Recent Developments in Medical Technology Boost Cosmetic Implants Market
A report published by Transparency Market Research (TMR), titled “Cosmetic Implants Market – Global Industry Analysis, Size, Share, Growth, Trends & Forecast, 2014 – 2020”, studies the global cosmetic implants market covering aspects such as market definition, classification, and the growth trajectory exhibited.
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With advanced technology and innovative techniques, it is possible today to aesthetically improve a person’s physical appearance. The advent of cosmetic implants, which are specially designed medical devices placed inside or on the surface of the body, has helped individuals aesthetically replace their damaged body parts and regain their appearance. The demand for cosmetic surgeries is exponentially surging as people seek to enhance their beauty, subsequently fuelling demand in the global cosmetic implants market.
As per the findings of the International Society of Plastic and Aesthetic Surgeons (ISAPS), in 2013, more than 23 million individuals underwent surgical and non-surgical cosmetic procedures worldwide. The rising number of cosmetic surgeries conducted around the world is the key factor boosting the global cosmetic implants market. The TMR report pegs the overall value of the global cosmetics implants market at US$2.1 bn in 2013. Rising at a CAGR of 5.7%, the market is anticipated to reach US$3.2 bn by the end of 2020.
Despite witnessing an increasing demand worldwide, the high cost of the devices and risks of malfunctions are the key challenges hampering the market’s growth. Nevertheless, with the growing awareness about cosmetic implants and their benefits, the demand for them is anticipated to rise significantly in the near future.
“The global market for cosmetic implants is highly consolidated in nature and is dominated by a handful of players”, said a lead TMR analyst. For instance, in the dental implants segment 50% of the market is held by Nobel BioCare, DENTSPLY International, and Straumann AG. Other prominent enterprises in the market are Biomet, Inc., Zimmer Holdings, Inc., 3M Health Care, Spectrum Medical Designs, Implantech Inc., and GC Aesthetics. Globally, companies such as Mentor Worldwide LLC, Allergan, Inc., and Sientra, Inc. dominated the market for cosmetic implants.
For the purpose of the study, the report segments the global cosmetics implants market on the basis of sources and applications. Among the implants made from various sources, polymer implants led the market in 2013. Due to further research in this segment and easy access to raw materials, the demand for polymer implant devices will continue to increase during the report’s forecast period. The metal implants segment also considerably aided the expansion of the global cosmetic implants market in 2013. In the application segment, breast implants led the market in 2013. Between 2014 and 2020, the breast implant segment is likely to exhibit a CAGR of 6.6%.
The increasing demand for cosmetic implants and introduction of advanced devices will give an impetus to the global cosmetic implants market during the forecast period. The report presents a comprehensive overview of the global cosmetic implants market. It provides insights into the key factors driving and restraining the market. To study the market’s prevailing competitive landscape, leading companies operating therein are also profiled.
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