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The global dermal fillers 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.
The dermal fillers market growth is driven by the rising awareness and increasing prevalence of aesthetic problems. Existing market players operating in the global market are focusing on constant innovation and upgradation of their product portfolios with new and efficient offerings for better and accurate aesthetic outcomes for patients. For instance, in April 2019, Merz Pharma announced the launch of the Belotero Revive, a dermal filler product containing a unique combination of hyaluronic acid (HA) and glycerol, designed to improve hydration, elasticity, and firmness of the skin and to address the appearance of fine lines.
One of the critical reasons for the global market growth is the increasing demand for aesthetic procedures, driven by the minimally-invasive nature of such procedures and the increasing efficiency of these fillers.
Lockdown-induced Closures to Inhibit Demand for Elective Procedures
The impact of COVID-19 is clearly visible in the healthcare sector as it is at the epicenter of this unprecedented global pandemic challenge. By the end of March, around a third of the global population was under partial or complete lockdown to control the spread of COVID-19. Countries such as Italy, Spain, and India announced nation-wide lockdowns. These lockdowns caused a huge decline in the number of non-COVID-related healthcare services and procedures because of the restrictions imposed in lieu of safety concerns. The COVID-19 pandemic has negatively affected the demand for these fillers across the globe. Major players in the market reported a decline in their revenues for aesthetic products in the second quarter of the financial year.
For instance, according to the quarterly report of Allergan, a strong player in this market, the company recorded a decrease of 0.5% in revenue compared to the same quarter of last year for its Juvederm Collection. However, various specialty clinics and dermatological centers exhibited around a 70% increase in requests for virtual consultations during the lockdown. Therefore, there will be market growth after the restrictions are eased as the postponed procedures will be performed.
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Increasing R&D Initiatives to Develop Hyaluronic Acid-based Dermal Filler is a Vital Trend
Over the past decade, an ever-increasing expansion of applications of hyaluronic acid dermal fillers has been showcased. It is the gold standard material for every facial filler used for various indications such as wrinkle correction, lip enhancement, scar treatment, and restoration of volume/fullness. In view of the increasing applications and acceptance as the market trend, key players are heavily investing in their research and development activities for various product launches. This is anticipated to offer wide opportunities for global market growth in the future.
For instance, in March 2020, JW Pharmaceuticals launched Initium, a hyaluronic acid dermal filler. The product is composed of a three-state product line -- two bi-phasic products (No. 5, No. 7) and one mono-phasic product (No. 9).
Surging Demand for Minimally-invasive Cosmetic Procedures to Boost Growth
The demand for cosmetic surgeries and minimally invasive or non-invasive procedures, such as botulinum toxin injections and filler injections, has increased tremendously over the past decade. People sought easy, pain-free methods of appearing youthful and healthy without the problems of invasive cosmetic surgical procedures. For instance, according to the American Society of Plastic Surgeons, the number of minimally invasive cosmetic procedures has grown nearly 200% since 2000, with no indication of slowing down.
The surging demand for minimally-invasive techniques has also led to a significant impact on suppliers of dermatological preparations and other non-invasive technology. Various pharmaceutical companies involved in this field are increasingly launching products to meet the growing demand. In January 2020, Revance Therapeutics entered into a distribution agreement with Swiss hyaluronic acid (HA)-based dermal filler manufacturing company, TEOXANE SA, with an aim to get exclusive access to the company’s RHA fillers.
High Cost and Relative Side Effects of Dermal Fillers to Decline Growth
Despite various aesthetic applications, multiple restraining factors of the market are projected to hamper the global market growth in the upcoming years. The high cost of these fillers is one of the major restraints declining the growth of the market. For instance, the cost of the hyaluronic acid filler (e.g., Juvederm Ultra, Juvederm Ultra Plus, Perlane, Restylane, Belotero) is around US$ 652 and that of fat grafting is around US$ 2,163. In addition to this, the harmful effects caused by the usage of filler injections are another major factor set to restrict the growth of the market during the forecast period.
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Hyaluronic Acid Segment to Dominate Throughout the Forecast Period
In terms of materials, the hyaluronic acid segment accounted for the highest market share in 2019, attributable to its status as a gold standard in fillers. New product launches under this segment are anticipated to drive its growth during the forecast period.
The calcium hydroxylapatite segment accounted for the second-highest market share in 2019, owing to its safety. Additionally, its consistency is thicker than that of HA, and it lasts longer, up to 12 months. This product is considered long-lasting, but it is a nonpermanent filler and is highly biocompatible with human tissues. For instance, in October 2020, Merz Pharma announced that around 10 million syringes of Radiesse, a unique calcium hydroxylapatite (CaHA) injectable filler used for volumization, have been shipped worldwide. This is projected to fuel the growth of the segment in the future.
