PUBLISHER: Acute Market Reports | PRODUCT CODE: 1422162
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1422162
The gynecomastia procedures market is expected to grow at a CAGR of 8.5% during the forecast period of 2024 to 2032. The gynecomastia procedures market has experienced significant growth due to factors such as the rising prevalence of gynecomastia cases, advancements in treatment technologies, and increasing focus on male aesthetics and body image. However, the high cost of gynecomastia procedures poses a significant restraint. As the market continues to evolve, technological advancements and evolving societal attitudes towards male aesthetics are expected to fuel the adoption of gynecomastia procedures as a safe and effective solution for patients seeking cosmetic enhancement and improved body image.
The gynecomastia procedures market has been driven by the increasing prevalence of gynecomastia cases worldwide. Gynecomastia is a common condition characterized by the enlargement of male breast tissue, often resulting from hormonal imbalances, medication use, or underlying medical conditions. With changing lifestyles, sedentary habits, and exposure to endocrine-disrupting substances, the incidence of gynecomastia has been on the rise. Additionally, increasing awareness and reduced stigma associated with cosmetic procedures have encouraged more men to seek treatment for gynecomastia. As a result, there has been a significant demand for gynecomastia procedures, contributing to the growth of the market.
The growth of the gynecomastia procedures market has been influenced by advancements in treatment technologies. Over the years, there have been significant innovations in surgical and non-surgical techniques for gynecomastia correction. Minimally invasive procedures, such as liposuction and laser-assisted lipolysis, have gained popularity due to their reduced downtime and better cosmetic outcomes. Additionally, surgical techniques, such as glandular excision and skin tightening procedures, have been refined to achieve more natural and aesthetically pleasing results. Technological advancements have not only improved patient satisfaction but have also expanded the potential patient pool, contributing to the market's growth.
The increasing focus on male aesthetics and body image has played a significant role in driving the demand for gynecomastia procedures. In recent years, there has been a cultural shift towards embracing body positivity and seeking cosmetic enhancements to boost self-confidence. Men are now more open to discussing their aesthetic concerns and considering cosmetic procedures to achieve their desired physique. Gynecomastia procedures, which provide a safe and effective solution for addressing male breast enlargement, have witnessed a surge in demand as men seek to improve their appearance and body image. This changing societal perception and acceptance of male aesthetics are expected to drive the market's growth in the coming years.
One significant restraint that has affected the gynecomastia procedures market is the high cost associated with these treatments. Gynecomastia correction involves surgical and non-surgical procedures, both of which can be relatively expensive. The cost of surgery includes surgeon fees, hospitalization expenses, anesthesia costs, and post-operative care, making it a significant financial investment for patients. Additionally, non-surgical procedures, such as liposuction and laser treatments, also come with considerable costs. The high cost of gynecomastia procedures may deter some potential patients from seeking treatment, limiting the market's growth. However, advancements in healthcare financing options and insurance coverage for gynecomastia treatments are expected to address this restraint in the future.
Based on age category, the market has been segmented into those aged 18 to 40 and those aged over 40. With the highest revenue share in 2023, the segment of consumers aged 40 and older is also expected to grow at the highest CAGR during the forecast period of 2024 to 2032. The dominance of the over-40 age group in the gynecomastia market can be attributed to hormonal changes, the cumulative effects of risk factors over time, medication use, health conditions prevalent in older individuals, and increased financial capability. Hormonal changes occur in men as they age, which increases their risk of developing gynecomastia. Elderly men are more susceptible to gynecomastia due to the decline in testosterone levels and the increase in body obesity. On the other hand, it is anticipated that the 18-to-40 age group will also experience robust growth over the forecast period. Gynecomastia is common during puberty when hormonal fluctuations are at their zenith. This age group is characterized by the onset of puberty, resulting in a higher incidence of gynecomastia cases. In addition, as societal awareness of gynecomastia increases, individuals in the 18-to-40 age range may be more likely to seek medical intervention for gynecomastia concerns, resulting in a larger market share.
The market has been segmented based on procedure type into liposuction and excision. In 2023, the excision procedure segment held the largest revenue share of the market. In instances where gynecomastia is caused by an enlargement of glandular tissue as opposed to superfluous fat, surgical excision is more effective than liposuction. In addition, advances in surgical techniques for glandular tissue excision have contributed to the growing prominence of excision surgery. Surgeons now have access to refined and accurate techniques that enable more effective glandular tissue removal with minimal scarring. These developments have increased patients' and surgeons' confidence in excision surgery as a viable treatment option. As a less invasive procedure than excision surgery, however, liposuction is anticipated to experience the highest growth rate over the forecast period of 2024 to 2032. Through tiny incisions, cannulas are inserted to suction out excess fat during liposuction. In comparison to excision surgery, the minimally invasive nature of liposuction often results in smaller scars, faster recovery periods, and less post-operative discomfort.
In terms of geographic segmentation, North America was leading the market for gynecomastia in terms of revenues in 2023. The region's dominance can be attributed to the increasing awareness of male aesthetics, greater acceptance of cosmetic procedures, and the presence of skilled healthcare professionals offering gynecomastia treatments. Additionally, favorable healthcare policies and insurance coverage for cosmetic procedures further support the market's growth in North America. Meanwhile, the Asia-Pacific region is anticipated to experience the highest CAGR during the forecast period of 2024 to 2032. Factors such as rising disposable income, changing cultural attitudes towards cosmetic enhancements, and a growing medical tourism industry are driving the adoption of gynecomastia procedures in the region. Moreover, the presence of a large population base and increasing healthcare infrastructure are expected to contribute to the market's expansion in Asia-Pacific.
The gynecomastia procedures market is competitive, with several key players operating in the global landscape. Some of the top players in the market include Allergan, Inc. (AbbVie Inc.), Sientra, Inc., Bausch Health Companies Inc., Teva Pharmaceutical Industries Ltd., Johnson & Johnson Services, Inc., Cadila Pharmaceuticals Ltd, Sun Pharmaceuticals Industries Ltd, Zydus Cadila Healthcare Ltd, Biochem Pharmaceutical Industries Ltd, Dr. Reddy's Laboratories Ltd, Micro Nova Pharmaceuticals Ltd and Kee Pharma Ltd. These companies have a strong global presence and offer a wide range of gynecomastia treatment options. To maintain their competitive edge, these players focus on research and development to improve treatment outcomes, expand their product portfolios, and enhance patient safety. Additionally, they actively engage in strategic marketing and partnerships to increase market penetration and strengthen their global footprint. As of 2023, the gynecomastia procedures market has witnessed substantial growth, and these top players have capitalized on market opportunities. Looking ahead to the forecast period from 2024 to 2032, it is expected that these players will continue to dominate the market and drive its growth through continued innovation and strategic initiatives.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofGynecomastia Procedures market are as follows:
Number of end users and consumption volume, price and value.
Micro and macro environment factors that are currently influencing the Gynecomastia Procedures market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Estimated forecast and market projections up to 2031.
FIG. 10Market Positioning of Key Gynecomastia Procedures Market Players, 2023
FIG. 11Global Gynecomastia Procedures Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032