Dermal fillers are cosmetic treatment injections given to prevent the effects of aging in the cheeks, lips, and the mouth. They are used in filling shallow areas of the face and fattening thinning lips. Market Research Future (MRFR) has outlined a list of drivers, opportunities, and restraints in the comprehensive dermal fillers market report.
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 global dermal fillers market is predicted to touch a value of USD 10,008.4 million by 2023, according to MRFR. It can achieve this benchmark by exhibiting 12.5% CAGR from 2017 to 2023 (forecast period). Changing norms regarding face and external appearances have propelled the demand for dermal fillers. This is evident with the demand rising sharply in Brazil, Japan, China, and India. Development of new filler techniques, new injections, and new materials is likely to bode well for the global market growth. It is supported by inclination of customers for non-invasive surgical procedures.
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Large section of the population undergoing cosmetic surgery, the huge geriatric numbers, and widespread acceptance of dermal fillers can fuel the dermal fillers market. According to the World Health Organization, more than 2 billion of the world population can exceed the age of 50 by 2050. It is aided by improving procedures and rising disposable income levels of customers. Rising use of aesthetic medical practices as well as growing acceptance rate of dermal fillers can buttress the growing global dermal fillers market demand. Moreover, the growing cosmetic tourism is likely to work in favor of the market.
Key Players – 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.
Segments – Dermal Fillers Market
The global dermal fillers market is segmented by type and application.
By type, it is segmented into collagen, hyaluronic acid, polymers & particles, and botulinum toxin. The botulinum toxin segment has accounted for more than 47% market share in 2016. It can touch a value of USD 4,601.67 million by 2023 due to growing interest in cosmetic surgeries as well as development of safe procedures. On the other hand, hyaluronic acid can exhibit 12.9% CAGR during the forecast period due to the substance being preferred for anti-aging treatments.
By application, it is segmented into lip treatment, facial line correction treatment, and face-lift. The facial line correction treatment segment is set to exceed a valuation of USD 4,300 million due to being used for eliminating unwanted wrinkles and lines. On the other hand, the face-lift segment can reach a valuation of USD 3,5909.7 million by 2023. This can be attributed to the preference of the treatment by women.
Regional Analysis – Dermal Fillers Market
Geographically, North American regions account for the leading market for dermal fillers followed by the European and Asia Pacific region, respectively. The dermal fillers market in this region is heading with the support of the US market which is growing significantly backed by the high spending and growing uptake of dermal fillers.
In 2016, the US dermal fillers market had valued at USD 1,074.0 MN. witnessing, substantial investments in R&D activities and technologically advanced products. The dermal fillers market in North America is expected to reach over 3,700 Mn. USD by 2023.
The European region, accounting for the second-largest market for dermal fillers witnesses a substantial growth due to high per capita income and strong healthcare penetration in the region. The strong market growth in countries such as Germany & France drives the growth of the regional market to an extent. Backed by the wide uptake of new products and advanced therapies, the European dermal fillers market is estimated to evaluate at 10,000 MN USD by 2023.
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The dermal fillers market in the Asia Pacific region has emerged as one of the promising markets, globally. Factors such as spreading awareness towards these aesthetic treatments, and improving per capita income are substantiating the market growth. India and China backed by the ever-increasing population, economic growth, and the burgeoning medical treatment market account for the major contributing economies across the region.
Furthermore, South East Asian countries such as Vietnam, Malaysia, and Thailand are significantly contributing to the growth of the regional market with their burgeoning medical tourism markets.
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