Large Number of Product Approvals Enabled Biodegradable Fillers to Lead the Global Market
Among the products, the biodegradable segment dominated the global market in 2019. Biodegradable fillers are the most common fillers available and it has numerous benefits of safety and efficiency. Of the available formulations, biodegradable fillers have the most approved clinical indications.
On the other hand, permanent fillers or non-biodegradable fillers are the most viscous of all. Unlike temporary and semi-permanent, permanent fillers aren’t decomposable, which means they can’t be broken down quickly by the body. Hence, the segment is anticipated to lose its market share owing to the rising inclination of customers towards biodegradable fillers.
Wrinkle Correction Treatment Segment to Dominate the Global Market
In terms of application, the wrinkle correction segment accounted for the leading market share in 2019, which is attributable to the heavy investments for extensive research and development of various wrinkle correction products of fillers. For instance, in May 2020, Galderma received the USFDA approval for Restylane Kysse, a new hyaluronic acid (ha) filler specifically designed and indicated to add fullness to the lips. It also helps smoothen wrinkles above the mouth.
The lip enhancement segment accounted for the second-highest market share in 2019, owing to the rising demand for aesthetic beauty and the increasing beauty consciousness among women and their desire to look good.
Specialty and Dermatology Clinics Segment to Lead Stoked by Rising Cases of Aesthetic Problems
On the basis of end-user, the specialty and dermatology clinics segment accounted for the highest market share in 2019. A large number of filler procedures are conducted in specialty and dermatological clinics. This is the major factor for the growth of the segment. Furthermore, the rising prevalence of aesthetic problems such as scar treatment and wrinkle correction is expected to favor the expansion of the segment.
The hospitals and clinics segment held the second-largest share of the market in 2019. This is attributable to the increasing number of filler procedures that are being conducted in these settings.
North America Dermal Fillers Market Size, 2019 (USD Billion)
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The dermal fillers market in North America stood at USD 1.72 billion in 2019. A highly aware and economically stable population and a comparatively higher number of minimally-invasive cosmetic procedures performed in the region are the factors propelling the dominance of the region. For instance, according to the research reports of the American Society of Plastic Surgeons, in 2018, about 15.9 million minimally-invasive cosmetic procedures were performed in the U.S.
Europe captured the second-highest market share in 2019, which is attributable to the increasing preference among individuals for undergoing filler procedures in key European countries. Besides, the growing aging population and rising expenditure on research and development in Europe would also aid growth.
On the other hand, Asia Pacific is estimated to showcase the highest CAGR during the forecast period. The improving healthcare infrastructure in Asian countries, the growing aging population, and increasing consciousness of individuals regarding their physical appearances are set to drive the growth of the market in the region. The markets in Latin America and the Middle East & Africa are likely to grow with moderate rates, backed by the increasing medical tourism in these regions.
ALLERGAN, Galderma, and Merz Pharma with Strong Product Portfolios and Growth Strategies to Dominate the Global Market
Key companies operating in the global market are Allergan (AbbVie), Galderma, and Merz Pharma. These three companies together account for the majority of the shares of the global facial fillers market. Allergan has always had a strong emphasis on the expansion of its production plants and is currently focusing on R&D activities in order to maintain or improve its market positions. For instance, in January 2020, Allergan opened a new R&D-based plant in Ireland.
Galderma is another major player in the global market. The company’s product, Restylane, has continued to perform well in the aesthetics market. Other leading players include Merz Pharma, Revance Therapeutics, Inc., Sinclair Pharma, and others.
KEY INDUSTRY DEVELOPMENTS:
An Infographic Representation of Dermal Fillers Market
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The research report offers qualitative and quantitative insights on dermal fillers products and a detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the overview of the number of non-invasive aesthetic procedures such as fillers by key countries, price analysis of types of the fillers, regulatory scenario by key countries, reimbursement scenario by key countries, pipeline analysis, new product launches, and key industry developments - mergers, acquisitions, and partnerships, and key growth indicators of the global market.
Value (USD billion)
As per our study, the global market is predicted to reach USD 6.64 billion by 2027 with a CAGR of 9.3% (2020 -2027).
In 2019, the global market size was USD 3.73 billion.
The global market is projected to grow at a CAGR of 9.3% during the forecast period (2020-2027).
The value of the North America market was USD 1.72 billion in 2019.
The hyaluronic acid segment, in terms of material, is set to lead the global market.
A surge in demand for minimally-invasive cosmetic procedures and the growing beauty consciousness of the population are a few of the key factors driving the growth of the global market.
In the global market, some of the key players are ALLERGAN, Galderma, and Merz Pharma.
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