investments in the healthcare sector drive the market growth.
Key players in the industry-
- Grover Aesthetics
- Sunset Cosmetic Surgery
- Stryker
- Surgiform Technologies LLC
- Implantech
- GC Aesthetics
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