The global cosmetic implants market is expected to reach $9 billion by 2020, and is expected to grow at a compound annual growth rate (CAGR) of 8.5% over the forecast period from 2012–2020, according to market research firm Million Insights.
In fact, rapidly changing lifestyles, increasing esthetic awareness and medical tourism are some of the key factors that are expected to boost the market for cosmetic implant procedures, which are among the surgical services offered at medical spas.
The average cost of cheek implants is $2,823, and the average cost of chin augmentation is $2,225, according to 2016 statistics from the American Society of Plastic Surgeons.
Facial implants, such as cheek, chin and jaw implants, are used to bring balance and better proportion to the structural appearance of the face. The average cost of cheek implants is $2,823, and the average cost of chin augmentation is $2,225, according to 2016 statistics from the American Society of Plastic Surgeons (ASPS). However, facial implant costs can vary and soar up to tens of thousands of dollars since a surgeon's fee may be based on his or her experience, the type of procedure and the geographic location of the office.
Cheek implants had a 3% growth in procedures from 2015–2016, according to the American Society of Plastic Surgeons.
To this end, facial implants are a rising and increasingly profitable segment of the cosmetic implant category. For instance, the number cheek implant procedures for women increased 3% from 2015–2016, according to the ASPS. To put this in perspective, the breast implant category for this same group posted a rise of 4% for the same period.
What is Driving the Surge in Cosmetic Implants?
Besides the growing importance of looking good amid a social-media driven culture, rising health care expenditure, favorable government initiatives and the growing aging population were also cited among a few key factors expected to surge adoption of cosmetic implants moving forward.
Also, the growing demand for minimally invasive surgeries and increasing cosmetic surgeries are driving the growth of this market, according to Million Insights. Technological advancements in the field of cosmetic implant surgeries—including tissue engineering, microsurgery procedures and computer assisted process—offer advantages of minimal or no visible scars and thereby further drive the demand for the implants, the market research firm added.
According to ASPS, U.S. residents spent nearly $15 billion on combined surgical and nonsurgical procedures in 2016. Additionally, 15.9 million minimally invasive cosmetic surgeries were performed in 2015 in the United States, demonstrating a 2% increase since 2014.
Read more about the increasing demand for cosmetic medical procedures in Skin Inc.