Global cosmetic implants market is expected to reach USD 9.29 billion by 2020. Increasing demand for aesthetic procedures coupled with rising healthcare expenditure levels is expected to serve this market as a high impact rendering driver during the forecast period.
Emergence of technologically advanced products such as the two form-stable silicone gel breast implants and hyaluronic acid facial filler is also expected to assist market growth. According to estimates published by the American Society of Plastic Surgeons in 2013, residents of the U.S. spent nearly USD 7.0 billion in cosmetic surgical procedures.
Most of these procedures (approximately 40.0%) were undertaken by consumers belonging to the age group of 35 years to 50 years. Moreover, the fact that the country is rapidly aging and has a large base of population pertaining to this age group is expected to present manufacturers with lucrative future growth opportunities.
Rising prevalence of breast cancer and growing number of awareness programs such as the Breast Reconstructive Awareness Campaign are expected to encourage women to undergo reconstructive surgeries. Lack of appropriate reimbursement policies supporting cosmetic surgical procedures is expected to impede market growth over the next six years.
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Further key findings from the study suggest:
Dental implants were the highest revenue generating application area in 2013 owing to factors such as increasing consumption of junk food and aerated beverages which lead to a rise in prevalence of tooth decay and other dental disorders.
North America held over 40.0% of the cosmetic implants market in 2013. High economic development and the presence of sophisticated healthcare infrastructure are key factors attributing to its large market share. Presence of high awareness and disposable income levels and changing lifestyle habits are also expected to drive regional market growth over the next six years.
Facial Implants are expected grow at a lucrative rate during the forecast period owing to increasing popularity of celebrities, who in turn motivate younger generation to look aesthetically appealing. Furthermore, the fact that these surgical procedures are precise and entail almost no side effects is expected to boost usage rates during the forecast period.
Asia Pacific is expected to provide manufacturers with profitable growth opportunities over the next six years. Rapidly developing healthcare infrastructure and rising patient awareness levels are some key factors accounting for its market attractiveness.
Key players analyzed in this study include 3M Health Care, Allergan, Inc., GC Aesthetics, Aesthetic and Reconstructive Technologies Inc.
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