Global Aesthetic Devices Market Forecast to Reach $4 Billion In 2015
The global aesthetic devices market is forecast to grow from $2,354.7m in 2008 to $4,016.6m in 2015 with an annual growth rate of 7.9%. The aesthetic devices market is driven by growing demand for aesthetic procedures among all age groups,an expanding non core physician base, direct to consumer approach of the companies like Allergan, Solta Medical and product innovation.
Silicone Breast Implants and Hyaluronic Acid to Drive Growth in the Global Aesthetic Devices Market
Silicone breast implants and hyaluronic acid accounted for 35.7% of the overall aesthetic devices market in 2008 and are expected to account for 44.7% of the overall aesthetic devices market in 2015. The silicone breast implant market is forecast to grow by 13% annually for the next seven years to reach $1,038m by 2015. Hyaluronic acid is forecast to grow by 9.5% annually for the next seven years to reach $756.8m in 2015.
The key factors driving growth in the silicone breast implants market are the US FDA approval of silicone breast implants in 2006, reduction in procedure costs due to the healthy competition between core and non-core physicians and increasing patient demand. Growth in the hyaluronic acid is expected to be driven by the increasing patient demand as the product allows for same day treatment and is not sourced from animal or human bodies.
US To Remain the Biggest Market for Global Aesthetics Devices Market
The US aesthetic devices market valued at $1,436.4m in 2008 is forecast to grow by 7.6% annually for the next seven years to reach $2,391.2m by 2015. The US contribution towards the global aesthetic devices market stood at 61% in 2008 and is forecast to decrease slightly to 59.5% in 2015. However, with increasing demand from Europe economies, the center of the global aesthetic devices market activity is due for a shift. France, UK and Germany are forecast to grow faster than the average global aesthetic devices market growth of 7.9%.
US Silicone Breast Implants Market to Contribute 90% towards the Overall Breast Implants Market By 2015
In the US, by the end of 2007, silicone breast implants had a 30% contribution towards the overall breast implants market and by the end of 2008, the contribution increased to 45%. According to the Global Markets Direct forecast for the next seven years, the silicone breast implants market is expected to contribute 90% towards the overall US breast implants market.
In the US, prior to 2006, saline breast implants were the only breast implants approved by the FDA because of its safety. The approval of silicone breast implants by the US FDA in 2006 has reduced the market size of the saline breast implants in the last two years.
Johnson & Johnson and Allergan Dominate the Global Breast Implants Market
The US breast implants market is completely dominated by Allergan, Inc. and Johnson & Johnson with a market share of 46% and 54% respectively. Sientra is another company which is in the process of successfully completing clinical trials for a new range of silicone breast implants to be marketed in the US. Allergan and Johnson & Johnson have a combined market share of 67.3% in the European breast implants market. Sientra and Medicor are other big players in the European breast implants market.
Allergan entered into the breast implants market in 2006 with the acquisition of Inamed Corporation. Johnson & Johnson with the acquisition of Mentor Corp made an entry into the breast implants market in 2009. Lack of competition especially in the US market and lucrative nature of the business is the rationale behind both the companies’ acquisitions.
Global Markets Direct: The Future of the Aesthetic Devices Market to 2015:
Global Markets Direct: Further market reports and market analyses:
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