PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1458406
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1458406
Global breast reconstruction market is projected to witness a CAGR of 5.14% during the forecast period 2024-2031F, growing from USD 1.01 billion in 2023 to USD 1.51 billion in 2031F. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years. Growth in the global breast reconstruction market is driven by various factors such as the increasing prevalence of breast cancer among the global population and a growing number of breast reconstruction surgeries across the world. Technological advancements, the growing healthcare sector including the medical device industry and surgical industry along with increasing awareness campaigns by public and private organizations are the factors leading to the growth of this market globally. Moreover, favorable regulatory systems and reimbursement policies, the presence of several top players and collaborative venture activities, new entrants, and frequent product launches accelerate the growth of the global breast reconstruction market.
The global breast reconstruction market is undergoing robust growth primarily due to the increased prevalence of breast cancer among the global population. As this prevalence is increasing, there is an increase in the number of mastectomies performed every year. Breast reconstruction is the next essential step after mastectomy to restore the shape, size, symmetry, and contour of the breasts. Technological advancements in this industry such as the use of AI in performing breast reconstruction, increased research and development activities by the leading players further accelerating the global breast reconstruction market.
Frequent product launches by the market players along with a favorable regulatory framework play a pivotal role in boosting the global breast reconstruction market. There have been increased FDA approvals of breast implants, leading to improved medical conditions of the patients and surgical outcomes. Moreover, consistent collaboration activities such as mergers and acquisitions, partnerships, and distribution agreements between the organizations further propel the global breast reconstruction market.
For instance, in May 2022, GC Aesthetics, Inc., which is a leader in providing aesthetic solutions in the healthcare sector, announced the launch of "Nipple Areola Complex Reconstruction Implant" in partnership with FixNip LTD. This is implanted in just 15 minutes using minimally invasive surgery assists in enhancing patient satisfaction and contributes to the overall success of the breast reconstruction procedure.
Increasing Number of Breast Reconstruction Procedures
There has been a surge in the global breast reconstruction market due to the increasing prevalence of breast cancer worldwide. Breast cancer can lead to mastectomy, due to which patients are required to undergo breast reconstruction procedures. As there is increasing awareness among women regarding breast reconstruction options, there has been a significant increase in the number of breast reconstruction procedures.
For instance, an article, 'The International Awareness of Breast Reconstruction' published in the International Open Access Journal of the American Society of Plastic Surgeons, states that the number of breast reconstruction surgeries has significantly risen in recent decades. Additionally, with the growing awareness among women, it is anticipated that this will continue to rise in the forecast period as well. Moreover, technological advancements, favorable reimbursement policies, and an improved supportive regulatory framework further propel the global breast reconstruction market growth.
Technological Advancements
Growing demand for breast reconstruction treatment options led to increased research and development activities, which is further leading to innovation and technological advancements. Innovations such as the implementation of AI for breast reconstruction surgeries to improve surgical outcomes and the development of products that can enhance the aesthetic aspect of the surgery are driving market growth. Due to this, several leading players are consistently involved in developing innovative products in this market.
For instance, in April 2023, Establishment Labs Holdings Inc., which is a global medical technology company, announced the launch of its innovative product "Mia Femtech" for its Japan market, to bring advancement in the breast aesthetics market. Mia Femtech is the latest patented technology that can be executed in just 15 minutes via a minimally invasive procedure and does not require the use of general anesthesia. It gives natural and discreet results, and the patient can return to activities of daily life on the same day. Due to these innovative, beneficial technological advancements by the leading players, the global breast reconstruction market is expected to flourish.
Increased Demand for Implant-based Breast Reconstruction
Breast implant reconstructions hold a significant share in the market. Frequent technological advancements in the implants, faster procedure and recovery time, and simple procedures with fewer scars are some of the potential benefits of implant-based breast reconstruction. Due to this several market players are developing safe and efficient breast implants in their product portfolio.
