Hyaluronic Acid Based Dermal Fillers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Hyaluronic Acid Based Dermal Fillers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The hyaluronic acid based dermal fillers market is expected to register a CAGR of 8.2% over the forecast period-2022-2027.

The emergence of the COVID-19 pandemic had an adverse effect on the world economy and the healthcare system. The lockdown all over the globe has affected the supply chain of pharmaceuticals, medical devices, and biotechnological products. On the other hand, research and development have come into focus. All government agencies and healthcare players all over the world have increased their focus to support the development of diagnostics and treatment methods for COVID-19. Therefore, initially, the pandemic adversely impacted the market. However, in later times of the pandemic, the market gained momentum due to some positive developments. For instance, as per the data provided by the International Society of Plastic Surgery (ISAPS) in 2020, nonsurgical procedures, primarily fillers, and hair removal treatments, continued to increase. In addition, the outbreak of COVID-19 impacted the hyaluronic acid based dermal fillers market. Plastic surgeons have received a surge in inquiries for cosmetic procedures since the coronavirus lockdown, with workers desperate to look good on Zoom calls. Therefore, the outbreak of pandemic will positively impact the market over the forecast period.

The increasing demand for non-invasive dermatology techniques and ageing population and increasing R&D investments for new hyaluronic acid based dermal fillers are the major drivers for the market over the forecast period The increasing demand for non-invasive dermatology techniques and ageing population is one of the major factors propelling the market growth. For instance, according to the American Society of Plastic Surgeons (ASPS) data updated in February 2022 reported that in 2020, total of 13,281,235 cosmetic minimally invasive procedures were performed in the United States, among which botulinum toxin remained the top procedure with 4.4 million procedures, followed by soft tissue filler (3.4 million) and Laser Skin Resurfacing (997,245). In addition, the advantages of hyaluronic acid-based dermal fillers is also one of the major drivers for the market. For instance, as per the study titled, " Hyaluronic Acid Is an Effective Dermal Filler for Lip Augmentation: A Meta-Analysis" published in August 2021, lip augmentation with injectable hyaluronic acid is an effective method for increasing the fullness of the lips for at least 6 months after augmentation. In addition, the study also found that most of the side effects of hyaluronic acid treatment were mild or moderate. Therefore, owing to such factors considerable market growth is expected over the forecast period.

The high cost of dermal filling procedures is likely to impede the market growth over the forecast period.

Key Market TrendsWrinkle 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.

Competitive Landscape

The global hyaluronic acid-based dermal fillers market is moderately fragmented and competitive. Market players are focusing on product innovations, new product launches, and regional expansions to increase their market share. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Allergan plc, Galderma S.A., LG Chem Ltd., Merx Pharmaceuticals, and Sinclair Pharma among others.

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