Global dermal filler market is predicted to cross US $8.5 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018 -2024.
As the geriatric population around the globe is increasing the demand for anti-aging treatments is also witnessing a surge owing to prevailing trend to look younger, thereby amplifying the dermal filler market size. Soft tissue enhancement and cosmetic augmentation has become quite popular among people. Moreover, the surge in medical tourism in counties like Israel and India as they offer cost-effective treatments, will further boost the market growth.
In terms of type of filling used, biodegradable filler segment is expected to grow with a CAGR of 6.4% over the analysis period, owing to the relative safety and prolonged enhancement property of the filler type. While the sub-segment temporary biodegradable dermal filler was the most preferred type and is presumed to hold maximum market share in the upcoming years, claims the report.
Based on material type, hyaluronic acid segment generated maximum revenue share of 78% in the year 2017, pertaining to its extensive use across cosmetic and soft-tissue enhancement procedures. The material is safe and is used in various applications such as facial line correction, lip filling, and face lift.
In terms of application spectrum, dermal filler market from lip enhancement application is presumed to grow at the fastest rate with a CAGR of 7.7% over the forecast period. Growing trend of undergoing lip augmentation to achieve desired look will propel the market growth.
According to the study, dermatological clinics end-use segment was worth US $3,379.8 million in 2017 and is expected to register significant growth over the projected timeframe, owing to increasing demand for lip augmentation procedures. These settings are preferred as they offer customized cost-effective treatments to clients.
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Considering the regional contribution, the United States dermal filler market is estimated to grow with a CAGR of 5.8% over the forecast period. This regional growth can be attributed to the availability of skilled cosmetic surgeons and high-quality medical infrastructure. Another factor is the rising concern regarding facial beauty across the region.
On the other hand, dermal filler market in India is projected to witness a CAGR of 8.4% by the year 2024.Numerous celebrities are undergoing facial augmentation which is encouraging the general population to adopt such practices. Increasing population of baby boomers along with expansion by market players in the region will accelerate the market growth, claims the report.
Prominent companies in dermal filler market profiled in the report include Allergan plc, Galderma S.A., Syneron Medical, Merz Aesthetics, Suneva Medical, Cynosure, Inc., Sinclair Pharma plc, and Medicis among others.