For instance, in October 2023, MTF Biologics, which is a global nonprofit organization, announced that the U.S. FDA has approved an Investigational Device Exemption to commence a clinical investigation to validate the safety and efficacy of its latest launch implant, "FlexHD Pliable" for breast reconstruction. FlexHD Pliable is a human Acellular Dermal Matrix (ADM) implant for breast reconstruction. It is in the form of tissue that has been cut from a deeper layer of the dermis and afterward processed using an aseptic technique. This implant is the first ADM for breast reconstruction, that has been granted FDA approval to commence clinical trials. These innovative discoveries and product launches to enhance and expand growth in the implant-based breast reconstruction procedure are propelling the growth of the global breast reconstruction market.
Hospitals Hold a Major Share in the Global Breast Reconstruction Market
Among the end-user segment, hospitals hold a significant market share in the overall global breast reconstruction market. The increasing prevalence of breast cancer has led to an increased demand for breast reconstruction surgeries globally. Due to this, there has been a substantial increase in the requirement of hospitals to meet this growing requirement and for the timely execution of breast reconstruction surgeries. As a result, several countries are increasing the number of hospitals with proper surgical facilities.
For instance, in 2023, according to the American Hospital Association, there were 6,129 hospitals in the United States and more hospitals are under construction. Increased availability of highly efficient and safe breast implants, advanced technologies, and highly trained surgeons, along with the availability of end-to-end facilities for the patients, starting from assessment to follow-up, is leading to high demand for hospital-related services among the patients. This has led to the dominance of hospitals as an end-user segment.
North America Holds Significant Market Share
North America dominates the global breast reconstruction market, due to various factors such as the increasing cases of breast cancer in the region, which leads to mastectomy in most cases, due to which the demand for breast reconstruction is also on the rise. For instance, The American Cancer Society states that, the most common cancer in the U.S. is breast cancer. It states that in the year 2023, about 297,790 new cases of invasive breast cancer and approximately 55,720 new cases of Ductal Carcinoma In Situ (DCIS) were diagnosed among women in the U.S.
The increasing number of cases of breast cancer leads to an increase in mastectomy procedures that further leads to increased requirements for breast reconstruction. In addition, robust healthcare infrastructure, technological advancement in the region, favorable reimbursement policies, along with presence of major players such as Sientra, Inc. and Integra LifeSciences are other factors that are escalating the growth of this market in the region.
Future Market Scenario (2024-2031F)
The global breast reconstruction market is expected to grow in the future, due to several factors including the increasing prevalence of breast cancer, which increases the probability of mastectomies globally. Furthermore, technological advancements and innovation in breast reconstruction surgeries, will improve the quality of life of the patient and improve the surgical outcomes.
For instance, in January 2024, Establishment Labs Holdings Inc., which is a leading medical technology company, announced the launch of "Motiva Implants" for its China market. The Motiva Flora is a tissue expander implant, that is the only regulatory-approved expander in the world that uses radio-frequency technology. This product enhances breast reconstruction outcomes in the patients leading to increased patient satisfaction. Due to these frequent innovative launches by the leading players, the global breast reconstruction market is expected to flourish in the forecast period.
Key Players Landscape and Outlook
In the breast reconstruction market, several medical device manufacturers are consistently establishing strategic partnerships, and undergoing distribution agreements, which play an essential role in propelling the global breast reconstruction market's expansion. These partnerships enable companies to gain informative insights regarding market trends, access each other's knowledge, resources, markets, and technologies, and invest in research and development activities to bring safe and efficient breast reconstruction solutions such as breast implants. Distribution agreements enable companies to broaden their market presence at a global level. These collaborative ventures promote innovation, expedite product development and contribute to the enduring and robust growth of the global market.
For instance, in December 2022, Integra LifeSciences Holdings Corporation, which is a global leader in medical technology, announced the successful acquisition of Surgical Innovation Associates. This strategic acquisition is expected to support the company in bringing advancement and innovation in implant-based breast reconstruction procedures and contribute to improving patient outcomes.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.