The global Breast Implants Market is driven by increasing longevity of women along with the desire to look fit and attractive has resulted in a higher demand for the procedure. Technological innovations are symbolizing the market value of major businesses of late. Bearing no exception to this rule, breast implants industry is also characterized by innovative product developments equipped with advanced technology. Important industry behemoths have successfully implemented tried-and-tested as well as new business strategies to profitable outcomes. For instance, recently, Establishment Labs, a global medical technology firm strongly focusing on product development, filed an investigational device exemption to U.S. FDA for its new product referred as Motiva Implants ®, which has been successfully implanted over 3 lakh times over the past few years.
After the approval of the product, the firm will be able to determine its safety profile along with consumer satisfaction across the U.S. through clinical trials. The firm has also declared the closure of its research & development funding program with Madryn Asset Management, which will enable the company to finance its own research on reconstruction surgeries and next generation breast implants. This move is anticipated to have a considerable impact on breast implants market, which garnered a valuation of USD 3 billion in 2016.
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It has been observed that defective breast implants can lead to health issues such as nausea, muscle pain, and cancer in women. A while ago, a highly discounted device used in breast implants in Australia was found to cause cancer in many women. Nine out of ten women were diagnosed with a rare form of blood cancer with these textured breast implants inserted during the breast enlargement surgery. In February 2017, Mentor Worldwide, a division of Johnson & Johnson, had been sued by the patients for selling defective silicone-based implants, which had caused major health issues in women. These growing health issues among female patients are expected to inhibit breast implants market growth to some extent, though efforts are being made to eliminate them with authentic products.
A regional outlook of breast implants industry:
South Korea has been experiencing a rise in the number of cosmetic surgery cases, a factor that is slated to majorly impact the regional breast implants industry. Additionally, the country has been investing heavily in the medical infrastructure, as is depicted by the rise in the number of sophisticated hospital and clinic set-ups in the nation, which will catalyze South Korea breast implants market growth.
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Speaking on similar lines, the U.S. breast implants industry will also undergo a change of dynamics, pertaining to the highly developed healthcare domain in the region. Awareness programs such as the ‘Breast Reconstruction Awareness Day’ observed on October 18th of each year across the country may also modestly impact the regional business landscape.
It has been observed that breast implantation surgeries across Latin America are fairly inexpensive than their North American counterparts. In addition, the spending capacity of consumers subject to their disposable incomes have led to lifestyle changes among the Brazil populace, which is estimated to have a long-term impact on Brazil breast implants market expansion.
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The costs of breast implants are quite exorbitant on a global level. Besides, the expenditure spectrum extends to medical tests, post-surgery garments, and medications, not to mention, the risk of post-procedural complications, which will definitely hinder the growth of breast implants industry growth over the forecast years. However, breast implants market revenue is profoundly influenced by several mergers & acquisitions, joint ventures, and product innovations. For instance, in 2016, the Human Wellness Corporation and breast implants industry player Establishment Labs signed a distribution pact to promote Motiva Implants. As recent as 2017, Mentor Worldwide LLC, a leading player in breast aesthetics, had declared to have received the authorization from the U.S. FDA to promote its product referred as MemoryGel ® Xtra (silicone gel-filled breast implant) in the U.S. In the same year, Allergan PLC, had claimed to have received the approval from the U.S. Food and Drug Administration to advertise its product mentioned as NATRELLE INSPIRA® Soft Touch breast implants.
It is rather obvious from the aforementioned instances that despite its proposed shortcomings, breast implants market is likely to chart out a positively remunerative growth map over the years. This presumption is in alignment with what experts claim about this industry – as per analysts, breast implants market has been forecast to earn a valuation of approximately USD 4.5 billion by 2024.
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