Surgical Procedures Market is Driven by Surging Cancer Incidence

The surgical procedures market was 110.0 million procedures in 2023, and it will reach 137.5 million procedures, advancing at a 3.3% compound annual growth rate, by 2030.

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The growth of this industry is mainly powered by the increase in the incidence of cancer. Furthermore, the growing pace of technological developments in surgical procedures, such as the arrival of robotic surgical procedures, is a key aspect boosting this industry.

In 2023, the obstetric & gynecologic (OB-GYN) category, on the basis of type, led the industry, with approximately 30% share. This is ascribed to the rising occurrence of gynecological illnesses like endometriosis, ovarian cysts, polycystic ovary syndrome (PCOS), uterine & ovarian cancer, pelvic inflammatory ailment, chronic pelvic pain, and adenomyosis.

The ophthalmic category, on the other hand, will advance at the fastest rate, of approximately 3.7%, in the years to come. This will be mainly because of the increasing occurrence of different ophthalmic ailments, such as glaucoma, diabetic retinopathy, and cataracts.

Furthermore, the industry in the category is advancing because of the mounting aging population and the rising occurrence of eye conditions owing to diminishing eyesight and longer screen time.

In 2023, the hospitals category, based on provider, was the largest contributor to the surgical procedures market, with approximately 45% share. Moreover, this category will remain the largest throughout this decade.

The growth of this category is because of the enormous number of surgeries conducted in these healthcare settings across the globe, coupled with the mounting prevalence of various chronic illnesses.

Whereas, the ambulatory surgery centers category will propel at the fastest compound annual growth rate, of 3.5%, in the coming years. This is because of the booming count of such centers, the treatment cost-efficiency offered at these facilities, and the rising acceptance of minimally invasive measures and cosmetic procedures.

North America was the largest contributor to the industry in 2023, with a 50% share. This is because of the existence of a well-developed healthcare infrastructure, shifting fondness toward outpatient surgeries, and a greater acceptance rate of technologically developed devices.

Moreover, the surging occurrence of ailments like gastrointestinal, orthopedic, and cardiac disorders in this continent also assists the industry expansion.

APAC is likely to advance at the fastest rate, of approximately 3.5%, in the years to come. This is because of the arrival of developed surgical technologies, the flourishing healthcare sector, and the advancing medical tourism industry in this region.

Additionally, the expansion is also assisted by the rising consciousness regarding chronic disorders, coupled with the increasing occurrence of neurological disorders and traumatic injuries.

It is because of the surge in the occurrence of cancer, the surgical procedures industry will continue to advance in the years to come.

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Why Are Cosmetic Chemicals Being Innovated by Major Companies?

“Today the global beauty industry is a $532 billion business.”, said an article published by Forbes in September 2019. Growing steadily, the industry is spreading its wings in developing and underdeveloped countries too, on account of the rising disposable income here. Moreover, as people come under the influence of the Western culture, they are thinking more about how they look and taking steps to improve their physical appearance. For many, beauty and good looks are confidence boosters, especially those working in the media & entertainment and corporate sectors.

Due to these factors, the cosmetic chemicals market, which already valued around $20.0 billion in 2020, will grow substantially during 2021–2030, as per market research firm P&S Intelligence. This is because cosmetics are widely applied for enhancing the look of the face and maintaining general body hygiene. The range of products included under cosmetics is wide: from shampoos and conditioners to foundations and ointment. As each cosmetic product is designed for a specific purpose, the variety of chemicals used in their production is extensive as well.

For a simpler understanding, cosmetics can be grouped under skincare, make-up, haircare, and oral care products and fragrances. Among these, much of the cosmetic chemicals are used for manufacturing skincare products. As spot-free and healthy skin is considered important for overall beauty, the demand for skincare products, such as powders, lotions, ointments, cleansers, toners, and sera, is rising. The key reason for this is the surging prevalence of dermatological issues, the most common of which is acne.

Currently, Asia-Pacific (APAC) is the largest cosmetic chemicals market, as it is the most-populous region in the world. This creates a huge demand for cosmetic products and, in turn, of the chemicals that go into them. Moreover, loads of regional and Western chemical companies have manufacturing plants here. These companies are undertaking research studies for better ingredients and focusing on low-cost raw material procurement. Additionally, South Korea is said to have one of the largest cosmetics industries in the world, and it, along with Singapore, China, Hong Kong, and Japan, exports a high volume of cosmetics.

Thus, as people’s rising appearance consciousness and growing media & entertainment sector push the demand for cosmetics, the consumption of the chemicals that are utilized in their production will surge too.

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