The latest market report published by Credence Research, Inc. “Breast Implants Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global ,breast implants market was valued at US$ 1,330.4 Mn in 2017 and expected to reach US$ 2,136.1 Mn by 2026, expanding at a CAGR of 5.4% from 2018 to 2026.
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The global breast implants market is anticipated to grow at a stable rate of 5.4% during the forecast period from 2018 to 2026. Increasing preference for augmenting physical appearance through cosmetic surgeries is the key factor leading to the growth of this market. The nature of breast augmentation and correction surgeries has evolved significantly through the passing decades with technological improvements in implant materials. In 2017 alone, 300,378 augmentation mammoplasty procedures were performed in the U.S. as against 290,467 procedures in 2016 (reported by the America Society of Plastic Surgeons). Such growth has been consistently observed worldwide. Furthermore, growing prevalence of breast cancer is also a prime driver leading the growth of breast implants market.
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Based on product types, the market is prominently led by silicone implants, due to the fact that these products deliver more natural feel and have less risk of implant collapse. Between the types of silicone breast implants, the demand for highly cohesive silicone implants is the highest. Silicone implants are also available in both round and anatomical shapes, therefore expanding their usage areas. Additionally, saline implants market will advance at a steady rate during the forecast period. With their round shape, the risk of implant rotation is completely eliminated. Also, in the case of implant rupture, the saline gets absorbed in the body while not harming the patient. Saline implantation does not require follow-ups and periodic MRI screenings.
The uptake of breast implants for cosmetic purposes is the highest in the present scenario. The emergence and rapid development of cosmetic procedures, increasing disposable incomes, along with growing hoard to enhance asthetic appeal in women are driving the demand for breast implants in cosmetic application. Furthermore, as the rates of mastectomies is consistently increasing worldwide, there has been a corresponding growth in the rate of breast reconstruction.
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North America is the largest regional market for breast implants. High demand for cosmetic surgeries in the U.S. and Canada, greater awareness and higher disposable incomes are driving the dominance of North America market. Europe also has a significant contribution in the global breast implants market. Proliferation of cosmetic and asthetic clinics in the region is evident and is consistently increasing. On the other hand, Asia Pacific market will advance at a rapid CAGR during the forecast period. Increasing awareness and consumerism are attracting several domestic patients in the region, while low procedure costs have led to influx of foreign patients in Asia Pacific through medical tourism.
Key Market Movements:
- Perpetually growing awareness about safe augmentation of asthetic appeal in developed countries
- Growing disposable incomes in the female population along with advanced in the field of cosmetic surgery
- Low cost of cosmetic procedures attracting patients form developed countries to the emerging markets of Asia Pacific and Latin America
- Steadily growing demand for silicone implants due to their better asthetic appeal
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Name: Chris Smith