Market Trends of Global Hyaluronic Acid Based Dermal Fillers Industry
This section covers the major market trends shaping the Hyaluronic Acid Based Dermal Fillers Market according to our research experts:
Wrinkle Correction is Expected to Witness the Highest Growth Over the Forecast Period
In the application segment, wrinkle correction is projected to have a significant share owing to growing customer awareness and the aging population around the world. Wrinkle correcting injectables can loosen the wrinkles on the face and gives a more youthful appearance. Tiny needles are used to inject a naturally occurring protein into the facial muscles at the target site. The protein relaxes muscles by preventing nerves from communicating with muscle cells, so facial lines and wrinkles soften and fade, reducing their visual effect.
The advancements in hyaluronic acid-based dermal filling technologies for wrinkle treatment coupled with an increasing number of cosmetic surgeries, new product launches, and an increasingly aging population are expected to boost the segment growth over the forecast period. For instance, according to the Mexico National Institute of Statistics and Geography's Population and Housing board Census 2020, the total number of adults over the age of 65 in Mexico was 57,13,086 in 2020. The aging population generally opts for such procedures as wrinkle problems generally come with age. Furthermore, in January 2022, the United States Food and Drug Administration (FDA) announced the approval of RHA Redensity, a new dermal fillers to reduce the appearance of wrinkles. RHA Redensity is a gel implant or dermal filler, comprising of sodium hyaluronic acid, is injected in specific areas of facial tissue to reduce the appearance of lines and wrinkles. Therefore, such instances are anticipated to propel the segment growth over the foreacast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the overall hyaluronic acid based dermal fillers market over the forecast period. The growth is due to factors such as well-established healthcare infrastructure, favorable policies and a growing number of plastic surgery procedures, and an increasingly aging population in the region. For instance, according to the population estimates released by Statistics Canada in September 2021, the estimated population over the age of 60 years old in Canada is 96,88,677 in 2021. According to the study titled, "Treating Aging Changes of Facial Anatomical Layers with Hyaluronic Acid Fillers" published in August 2021, hyaluronic acid fillers have a role in reversing the unwanted visible signs of aging and improving skin quality. Generally, the aging population is the major adopter of hyaluronic acid based dermal fillers procedures, therefore, the increasing geriatric population in the region is the major factor for propelling the market growth in this region.
Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players, and increasing numner of cosmetic procedures in the United States are some of the factors driving the growth of the hyaluronic acid based dermal fillers market in the country. For instance, according to the 2020 Plastic Surgery Statistics Report by the American Society of Plastic Surgeons, 15.6 million cosmetic procedures and 6.8 million reconstructive procedures were performed in the United States in the year 2020. The report also indicated that around USD 16.7 billion was spent on cosmetic procedures in the United States. Therefore, such factors are anticipated to drive the growth of the market in the country.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
