According to FutureWise analysis the market for breast implant in 2023 is US$ 2.49 billion, and is expected to reach US$ 4.55 billion by 2031 at a CAGR of 7.80%.
Breast implants are artificial medical prosthetics that are used to enhance the natural size of breasts, either for aesthetic purposes or post-mastectomy reconstructive purposes or to rectify abnormalities. The breast implant and augmentation surgery is a substantial investment and thus the socio-economic status of the patient plays a vital role. With close reference to statistics by the American Society of Plastic Surgeons (ASPS), the average cost of a breast augmentation surgery was estimated to be around US$ 3,708. The primary customer base for the global breast implant market being women, their income, purchasing power and economic status is a prime factor. An estimated increase in their earnings, will further supplement their disposable income and thus propel the market in the forecast period.
Growth in reimbursement rates for reconstructive and cosmetic purposes are speculated to aid the market’s growth. Widening the range of products as well as substitutes and options in treatments will also lead to the market’s expansion in the forecast timeframe. The multiplying cases of breast cancer have led to the rise in demand for reconstructive surgeries and are estimated to provide lucrative trade to the market in the near future. World Health Organization (WHO), claimed that about 1.7 million women were diagnosed with breast cancer. Hence, an increase in breast cancer prevalence is a major factor contributing to the revenue growth of the global market.
The global breast implant market is segmented on the basis of implant type, shape, end-user, and region. Based on implant type, the market is categorized into saline breast implants and silicone breast implants. The silicone breast implants segment is projected to account for a major share of the market in the projected time frame. The significant share of the segment is attributed to comparatively fewer complications associated with it, availability of extensive product line, and cost-efficiency. On the basis of end-user, the market is segmented into hospital and cosmetology clinics. The hospitals' segment is expected to be the more lucrative end-user segment of the market during the forecast period owing to the rising popularity of surgical procedures that are performed in hospitals compared to their counterparts. According to the International Society of Aesthetic Plastic Surgery, the majority of surgical procedures are performed in hospitals accounting for approximately 66.5% share of the global market.
North America is expected to hold significant market share in the global breast implant market during the forecast period owing to the rise in awareness and adoption of various breast implant services. Expansion of healthcare infrastructure in the Asia Pacific has boosted trade in the region and is expected to grow at high CAGR during the forecast period.