NEW YORK, May 30, 2022 (GLOBE NEWSWIRE) — The global mastopexy market size is expected to reach a value of approximately USD 2,175 million by 2030, growing at a CAGR of over 5.8% from 2022 to 2030.
According to the Aesthetic Society Organization, a mastopexy (breast lift) is a cosmetic operation that elevates or repositions loose and droopy breasts while improving breast shape and size. Thousands of women have successful breast lift procedures every year.
Medical Tourism Boom Fuels Global Mastopexy Market
The rise of medical tourism is one of the drivers of market growth. In a developed country, the cost of medical care is exorbitant. Although the treatments are considered high quality, the operations are considered expensive. In addition, the main health products are at relatively high prices. Medical tourism has enabled people who cannot afford to wait in their home countries for treatment to bypass huge queues by traveling abroad for treatment. As a result, many people rely on medical tourism and travel abroad to countries that offer procedures instantly in order to save time and avoid aggravating their medical difficulties. Additionally, several governments are focusing on encouraging health and wellness tourism in their own countries through various tactics. Accordingly, strong government support is expected to promote market expansion.
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Impact of COVID-19 on the mastopexy industry
The unprecedented effect of the COVID-19 pandemic and its impact on the global economy has created havoc in various businesses due to significant price ambiguity in goods for medical and industrial applications, as well as variability increased supply chain and manufacturing productivity. The COVID-19 outbreak that has swept the world has had a significant impact on the mastopexy industry. The COVID 19 outbreak has also hurt the key medical tourism industry, including leading medical tourism destinations like Thailand, Malaysia, India, China and other growing countries.
The high cost of mastopexy procedures could hamper growth
A mastopexy operation can be more expensive than a breast implant. According to 2020 figures from the American Society of Plastic Surgeons, the average cost of a breast lift is over $5,000. This average cost is only part of the total cost; anesthesia, operating room facilities and other related costs are not included. The price of breast lift surgery can be determined by the experience of the surgeon, the type of operation performed, and the geographic location of the practice. Taking all of these factors into consideration, the cost of a mastopexy operation could be as high as US$12,000.
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Rising spending on cosmetic plastic surgery is one of the trends in the mastopexy market
According to the American Society of Plastic Surgeons (ASPS), American citizens spent more than US$16.5 billion in 2018 on cosmetic plastic surgery and minimally invasive procedures. Among them, the most expensive procedures were breast augmentation and breast reduction. In 2018, breast augmentation procedures performed were 313,735, while breast reduction procedure accounted for 43,591.
The increase in the female geriatric population is directly proportional to the increase in mastopexy procedures
In 2020, the elderly population represented more than 13% of the world’s population, with 70% of these people living in developing countries. By 2025, there will be 604 million older women in the world, 70% of whom live in developing countries and 70% in rural areas. The tissue and structure of women’s breasts change with age. This is due to changes in reproductive hormone levels brought about by the natural aging process. As a result of these changes, the breasts of older women begin to lose their firmness and fullness.
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Segmentation of the mastopexy market
The global mastopexy market has been segmented on the basis of type, end-user, and geography. Based on type, the market is divided into benelli lift, crescent breast lift, benelli lollipop lift, and full mastopexy. Among them, full mastopexy segment generated the largest revenue in the mastopexy market while benelli lift segment achieved the fastest growth rate throughout the forecast period 2022-2030.
By end-user, the market is split into specialty clinics and hospitals. In 2021, specialty clinic end users occupied the majority of the mastopexy market share. Moreover, specialty clinics are expected to achieve the fastest growth rate over the next few years.
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa are the regional classification of the global mastopexy market. Based on our analysis, the North America region garnered a significant share in 2021. Rising spending on cosmetic procedures, growing number of elderly people, and presence of leading cosmetic procedure professionals are fueling the growth of the mastopexy market in North America. Meanwhile, the Asia-Pacific region is expected to achieve the fastest growth rate in the coming years owing to the increasing number of cosmetic procedures in countries like Thailand, Malaysia, and Australia. Additionally, increasing government spending on healthcare infrastructure, growing awareness of women’s welfare, and increasing disposable income are secondary factors driving the growth of the market.
Key players covered globally in ALLERGAN, Cynosure, Inc., Galderma, GC Aesthetics, Mentor Worldwide LLC, POLYTECH Health & Aesthetics, LIPOELASTIC, Lumenis, Sientra, Inc., SOLTA Medical and Syneron Medical.
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Mr. Frank Wilson
Acumen Research and Consulting
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