- Press Release
- Breast Implants Market to Reach US$ 1,671.3 Million by 2027
Breast Implants Market to Reach US$ 1,671.3 Million by 2027 - Coherent Market Insights
Published On : Aug 14, 2020
Breast implants are classified as class III higher risk medical device needing premarket approval by U.S. FDA. Silicone breast implants and saline breast implants are the type of breast implants.
Statistics:
The global breast implants market is estimated to account for US$ 1,671.3 Mn in terms of value by the end of 2027.
Global Breast Implants Market: Drivers
Development of innovative breast implant technology is expected to propel growth of the global breast implants market over the forecast period. For instance, in November 2019, Evonik, a developer of biomaterials for implantable medical devices, partnered with BellaSeno GmbH, a developer of 3D printed absorbable scaffolds, for the use of a RESOMER bioresorbable polymer for an innovative breast implant technology.
Global Breast Implants Market: Opportunities
R&D in breast implants is expected to offer lucrative growth opportunities for players in the global breast implants market. For instance, in May 2019, researchers from Washington University (U.S.) reported development of a novel approach to evaluate the mechanical properties of breast implants.
Global Breast Implants Market: Restraints
Breast implants may lead to rare type of cancers, which is expected to hinder growth of the market. According to the U.S. Food and Drug Administration, breast implants can lead to anaplastic large cell lymphoma, a rare type of fast-growing non-Hodgkin lymphoma.
Key Takeaways:
The global breast implants market was valued at US$ 1,201.4 Mn in 2019 and is forecast to reach a value of US$ 1,671.3 Mn by 2027 at a CAGR of 4.2% between 2020 and 2027. Technological advancement in breast implant is expected to propel growth of the global breast implants market over the forecast period.
Silicone Breast Implants segment held dominant position in the global breast implants market in 2019, accounting for 90.6% share in terms of value, the growth of the segment is attributed in increasing product launches during the forecast period along with increasing demand for breast augmentation procedures.
Market Trends
The market is witnessing R&D in 3D bio-printed implants. For instance, in August 2019, CollPlant Holdings Ltd., a regenerative medicine company, announced that it is developing 3D bio-printed implants for regeneration of breast tissues and has successfully produced first prototypes.
The market is also witnessing product recalls. For instance, in March 2019, Mentor Worldwide LLC and Sientra, Inc. received warning letters from the U.S. Food and drug Administration (FDA). These companies had not conducted the post-approval long-term safety and efficacy studies, which are required for the approval of the breast reconstruction implants. Mentor Worldwide LLC received recall for Memory Shape, Memory Gel, Spectrum silicone breast implants and saline implants, whereas Sientra, Inc. received recall for Opus silicone breast implants.
Regulations
U.K.
National Health Service (NHS)
As per NHS, in the U.K., cost for breast implant surgery ranges from US$ 4,500 – 9,000, which might not include consultation fees and follow-up care cost. Procedure cost varies for different individual based on the procedure type such as breast enlargement, breast uplift or change of implants, size of the implant, time required for operation and length of stay (day case or overnight stay).
Many clinics in the U.K. provide flexible payment options for the procedure. Finance options include “buy now pay later” option where first payment post surgery is delayed for a fixed time (usually 12 months) and low monthly payments that are often interest free. Most of the clinics offer 0% Annual Percentage Rate (APR) which means one only needs to pay the cost of the procedure however some clinics may charge interest.
Eligibility criteria to avail finance options:
Global Breast Implants Market: Competitive Landscape
Major players operating in the global breast implants market include, Allergen, Inc., Mentor Worldwide LLC, GC Aesthetics Plc, Sientra, Inc., POLYTECH Health and Aesthetics GmBH, Establishment Labs S.A., LABORATORIES ARION, HANSBIOMED Co. Ltd., Groupe Sebbin SAS, GG Biotechnology Ltd, CollPlant Holdings Ltd., Cereplas, and PS Technology Development Limited.
Global Breast Implants Market: Key Developments
June 2020: Allergan, Inc. launched a digital campaign to reach patients currently or formerly implanted with Biocell breast implants, which were recalled worldwide in July 2019.
March 2020: Establishment Labs Holdings Inc. received the U.S. Patent protecting its proprietary breast implant surface technology
Segmentation
Scope of the report
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