Dermal fillers are materials used in different facial areas as fillers and have various functionalities. The global dermal fillers market has been currently valued at USD 4,900 million by Market Research Future (MRFR) in its latest report. The same report also suggests that the global dermal fillers market is anticipated to showcase a CAGR of 12.5% through the review period. There are many factors causative to the growth of the global dermal fillers market.
Segments for Global Dermal Fillers Market
The market segmentation of dermal fillers is segmented on the basis of applications and types.
By types, the market includes hyaluronic acid, botulinum toxin, collagen, polymers & particles. The polymers & particles segment is further divided into calcium hydroxylapatite, polymethylmethacrylate, and poly-l-lactic acid. The botulinum toxin segment is projected to reach a market valuation of USD 4601.67 million by the end of 2023. The hyaluronic acid segment is also expected to garner an impressive market growth with a CAGR of 12.9% during the forecast period.
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By application, the market includes face-lift, facial line correction treatment, lip treatment, and others. The market segment is spearheaded by facial line correction treatment with a significant market share of 44.1% in 2016. However, the face-lift segment is predicted to grow with the highest CAGR of 12.8% during the review period, thereby generating a projected market valuation of USD 3,5907 million by 2023.
Market Overview and Drivers
According to a statistical study conducted by the World Health Organization (WHO), a total of two billion people is slated to be over the age of 50 by the end of 2050. This highlights the massive demand that the dermal fillers market attracts. Dermal fillers combined with other related products and services help provide a speedy facial rejuvenation without the need for a major form of surgery. This drives the demand for the market as it gives quick results and there is little to no downtime linked with the healing process. Various advancements in technology are projected to aid the growth of the market. The proliferation of cosmetic tourism has proven to be both boon and bane to the global market of dermal fillers. It has encouraged consumers to travel across various places for more skilled and cheaper aesthetic surgeries. However, the pursuit of finding affordable dermal filler surgeries has led to the expansion of the black market. There lies a number of illegal and unlicensed practitioners, which is resulting in a number of side effects. This is restraining the market growth as consumers are hesitant in undergoing this type of surgeries.
Additional factors substantiating the market growth include the growing population, aging population, and urbanization, worldwide. Simultaneously, improving economic conditions are impacting the market growth positively, enabling access to the quality life with the increasing consumers’ purchasing power. Furthermore, factors such as the growing prevalence of obesity, accidents, along with the increasing number of dermal fillers hospitals and the safety margin these facilities offer act as a major driving force to the market growth.
Key Players for Global Dermal Fillers Market
- Dr. Korman Laboratories,
- ALLERGAN,
- Teoxane Laboratories,
- GALDERMA,
- Merz Pharma,
- Integra Lifesciences,
- Sinclair Pharma
are the eminent players in the Global Dermal Fillers Market.
The highly competitive market of dermal fillers appears to be diversified with the presence of a large number of players having a global presence. These players are adopting strategic initiatives such as expansion, and product Launch to gain the competitive edge and are tapping the growing markets for expansions.
Leverage to the rising cases of side effects or resistance, players are focusing on innovative products and procedures that would have minimal adverse effects. Also, growth opportunities in the market are encouraging these players to target emerging applications.
Industry Updates
In December 2018, Silk Inc. announced the development of a sustainable dermal filler. The company’s new activated silk technology is made from silkworm cocoons and is meant to be a more biocompatible and eco-friendlier as compared to traditional or alternative acid fillers.
October 03, 2018 – Allergan, Inc. (Ireland), a leading global leader in developing, manufacturing and commercializing branded pharmaceuticals, devices, biologics, surgical and regenerative medicine products launched a new advertising campaign for its product – JUVÉDERM which is a dermal filler collection.
Regional Analysis – Dermal Fillers Market
Geographically, the global dermal fillers market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas accounts for the largest share of 39.3% of the global market, led by the US and Mexico. Both these countries are popular destinations for cosmetic tourism. The rapidly aging population in the region coupled with the presence of advanced technologies and skilled cosmetic surgeons drive the market in the Americas. The Americas dermal fillers market is likely to reach USD 3769.6 Mn by the end of 2023.
The Europe market is driven by similar factors as the Americas and is the second largest market for dermal fillers. Advanced healthcare sector and affordability will help the market achieve a CAGR of 12.9% over the forecast period.
APAC is poised to exhibit the fastest CAGR of 13.1% over the forecast period. Massive demand has been witnessed in the emerging economies of the region such as China, South Korea, India, and others. South Korea, in particular, is a significant market for dermal fillers. The country offers sophisticated cosmetic services at an affordable price which makes it a prime destination for cosmetic tourism.
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