Latin America Breast Implant Market - 2022-2029

Latin America Breast Implant Market - 2022-2029

Market Overview

The Latin America Breast Implant Market is expected to grow at a CAGR of 6% during the forecasting period (2022-2029).

Breast implants are the medical devices implanted under the breast tissue or the chest muscle to increase breast size (augmentation) or rebuild breast tissue after mastectomy or other breast damage (reconstruction). The FDA has approved implants to increase breast size in women (augmentation), reconstruct breast cancer surgery, and correct developmental defects. Implants are also recommended to repair or improve the result of the previous operation. The FDA has approved two types of breast implants: saline (salt water solution)-filled and silicone gel-filled. Both have silicone outer shells that vary in size, thickness, and shape. The growing incidence of breast cancer in Latin America is driving the breast implant market in this region. In Brazil in 2020, 66,280 new cases of women with breast cancer. The increase in breast augmentation procedures in Latin American countries also boosts breast implant market growth.

Market Dynamics

Increasing breast cancer in Latin American countries is driving the breast implant market; for instance, according to WHO, an estimated 22,024 new breast cancer cases in Argentina by 2020. In severe cases, cancer prevention involves mastectomy surgery, which requires the removal of the entire organ. Besides, the reconstruction of this organ is considered a useful option for treating such a disease. This procedure involves rebuilding the shape of the removed organ. Thus, with the rising number of reconstruction cases, there is a growing demand for breast implantation. Most implantable medical devices are expensive, which deters individuals from undergoing implantation surgeries. The average cost of breast augmentation surgery in Mexico is $4,300 in 2021. The minimum price starts from $2,500 to $8,000, depending on the implant type, surgeon's experience and clinic reputation, while in Colombia, such a procedure costs 5 thousand U.S. dollars. The economic burden of implantation surgeries includes the cost of screening tests, implants, surgical procedures, replacement or recurrence surgeries, and physicians' pay. The middle and lower-middle-class patients' inability to opt for costly cosmetic procedures is becoming one of the major challenges restricting the breast implant market's growth in Latin America.

Market Segmentation: Silicone breast implants segment accounted for the highest share in Latin America breast implant market.

Silicone is a polymer that has a wide range of uses in personal care products and surgical implants. It can be found in liquid, gel, or rubber-like solid forms. Silicone gel-filled breast implants are approved for breast augmentation in women age 22 or above and breast reconstruction in women of any age. For women with silicone gel-filled breast implants, the FDA recommends that they receive MRI screening for silent rupture 3 years after receiving a silicone implant and every 2 years after that. Moreover, the increasing adoption of highly cohesive silicone breast implants is also expected to aid in its growth. Silicone breast implants have high-strength silicone gel that is textured with a silicone shell. Such implants are thicker and contain more cohesive silicone gel, eliminating the probability of filler leakage into the body.

Geographical Penetration: Mexico is the dominating country during the forecast period.

Breast implants in Mexico are the most popular cosmetic surgery procedure for women with liposuction. Breast enlargement or breast implant treatment involves the surgical addition of implants to improve your breasts' shape, size, form, or feel. Breast cancer is the leading cause of cancer-related deaths; for instance, in 2020, more than 8 thousand women died due to breast cancer in Mexico, up from almost 7.5 thousand deaths reported in 2019. The increasing number of breast implant procedures and breast augmentation procedures drives the Breast implant market in Mexico. In 2020, 74,000 breast cancer augmentation procedures were performed in Mexico. Further, the low cost of breast implants in Mexico drives the breast implant market. Mexico is almost 60% less expensive than the exact procedure executed in the U.S. In Mexico, breast implants cost around 4.2 thousand U.S. dollars, while in Colombia, such a procedure costs 5 thousand U.S. dollars. Hospital Angeles Tijuana is Mexico's leading Plastic Surgery Centre; it has treated 5 million surgeries yearly.

Competitive Landscape:

There are various established participants in the industry; hence, the Latin American breast implant market is fragmented. The major players include AbbVie Inc., Johnson & Johnson Services, Inc., Sientra, Inc., G.C. Aesthetics, POLYTECH Health & Aesthetics GmbH, Establishment Labs S.A., and Sebbin, among other domestic Latin America players. The companies also initiate many product developments, accelerating the breast implant market's growth. For instance, in October 2020, G.C. Aesthetics launched a novel round breast implant named PERLE with BioQ– Surface technology and a highly cohesive Emunomic Breast Tissue Dynamic Gel. This new product launched by the company during the emergence of COVID-19 has increased its credibility in the market. In July 2022, Sientra announced that the U.S. Food and Drug Administration approved the low plus profile projection breast implant for breast augmentation in women at least 22 years old and for women of all ages undergoing breast reconstruction. This product was commercially available for board-certified and board-eligible plastic surgeons in the United States in late July 2022. Some major key players follow merger and expansion strategies to expand their business. For instance, in June 2022, G.C. Aesthetics announced growth and expansion in Brazil. This expansion strategy had two main pillars: commercialization of all G.C. Aesthetics products and solutions designed to support the best outcome for women's breast enhancement journey before, during and after surgery.

The Latin America breast implant market report would provide an access to approximately 33 market data tables, 26 figures and 170 pages