Global Cosmetic Surgery Industry
The global cosmetic surgery industry has benefited from technological advances as well as an increasingly favorable public perception and an aging population. The industry suffered during the economic recession between 2007 and 2009 in terms of revenue and profit margins, though demand remained strong, reports IBIS World. As economic recovery continues and employment and income levels rise, demand will growth further still.
The worldwide cosmetic surgery industry provides medical procedures to enhance physical appearance. People with extreme physical deformities can avail of cosmetic surgery to improve or correct severe physical abnormalities. While used to treat physical ailments, cosmetic surgery is also proving popular for more purely aesthetic reasons. Surgical and non-surgical procedures are carried out by licensed professional doctors in medical specialist clinics.
Operators are being forced to compete with medi-spas that now offer a range of nonsurgical procedures. This new source of rivalry will force operators to cut the price of many procedures, exercising downward pressure on operating profit.