The global hyaluronic acid-based dermal fillers market size is expected to reach USD 5.9 billion by 2026, based on a new report by Grand View Research, Inc., registering a 7.4% CAGR during the forecast period
Rising emphasis on physical appearances, increasing demand from the aging population to look young and fit, and growing awareness regarding minimally invasive aesthetic procedures with faster recovery is expected to boost the market growth of Hyaluronic Acid-Based Dermal Fillers.
Key suggestions from the report
According to the Grand View Research, Inc, Hyaluronic acid fillers account for a majority share in the overall injectable dermal fillers market owing to their high compatibility with the human body and easy reversibility of the procedure. Lucrative growth in the lip augmentation segment is attributed to the rising influence of social media, especially on the population aged 18 to 35 years. Moreover, hyaluronic acid fillers are the most preferred injectables due to faster recovery time, negligible side effects, and economic cost of the procedure. North America held the largest market share in 2018 owing to easy product availability in this region and versatile application of the same in cosmetic and aesthetic medicinal procedures. Improvements in healthcare facilities due to rapid economic development in countries such as China, Japan, and South Korea have made Asia Pacific the most lucrative market. Dermal filler treatments are in high demand in these countries and are being performed in beauty clinics and spas, mainly in urban areas.
Rise of Hyaluronic acid fillers
Hyaluronic acid fillers are one of the highly recommended injectable procedures by dermatologists across the world due to their biodegradable nature. A wide range of products are available in the market for various cosmetic procedures such as wrinkle removal, lip augmentation, restoration of volume and contour, scar removal, hydration, and rhinoplasty. Manufacturers are heavily investing in product development and marketing to expand their product life cycle and their position in the market. For instance, in May 2018, Nestlé Skin Health received the U.S. FDA approval for Restylane Lyft for correction of volume and wrinkles on the back of hands in patients aged 21 and older, making it the first-ever FDA approved product of its kind for hands, or areas other than the face.
Successful marketing of products, brand recognition, and peer recommendation are key factors aiding companies in gaining market share. Some of the key industry contributors are Allergan; Galderma Laboratories L.P; Merz Pharmaceuticals; Genzyme Corporation; Anika Therapeutics Inc.; LG Life Sciences, LTD (LG Chem); Bioplus Co. Ltd.; Sculpt Luxury Dermal Fillers Ltd; Bioxis Pharmaceutical; Sinclair Pharma; Laboratoires Vivacy; and Bohus Biotech AB.
Source: PR NewsWire