Dermal Fillers Market Size worth USD 6.64 Billion by 2027 at 9.3% CAGR; High Demand for Minimally Invasive Surgeries to Boost Growth: Fortune Business Insights™
03 Mar 2021
Pune, India, March 03, 2021 (GLOBE NEWSWIRE) -- The global dermal fillers market is set to gain traction from the increasing usage of hyaluronic acid dermal fillers as they are considered to be the gold standard material for facial fillers, such as restoration of volume/fullness, scar treatment, lip enhancement, and wrinkle correction. The report further mentions that the market size was USD 3.73 billion in 2019 and is projected to reach USD 6.64 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period.
Increasing Need to Appear Youthful and Healthy will Favor Growth
In today’s world, the demand for non-invasive or minimally invasive procedures and cosmetic surgeries, such as filler injections and botulinum toxin injections has surged rapidly. People are seeking out for pain-free and easy techniques to appear healthy and youthful, unlike invasive cosmetic surgeries.
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The American Society of Plastic Surgeons, for instance, reported that since 2000, the number of minimally invasive cosmetic surgeries has increased to 200%. It has shown no indication of reducing. These factors are expected to bolster the dermal fillers market growth in the near future. However, the high cost of these fillers may hamper growth.
Hyaluronic Segment Generated 77.0% Share in 2019
Based on material, the hyaluronic acid segment earned 77.0% in the dermal fillers market and dominated in 2019. This growth is attributable to the increasing number of new product launches under this segment by prominent companies worldwide.
COVID-19 Pandemic: Delay of Non-COVID-related Procedures May Obstruct Growth
The COVID-19 pandemic has affected the healthcare sector across the globe. The prolonged lockdown has caused cancellation or postponement of non-COVID-related healthcare procedures to maintain safety. Allergan stated in its quarterly report that it showcased a decline of around 0.5% in revenue compared, compared to last year. But, numerous dermatological centers and specialty clinics have exhibited 70% increase in virtual consultations requests amid the lockdown period. We are offering in-depth research reports to help you better understand the current scenario and take steps accordingly.
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Increasing Investments in Research and Development Activities to Propel Growth in Europe
Geographically, North America procured USD 1.72 billion in terms of revenue in 2019. The American Society of Plastic Surgeons declared that in the U.S., approximately 15.9 million minimally-invasive cosmetic procedures were performed in 2018. It is one of the most significant factors responsible for the high demand for these fillers in this region.
On the other hand, Europe held the second-highest market position in 2019 because of the rising geriatric population in the region. Besides, the surging investments in research and developments activities in the region would propel growth. In Asia Pacific, is set to exhibit the highest CAGR throughout the forthcoming years backed by the increasing awareness of people living in Asian countries to enhance their physical appearances.
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