Dermal fillers or injectable are used in different areas of the face and have varying functionalities. The global dermal fillers market appears to be thriving and is likely to expand at a CAGR of 12.5% over the forecast period of 2017-2023, asserts market Research Future (MRFR) in an extensive study. The global dermal fillers market was valued at over USD 4,450 Mn in 2016 and is expected to catapult to USD 10,008.4 Mn by the end of 2023.
Facial aesthetics has gained prominence across the globe, especially in the emerging economies of China, South Korea, India, Brazil, and Japan where they are available at a relatively lesser price as compared to the US and in Europe. Growing disposable income in such countries coupled with developments in the healthcare sector and growing awareness regarding the same.
The growth of the Global Dermal Fillers Market can also be attributed to the improving clinical outcomes. The dermal fillers market is evolving continually, and advancement in injection techniques, devices, and the inclusion of new materials have reflected positively on the growth of the market.
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Growing cosmetic tourism is likely to influence the growth of the global dermal fillers market. Consumers are traveling to places which offer sophisticated cosmetic procedures at legitimate prices which induce high demand for dermal fillers. However, augmenting requirement for dermal fillers has also given rise to a black market. A growing number of unlicensed practitioners result in a number of faulty surgical procedures which not only evoke hesitance among consumers but also restrain the growth of the market over the forecast period.
Key Players for Global Dermal Fillers Market
Dr. Korman Laboratories, ALLERGAN, Teoxane Laboratories, GALDERMA, Merz Pharma, Integra Lifesciences, and 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.
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-friendly 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.
Segments for Global Dermal Fillers Market
The global dermal fillers market has been segmented based on type, and application.
By type, the global dermal fillers market has been segmented into Botulinum toxin, Hyaluronic acid, Polymers & particles, and others.
By application, the global dermal fillers market has been segmented into Facial line correction treatment, Face-lift, Lip treatments, and others.
Regional Analysis for Global 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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