Market Entry- Cosmetic Implants Market in Chile: Analysis of Growth, Trends and Progress (2020 - 2025)

About the Market

As per the findings of the international society of plastic and aesthetic surgeons (ISAPS), in 2013, more than 23 million individuals underwent surgical and non-surgical cosmetic procedures worldwide. The rising number of cosmetic surgeries conducted around the world is the key factor boosting the global cosmetic implants market. The high cost of surgical devices and procedures and no guarantee of safety impede the growth of the market. Implant devices comprise approximately 60% of the surgical cost depending upon the type, size, and the manufacturer. At present, these devices do not cater to low-income groups. Implant devices such as buttock, dental, penile, breast, and facial implants (especially cheek and jaw) come with a risk of malfunction. To put this in perspective, during the post-approval safety studies performed by the U.S. FDA in 2009, Allergan Inc. reviewed 2,674 breast implant devices, out of which, approximately 900 (33.8%) were reported to have openings in the implant shell. Implant rupture is considered as one of the restraining factors to the growth of the breast implant market. Periodic up gradation of implant devices used in surgeries can lower the chances of malfunction, thus propelling the growth of the cosmetic implant market globally. Technological advancements shall open new avenues for the market, which shall cut down the cost of implant devices. Institut Straumann AG, Nobel Biocare Holding Inc., and Dentsply International Inc. cumulatively represented more than 49% of the market in 2013. Trends in the market are also influenced by other players such as Aesthetic and Reconstructive Technologies (AART) Inc., 3M Health Care, Allergan Inc., Implantech Associates Inc., GC Aesthetics, Mentor Worldwide LLC, Spectrum Designs Medical, Sientra Inc., and Zimmer Holdings Inc.

About the Geography

Chile is recognized as one of the most stable, open and competitive economies in Latin America. With a presidential republic at its helm, the recent success of the Chilean economy is based on the export of copper.

With the continued drop in copper prices since 2014, Chile has experienced its second consecutive year of slow growth, elevated inflation and a depreciating currency. To counter this sluggish growth, Chile’s policymakers have been actively seeking foreign investment that shall provide the needed capital and technology for economic development. Chile withdrew from the ANCOM (Andean Common Market) in order to be free from restrictions on foreign investment. Regional incentives are available granting certain benefits, to promote investment in these areas and an all-round development of the country.

Negotiations made mostly in Spanish and weak IPR enforcement are challenges of conducting business in Chile. However, the strengths of the market, which include an open economy, commitment to free trade, a well-developed financial market and economic structure, seem to stand tall among these challenges.

The Market Entry Series

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