Market Overview
Dermal fillers can be defined as soft tissue fillers injected into the skin for the restoration of smoother appearance and reduction of wrinkles and signs of aging. Dermal fillers are considered to be an ideal solution for plumping of the cheeks and lips, filling in creases and lines, and enhancing facial contours.
The global dermal fillers market size was worth $ 1,763.3 million in 2019 and is estimated to reach US$ 4062.5 million by 2027, at a CAGR of 11.05% during the forecast period (2020-2027).
More than 1 million men and women annually have chosen this popular facial rejuvenation treatment, which can be a cost-effective way to look younger without surgery or downtime.
Further, the downtime associated with the dermal filler injections has been reduced because cannulas allow the facial aesthetics team to make only one small insertion point. This factor will drive the growth of the dermal fillers market in the forecast period.
Market Dynamics
Drivers
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Rise in the demand of anti aging procedures
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Increasing preference for non-invasive aesthetic procedures
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Increasing approval of dermal fillers for correction of facial augmentation
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Increase in the geriatric population
Restraints
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Complications and risk associated with dermal fillers
Market Segmentation
The absorbable dermal fillers market is estimated to grow at a CAGR of 11.09% during the forecast period (2020-2025) to reach a market value of USD 3,938.0 million by 2027.
Absorbable dermal fillers are majorly contributing to the total dermal filler market segment owing to its biodegradable properties along with high water retention capacity with maximum binding site offering better clinical outcomes and high level of patient compliance. Moreover, these semi-permanent fillers consist mainly of hyaluronic acid but may also contain collagen. As the name suggests, the body absorbs this type of filler over time. These injections are repeated to maintain results. That creates a regular visit of patients to the dermatology centers. This factor will drive the growth of the dermal fillers market in the forecast period.
Further, the FDA has approved dermal fillers made from absorbable or temporary material for the correction of moderate to severe facial wrinkles and skin folds, such as nasolabial folds, which are the wrinkles on the sides of mouth that extend towards the nose often referred to as smile lines. However, absorbable dermal fillers had the potential for allergic reactions and required skin testing before the first treatment.
On the other hand, agencies in France are currently not advising the use of absorbable products for aesthetic purposes, given the risk of extremely delayed, uncontrollable, and serious adverse effects. Absorbable dermal fillers are time-saving procedures that require no bandages or incisions and impose no restrictions after completion of the procedure. These act as substitutes for injectable fillers such as collagen owing to the fact that these are relatively less expensive.
Geographical Analysis
Asia-Pacific dermal fillers market is growing at the CAGR of 11.27% during the forecast period (2020-2027) to reach a market value of USD 1086.8 million by 2027.
Asia-Pacific is estimated to be the fastest-growing region in the global market due to the presence of a vast patient population, rapid development in technology and presence of huge opportunities for the development will drive the growth of the dermal fillers market in the region.
The significant growth opportunities for vendors. South Korea, Singapore, Australia, India, and China are the major contributors to the market in this region. The rise in disposable income of the people in these countries is increasing the affordability of luxury products and services which accelerates the demand for dermal fillers in the region.
Dermal fillers are also reporting increased sales as consumers are shifting toward non-invasive, low-cost, anti-aging aesthetic treatments. These injectable fillers are preferred options due to their safety and enhanced effectivity. In addition, increasing availability of biodegradable fillers will further aid in market growth. This factors will drive the growth of the market in the region. However, the dearth of skilled specialist dermatologists, lack of regulations governing the usage of dermal filler products, and an increasing circulation of counterfeit products are likely to hamper the market of dermal fillers in the region.
With the growing Asian population and increasing demand for dermatology procedures, there is both a need and an opportunity for dermatologist to develop expertise in treating this demographic. Further, the changing demographics, procedures, and products, dermatologists and physicians can customize therapies or procedures for individual patients. They opt for a combination of products for better outcomes and patient satisfaction.
Competitive Analysis
The global dermal fillers marker is highly competitive with top major players including Allergan (AbbVie), Galderma, Merz Pharma, Teoxane, Sinclair, Dr. Korman Laboratories, among others. Manufacturers such as Allergan and Galderma have a strong product portfolio and are heavily investing to enhance their pipeline with innovative products. For instance, in April 2019, Allergan launched Juvéderm VOLUX in Monaco which is HA-based product used as facial filler for chin and jaw lines. In dermal fillers market, the major players are focusing on product quality and also on strategic moves to acquire greater market share. Private companies such as Merz Pharmaceuticals and Laboratoires VIVACY are also gaining approvals for extended therapeutic areas of existing products.
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