The Breast Implants Market is estimated to be valued at US$ 1,299.9 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Breast implants are artificial prosthesis used for breast augmentation and breast reconstruction procedures. There are two main types of breast implants available in the market - saline filled and silicone gel filled implants. Breast implants provide breast enhancement and reconstruction for conditions including mastectomy, congenital defects, and reconstructive or plastic surgery.
Market key trends:
One of the major market trends fueling the growth of breast implants market is the rising demand for aesthetic surgeries. According to International Society of Aesthetic Plastic Surgery (ISAPS), in 2020, over 1.8 million breast augmentation procedures were performed globally. The number of breast augmentation procedures registered a significant growth rate of 5% from 2019. This high demand for aesthetic breast surgeries is mainly attributed to the growing focus on physical appearance and increased confidence among women. Furthermore, increasing awareness about aesthetic procedures, social media influence, and technological advancement in breast implants are some other factors contributing to the market growth.
Porter's Analysis
Threat of new entrants: Low barrier to entry as breast implant manufacturing does not require highly sophisticated technology. However, established brands have strong brand loyalty and distribution networks.
Bargaining power of buyers: Moderate as there are several established brands to choose from. Buyers can negotiate on price and offers.
Bargaining power of suppliers: Low as raw materials for breast implants such as silicone and saline are commodity products available from numerous suppliers globally.
Threat of new substitutes: Low as there are no close substitutes for breast implants used for breast augmentation and reconstruction.
Competitive rivalry: High as the market is dominated by few global players. Players compete based on product innovation, quality and brand identity.
SWOT Analysis
Strength: Established brands have strong brand recognition and loyal customer base. Leading players invest heavily in R&D to develop advanced products.
Weakness: Safety concerns over long term effects of breast implants can impact product demand. High cost of surgery limits market growth.
Opportunity: Increasing social acceptance of cosmetic surgeries in developing nations provides new growth avenues. Rising incidence of breast cancer boosts demand for reconstruction.
Threats: Stringent regulatory approvals and oversight delays new product launches. Economic slowdowns can negatively impact discretionary spend on aesthetic procedures.
Key Takeaways
The global breast implants market is expected to witness high growth at a CAGR of 4.2% over the forecast period, due to rising social acceptance of cosmetic surgeries and increasing breast cancer incidence rates.
The U.S. dominates the global market owing to favorable reimbursement scenario and presence of leading manufacturers. Asia Pacific exhibits fastest growth led by China, India and South Korea on account growing medical tourism industry.
Key players operating in the breast implants market are Abbvie, Inc, CEREPLAS, Establishment Labs S.A., GC Aesthetics, GROUPE SEBBIN SAS, Guangzhou Wanhe Plastic Materials Co., Ltd., HansBiomed Co., Ltd., Ideal Implant Inc, Laboratoires Anios, Mentor Worldwide LLC, Polytech Health & Aesthetics GmbH, Shanghai Kangning Medical Device Co., Ltd, Sientra, Inc., and Silimed. Players compete on factors such as product differentiation, quality, and brand value.
