The global cosmetic implants market is expected to reach USD 9.0 billion by 2020 and is expected to grow at a CAGR of 8.5% over the forecast period. Rapidly changing lifestyles, increasing aesthetic awareness, and medical tourism are some of the key factors anticipated to boost the market over the forecast period. Rising healthcare expenditure, favorable government initiatives, and growing ageing population are also amongst few key factors expected to surge adoption of cosmetic implants. According to American Society of Plastic Surgeons in 2016, residents of U.S. spent nearly USD 15 billion on combined surgical and nonsurgical procedures.
Growing demand for minimally invasive surgeries and increasing cosmetic surgeries drive the growth of this market. According to the data published by the American Society of Plastic Surgeons in 2015, the minimally invasive cosmetic surgeries performed were 15.9 million demonstrating 2% increase since 2014 in the U.S. Technological advancements in the field of cosmetic implant surgeries including tissue engineering, microsurgery procedures, and computer assisted process offers advantages of minimal or no visible scars and thereby further drive the demand for the implants.
On the basis of applications, the market is segmented as dental, breast, facial, penile, and calf implants. Dental implants held the largest market share of about USD 3.45 billion in 2016. Factors such as increasing dental injuries and growing advancements in technologies including mini implants, CAD/CAM technology, and nanostructured titanium implants is expected to boost the market. Rising concerns for oral healthcare and increase in geriatric population also drive the growth of the market. According to American Association of Oral and Maxillofacial Surgeons survey conducted in the U.S, about 30 million people have lost teeth in one or both jaws and more than 15 million people are with the bridges or crowns.