September 05, 2022 07:54 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The Dermal Fillers Market was USD 5.05 billion in 2021 and is projected to grow from USD 5.31 billion in 2022 to USD 8.74 billion by 2029, exhibiting a CAGR of 7.4% during the forecast period. Fortune Business Insights™, provide this information in its latest report titled, “Dermal Fillers Market Forecast, 2022-2029.”
Dermal fillers are products used to improve the appearance of skin. They are available in a variety of shapes and sizes, and can be filled with a variety of substances. Dermal fillers are used to improve the appearance of wrinkles, scars, and other skin issues.
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The market for dermal fillers is growing steadily, as individuals continue to seek ways to improve their appearance. This growth is likely due to the increasing popularity of cosmetic surgery, as well as the increasing awareness of the benefits of dermal fillers.
Popularity of Cosmetics Fillers in Recent Years to Drive Market Growth
The increasing investment in the R & D sector of the medical cosmetics industry is expected to promote the dermal fillers market growth. Furthermore, the rising trend and popularity of fillers treatment over the years has increased dramatically. For instance, in a report by the International Society of Aesthetic Plastic Surgery (ISAPS) in 2019, an estimated 4,315,859 procedures involving hyaluronic acid fillers were conducted worldwide 2019. This number was increased by 15.7% over the previous year of 2018. Such a dramatic increase in such procedures is anticipated to propel market growth.
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North America to Remain at Forefront Backed by High Disposable Income
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the high disposable income of people in the region. Furthermore, stringent rules and regulations regarding new products are anticipated to drive the regional market. For instance, according to the American Society of Plastic Surgeons (ASPS), in 2019, about 16.3 million cosmetic minimally-invasive procedures were performed in the U.S. The market stood at USD 1.22 billion in 2020.
Asia Pacific is expected to showcase a significant managed services market share. This is attributable to the increasing consciousness of the individuals regarding their physical appearance in the region. For instance, in July 2020, South Korea’s LG Chem announced that they had initiated the clinical trial of a premium dermal filler called YVOIRE Y-Solution in China. Therefore, its launch is expected to promote the regional market during the forecast period.
Dermal fillers are available in a variety of shapes and sizes, and can be filled with a variety of substances.
Key Players to Focus on Launching New Products to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in August 2020, Revance Therapeutics, Inc. launched RHA Dermal Filler Line. It is the first and only FDA-approved dermal filler that can be used to correct dynamic facial wrinkles and folds in the U.S. Such proactive strategies are expected to drive the market in upcoming years.
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By material, the market is segmented into hyaluronic acid, calcium hydroxylapatite, poly-l-lactic acid, PMMA (Poly (methyl methacrylate)), fat fillers, and others. By product, the market is segmented into biodegradable and non-biodegradable. Based on its application, the market is divided into scar treatment, wrinkle correction treatment, lip enhancement, restoration of volume/ fullness, and others. By end-user, it is trifurcated into specialty & dermatology clinics, hospitals & clinics, and others.
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List of Key Players Profiled in Dermal Fillers Market Report
The impact of COVID-19 is visible in the healthcare sector as it is at the epicenter of this unprecedented global pandemic challenge. The medical cosmetics sector was particularly affected as it was a non-essential and elective service. Due to lockdowns, the sector witnessed disruptions in supply chains raised due to limitations on import and export, closure of flights, reduced production, and disturbed supply channels. For instance, ALLERGAN (AbbVie, Inc.), a strong player in the global market, recorded a decrease of 42.3% in revenue compared to fiscal year (FY) 2019 for the JUVEDERM Collection. However, the market is expected to boom back again during the forecast period.
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Table of Content from Dermal Fillers Market:
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