Global Cosmetic Implants Market: Cheap and Defective Implants will Create a Negative Image of the Market
The demand for cosmetic implants has surged lately with growing preference for cosmetic surgeries and introduction of new surgical devices. The global cosmetic implants market was worth US$2.1 bn in 2013. Expanding at a CAGR of 5.7% during the period from 2014 to 2020, the overall cosmetic implants market is estimated to be valued at US$3.2 bn by 2020. Growing awareness about cosmetic implants, benefit of implants, and aesthetic appearance has fuelled demand from the global cosmetic implants market.
The key application segments of cosmetic implants include facial implants, breast implants, dental implants, and others including buttock, penile, and calf implants. There has been a noticeable growth in the breasts implants segment in the past couple of years. In 2013, breast implants dominated the overall cosmetic implants market. During the period between 2014 and 2020, this application segment is estimated to expand at a CAGR of 6.6%. However, growing incidences of breast implant malfunction will hamper the growth of the segment in the coming years.
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Manufacturers are Often Blamed for Breast Implant Malfunctions
The U.S. Food and Drug Administration has listed down a number of complications associated with saline-filled and silicone gel-filled breast implants such as capsular contracture, implant wrinkling, scarring, asymmetry, and infection at the incision site. Malfunctioning breast implants aggravate the complications.
Recently, it was found out that silicone implants manufactured by Silimed, the largest manufacturer of silicone implants in South America, were contaminated with particles. The Medicines and Healthcare Products Regulatory Agency (MHRA) along with other European regulators have suspended the sales of Silimed’s silicone implants. A vast majority of these silicone implants would have been used in cosmetic breast enlargement. A similar incident was reported in 2010 when it was found that Poly Implant Prothèse (PIP), one of the leading manufacturers of breast implants was not using medical-grade silicone in its devices. This increased the rate of rupture of the implants and a large number of patients across South America and Europe were affected.
Australian Government Taking Stand against Cheap Implants
In Australia, the government is taking a firm stand against cheap breast implants in unlicensed clinics. Under new rules considered by the New South Wales government, cosmetic surgeons could be banned from offering cheap breast implants in unlicensed clinics. The government is considering making rules so that cosmetic surgeries such as breast implants, buttock implants, penis augmentation, and face lifts could only be performed in a licensed private hospital or health facility.
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While the overall cosmetic implants market is booming with the development of low cost implant devices, the threat of implant malfunction and related life-threatening complications will definitely scar the growth story of the market.