The global facial aesthetics market size was worth $ 3786.3 million in 2018 and is estimated to reach US$ 9381.8 million by 2027, at a CAGR of 10.6% during the forecast period (2020-2027).
The rising R&D initiatives in the aesthetics industry and the recent regulatory approvals are driving the growth of the market. The popularity of dermal fillers has grown rapidly in recent years as they rejuvenate and enhance the aesthetic improvements previously only achievable with surgery, but at lower cost and with limited-to-no recovery time. Rising shift of customers towards minimally invasive and non-invasive procedures is expected to drive the growth of the facial aesthetics market. Rising ageing population coupled with these facial aesthetic procedures comprising smaller incisions, low pain, and lower incidences of post-surgical complications leading to speedy patient recovery are some other factors boosting the market growth of facial aesthetics markets across the world.
Market Dynamics
Drivers
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Growing adoption of dermal fillers with rising aesthetic surgeries
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Rising adoption among geriatric individuals
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Increasing technologically advanced and user-friendly products
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Increasing adoption of non-surgical procedures for facial rejuvenation and correction
Restraints
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Side-effects of available products limiting adoption
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Social and ethical issues associated with cosmetic treatments
Market Segmentation
The Dermal Fillers market is estimated to grow at a CAGR of 11.0% during the forecast period (2020-2027)to reach a market value of USD4,062.5million by 2027.
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. More than 1 million men and women annually have choose 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 allows facial aesthetics team to make only one small insertion point. This factor will drive the growth of facial aesthetics market in the forecast period. However, the risks associated with dermal fillers depend on whether the procedure was done correctly and the type of filler used. The risk such as blocked blood vessels in the face, which can cause tissue death and permanent blindness. This factor will hamper the growth of facial aesthetics market in the forecast period.
According to the International Society of Aesthetic Plastic Surgery (ISAPS) among the international surgeries performed in 2017, over 3,298,266 hyaluronic acid dermal filler procedures were performed annually. Additionally, various forms of hyaluronic acid dermal fillers are available, which differ according to the concentration of hyaluronic acid and the degree of crosslinking.
Geographical analysis
The North America market is estimated to grow at a CAGR of 10.8% during the forecast period (2020-2027)to reach a market value of USD 3,262.3 million by 2027.
North America is expected to hold the largest share of the global facial aesthetics market due to the growing demand for beauty treatments and other anti-aging related cosmetic procedures in the region. According to the American Society of Plastic Surgeons, in 2016, approximately 17.5 million cosmetic procedures and 5.8 million reconstructive procedures were registered. Additionally, expansion of the market in the region can be attributed to the increasing number of hyaluronic acid dermal filler procedures being performed in the U.S.
For instance, according to ASPS, over 2,091,476 hyaluronic acid procedures were performed in 2017, an increase of 4% over 2016. This factor will drive the growth of the market in the region. Additionally, various forms of hyaluronic acid dermal fillers are available, which differ according to the concentration of hyaluronic acid and the degree of crosslinking. Technological advances leading to the development of newer hyaluronic aciddermal fillers propel the market in the region. Further, increasing number of facial volume replacement and enhancement procedures is also expected to contribute in growth of global dermal fillers market.
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