The global market revenue of cosmetic implants was valued at $6.4 billion in 2015 and is projected to reach nearly $10.7 billion by 2022, according to a report by Allied Market Research. This is a compound annual growth rate (CAGR) of 7.7 percent from 2016 to 2022.
The dental implants segment is expected to garner major part of revenue followed by facial implants.
Key Factors
Major driving factors include growth in technological advancements, such as the advent of gummy bear implants, a rise in congenital defects, increasing adoption of cosmetic implants, a rise in the number of cosmetic surgeons, an increase in minimally invasive reconstruction surgeries, and the increased geriatric population.
“Technological advancements, such as development of 3D printed facial implants, hyaluronic acid facial fillers and injectable implant treatment procedures are projected to show positive impact on cosmetic implants market growth during analysis period,” said Deepa Tatkare, senior research analyst for healthcare at Allied Market Research. “These are fast, painless, and have a short recovery period.”
The increase in the number of application areas of cosmetic implants, such as penile, calf, pectoral and eyelid implants are anticipated to further drive the demand for cosmetic implants. However, poor reimbursement policies, cost and malfunctioning hazards restrict the market growth, according to the report.
The dental implants segment accounted for a major market share in 2015, owing to the wide adoption in the tooth replacement procedures and their ability to help in the preservation of the natural tooth structure. The facial implant segment, which includes chin, jaw, cheek, nasal, eyelid, and injectable implants, was the second-dominating segment in the cosmetic implant market with more than one-fourth share in 2015.
Geography
North America accounted for the major market share in 2015, and is expected to maintain its lead throughout the eight-year period. This growth is attributed to the following reasons:
- Increased adoption of cosmetic implants to improve esthetic looks
- Rise in geriatric population (cosmetic implants reverse the process of aging)
- Increase in prevalence of road accidents and trauma cases
However, regulatory framework concerns and high cost of treatment in North American countries are expected to slow down the market growth. Asia-Pacific is projected to grow at the fastest rate owing to high population, high disposable incomes, and rise in awareness. Asia-Pacific is a lucrative market for cosmetic implants due to medical tourism and technological advancements, such as injectable fillers and gummy bear implants.
Asia-Pacific, India, China, and Australia are projected to be the most progressive countries for cosmetic surgical procedures and this trend is expected to continue in the near future due to the change in attitudes toward cosmetic surgery.
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