Hyderabad, Jan. 24, 2023 (GLOBE NEWSWIRE) -- During the initial phase of the pandemic, the number of breast reconstruction surgeries was reduced following strict regulations to control the spread of COVID-19 infection. This had an adverse effect on the market growth during the initial period in 2020. However, after the vaccines came into action, the healthcare industry normalized, and the breast surgeries continued normally. In addition, the interest and demand for beauty procedures increased among the female population during the later phases of the COVID-19 pandemic in 2021.
To address this demand, market players in the market shifted their focus toward better and more efficient solutions. The global and regional players in the market focused on innovating unique technologies such as 3D-printed cages made of a degradable biopolymer to bridge the gap between customer demand and advancements in available products in the market. This is predicted to complement the market growth and the market will continue to grow at a CAGR of 7.62% during 2022-2027.
In 2021, North America held a major market share of the breast implant market and accounted for nearly 46.0% of the market. The availability of favorable reimbursement policies for augmentation will portend well for breast implant market growth. The United States, China, Germany, the United Kingdom, and Canada are the largest markets for breast implants. However, emerging markets such as China, India, and Japan are creating numerous opportunities for the market owing to an increasing number of breast cancers, and an increasing number of breast augmentation procedures.
“Future market expansion is expected to be driven by rising demand for silicone gel implants. In 2021, the silicone implant segment held a major market share and it is expected to growth at a CAGR of 7.29% during the forecast period. Compared to other types of implants, silicone implants feel like natural breast tissue, which is the primary reason they are preferred by most people seeking implants. Silicone breast implants are approved by the USFDA for breast augmentation in women of age 22 years or older and for breast reconstruction in women of any age. This growing adoption of silicone implants is creating new opportunities for breast augmentation procedures and accelerating the market growth for breast implants.”
As per the analyst, the market growth and shift in customer demand are due to increasing awareness and inclination toward breast reconstruction procedures for beauty enhancement among the female population, globally. A survey conducted by the International Society for Aesthetic Plastic Surgeons (ISAPS) in 2020 reported that in the United States nearly 193,073 breast augmentation procedures were done in 2020, which was more than any other type of aesthetic surgery.
This will create scope for new entrants and existing market players to witness significant growth opportunities in the breast reconstruction and medical aesthetic devices market
The active involvement of major competitors in the market in research and development (R&D) created a revolution in the breast implant segment. Continuous investments by the government and market players are adding to the technological advancements in the breast implant market. This is creating new opportunities for the market.
In April 2022, Establishment Labs Holdings Inc. signed a term loan agreement of USD 225 million, with funds managed by Oaktree Capital Management, L.P. This transaction includes the construction of a new facility that will allow Establishment Labs to meet more than half the current global demand for breast implants. In June 2022, Healshape, a France-based regenerative medicine startup, raised USD 6 million in Series A funding to develop 3D bioprinted breast implants using living patient cells.
About Mordor Intelligence -
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Breast Implant Market Report or ask for a more customized report.
