Cosmetic Implant Market size to exceed USD 10.5 billion by 2023: Global Market Insights, Inc.

Cosmetic Implant Market size is predicted to grow at around 6.5% CAGR during the forecast period between 2016 and 2023 and is expected to be valued at USD 10.5 billion in 2023.

Breast implant market share is projected to increase at a rate of over 5.8% from 2016 to 2023. As per the American Society of Plastic Surgeons (ASPS), 14.2 million cosmetic minimally invasive procedures were performed and USD 13.3 billion were spent on plastic surgery in the U.S. in 2015, a 2% increase over 2014. Cosmetic surgical procedure showcased a steady growth of 2% with 1.7 million procedures as against 2014. Maximum growth was witnessed in facial rejuvenation techniques, with more than 6.7 million botulinum toxin type A injections in 2015.

Reconstructive plastic surgery displayed a 1% growth over the past year. Tumor removal, laceration repair, maxillofacial surgery, scar revision and hand surgery were the topmost reconstruction procedures. Breast augmentation continues to be the leading surgery technique while buttock augmentation, lower body lift and breast lift have shown rapid growth. Biological cosmetic implant market is forecast to be a highly profitable segment on account of the rising patient awareness related to the advantages of biological over synthetic materials.

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Increasing demand for aesthetic procedures, rising healthcare expenditures, and emergence of technologically superior products like hyaluronic acid facial filler and two form-stable silicone gel breast implants are forecast to drive revenue.

Rising awareness regarding inserts and their benefits will drive future growth. For instance, Breast Reconstructive Awareness Campaign aimed at educating, empowering and engaging the female population to make wellness oriented decisions post breast cancer diagnosis will favorably impact global cosmetic implant market size.

Development of low cost devices to address growing demand is major opportunities for companies operating in the industry. High cost of the devices and surgical procedures coupled with risk of insert malfunction and lack of proper reimbursement policies may restrain growth over the next few years.

Cosmetic implant market share is segmented into polymers, metals, ceramics and biologicals on the basis of raw material. Polymer accounted for the largest share on account of its application in large volume procedures like facial and breast implants. The capability of the polymers to be molded into numerous shapes will fuel growth.

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On the basis of application, the cosmetic implants market is categorized into facial, breast, dental and other (penile, calf and buttock) types. Dental segment had the largest industry share on account of the existence of a large number of patients suffering from dental disorders. Additionally, the increased consumption of carbonated drinks as well as junk food leading to tooth decay will propel growth.

More than 30 million U.S. citizens have lost all their teeth in one or both jaws as per a report published by AAID. Also, bridge and crown replacements have been performed on over 15 million American citizens. Facial inserts will show a lucrative growth rate during the forecast timeframe due to the growing popularity of public figures that lay significant emphasis on aesthetic appeal. Absence of side effects and highly precise nature of these procedures will drive sales.

North America was the largest regional industry in 2015, followed by Europe. High awareness levels related to aesthetic and physical appearance along with advanced healthcare infrastructure are the growth driving forces in the region. High economic development, larger disposable incomes and changing lifestyle will increase future demand.

Asia Pacific is predicted to showcase lucrative growth during the forecast timeframe on account of improving healthcare infrastructure along with rapid economic development in India and China.

Important competitors of the cosmetic implant market include Aesthetic and Reconstructive Technologies (AART) Inc., Dentsply International Inc., GC Aesthetics, Mentor Worldwide LLC, Sientra Inc., Zimmer Holdings Inc., 3M Health Care, Allergan, Inc., Implantech Associates Inc., Institut Straumann AG, Nobel Biocare Holding AG and Spectrum Designs Medical. Major players engage in continuous innovation and R&D for sustainable growth.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.