Recent research has reflected some very interesting statistics and correlations between the cost of cosmetic surgery and local economic factors. Interestingly, it was found that the prices of cosmetic procedures cannot be completely explained when using a typical supply-and-demand model.
It was originally thought that the cost or pricing of cosmetic surgery coincided with the basic laws of economics, which includes the supply-and-demand model. It was found that additional economic contributors were also affecting the variable prices of the procedures.
During the research, the authors of the study sought to reassess the costs of cosmetic surgery using the supply and demand model. Additionally, they wanted to discover what the actual driving forces were that determined the prices (C. Richardson, 2015).
The authors randomly selected 10 plastic surgery practices from 15 U.S. cities with different population sizes. Costs for breast augmentation, mastopexy (breast lift), abdominoplasty (tummy tuck), blepharoplasty (eyelid lift), and rhytidectomy (facelift) were compared for each city, along with demographic and economic statistics.
Some of the findings of the research included:
- The average price of cosmetic surgery procedures was found to strongly correlate to population size, cost-of-living index, cost to own real estate and cost to rent across the 15 cities.
- Pricing for cosmetic surgery procedures had a weak correlation to both household income and per capita income.
- There was virtually no correlation between pricing and the density of plastic surgeons or the average age of residents.
Conclusions
The researchers concluded that cost of living, real estate values and population size are more influential in plastic surgery pricing, rather than supply and demand. This conclusion was based on the fact that the study found no association between the cost of procedures and the number and density of plastic surgeons in the area.
Dr. Wright, medical director of Laser Lipo and Vein Center reiterates the findings by saying, “ It is very interesting to note that the cost of cosmetic surgery procedures has more to do with the overall cost of living in the area, rather than the number of cosmetic surgeons in the area.” He continues, “I always want to ensure patients that they are getting the best value for their investments.”
If you are interested in more information about this topic, or if you would like to discuss the cost of any procedures offered by the Laser Lipo and Vein Center, please feel free to contact the staff at our Center.
Works Cited
- Richardson, G. M. (2015, February 5). Pricing of Common Cosmetic Surgery Procedures: Local Economic Factors Trump Supply and Demand. Aesthetic Surgery Journal, 218-224. Retrieved from http://dx.doi.org/10.1093/asj/sju067
