While nowadays consumers are more open to cosmetic surgery, challenges such as economic conditions, fragile purchasing power, and high costs of living may affect business operators’ revenue amid intense competition with at least 4,000 players in this industry. The competition also comes from foreign players such as South Korea, which have tapped into Thailand’s market and attracted customers to use services in their countries through various agents or agencies. Competitors in ASEAN such as Singapore and Malaysia have shifted to focus more on the cosmetic surgery market.
KResearch expects that the market value of Thailand’s cosmetic surgery business in 2023 may reach approximately THB71-72 billion, expanding by 2.3%-3.6%YoY, gradually recovering after the easing of the COVID-19 outbreak. However, such market value has not returned to the level prior to COVID-19 outbreak, and the overall growth may not reflect better performance for all business operators. This depends on meeting customers’ requirements in terms of service charges, preferences, service quality and standard, as well as satisfaction with a surgeon’s performance or work, which is another option for customers when using different cosmetic surgery services.
Looking ahead, the cosmetic surgery business will continue to face challenges, especially in terms of a shortage of medical personal, particularly cosmetic surgeons, which may intensify competition for medical personal and push up business costs. Additionally, the advancement of technology is changing rapidly, and the investment value will be diminished eventually if services are used less frequently or irregularly. Therefore, achieving business survival or success may not be easy in an era when consumers are cautious about their spending while having more choices.
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