PUBLISHER: Grand View Research | PRODUCT CODE: 1301009
PUBLISHER: Grand View Research | PRODUCT CODE: 1301009
The global cosmetic implants market size is expected to reach USD 21.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2023 to 2030. Increasing demand for aesthetic procedures coupled with rising expenditure levels is expected to serve as a high impact rendering driver during the forecast period. The emergence of technologically advanced products, such as two form-stable silicone gel breast implants, is assisting the market growth of cosmetic implants.
American Society of Plastic Surgeons (ASPS) revealed that Americans around USD 16.5 billion on cosmetic plastic surgery and minimally invasive procedures in 2018. Furthermore, the age group of 35-50 years accounted for nearly 40% of the total volumes of cosmetic procedures performed.
The rising prevalence of breast cancer, coupled with patient awareness programs such as the Breast Reconstructive Awareness Campaign is expected to empower women to make decisions pertaining to reconstructive surgeries. The lack of reimbursement policy related to cosmetic surgical procedures is a factor impeding market growth. However, economic development and increasing disposable income is expected to neutralize the effect of low reimbursement rates.
The advent of COVID-19 had negatively impacted the growth of the cosmetic implants market as elective cosmetic treatments, especially invasive procedures, were halted. However, the market witnessed high post-pandemic boom as the demand to look appealing in Zoom calls, high disposable income ,and affordable aesthetic treatments assisted in boosting market growth.