Dermal Fillers Market Overview:
Global dermal fillers market is expected to gain substantial traction from the surging demand for non-invasive procedures. People afraid to go under the knife are opting for this method to have their desired look in a safer way. The global market for dermal fillers is expected to meet standards set by actors and reach a valuation of USD 6,899.16 Mn with a CAGR of 13.2% during the forecast period of 2019 to 2025. The process is also cost-effective due to which the market stands to benefit significantly from easy percolation across strata. The rising number of clinics to support aesthetic procedures are also expected to ensure growth for the global market. It is expecting substantial backing from changes in the consumer psyche. People are now more prone to get such treatments after getting inspired by the entertainment industry and social media. In addition, the rising disposable income is playing a proper role in triggering intake. However, side-effects of the procedure and the available black market are expected to hold back the global market growth.
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Covid-19 Impact Analysis of the Global Dermal Fillers Market
Dermal fillers are widely used in minimally invasive procedures as an anti-aging solution to reduce facial lines and restore facial firmness. Dermal fillers are used to enhance shallow contours, remove wrinkles, soften facial creases, and improve the appearance of scars using different types of products. Increasing awareness about the benefits of dermal fillers, in comparison to surgical procedures, is leading to its widespread acceptance among the population of all age groups.
Coronavirus pandemic is affecting the global dermal fillers market. The emergence of novel coronavirus disease (COVID-19) in 2020. As of now it has affected more than 4 million people across the globe and caused as many as 281,736 deaths. Major markets for dermal fillers such as the US, China, Spain, Italy, Germany, France, and the UK are suffering huge economic loss due to the disease. Many companies are sacking employees to sustain in the market. It is expected to increase unemployment, resulting in reducing the purchasing power of customers. Thus, people will be more selective about beauty and cosmetic procedures due to decreased purchasing power because of personal and financial losses. It is anticipated to restrict the growth of the market during the forecast period.
Also, various cosmetics facilities and clinics are already closed for more than 3 months and suffered significant losses in revenue generation. According to the report published by Hamilton Fraser with the help of The National Health Service (NHS), it is reported that more than 80% of the clinics in the UK were closed during the lockdown which caused an 86% reduction in revenue. Also, the American Society of Plastic Surgeons has recommended to all practitioners to cease any elective or non-essential services to the customers to reduce the risk of the SARS-CoV-2 virus transmission from human to human as well as the rate of new case development. Thus, increasing prevalence of coronavirus is resulting in a decreasing number of aesthetic procedures and resulting in the usage of dermal fillers.
According to the MRFR analysis, in 2020 the Covid-19 Impact On Dermal Fillers Market will show a huge dip in terms of volume and value although it is likely to recover by the end of 2022. It is estimated that the dermal fillers market in 2020 will drop by approximately 40% as compared to 2019.
Dermal Fillers Market Segmentation:
MRFR analysts have discussed the global dermal fillers market on the basis of segments like type, brand, and application. This segmentation includes data gleaned by expert analysts backed by graphs, charts, and others.
By type, the global dermal fillers market has been segmented into calcium hydroxylapatite, polymers & particles, hyaluronic acid, and collagen. The hyaluronic acid had a valuation of USD 1,154.96 million in 2018, which was the largest among its peers. It is also deemed to with the highest CAGR over the review period.
By brand, the report on the market includes a study of radiesse, juvederm, and restylane.
By application, the report on the dermal fillers market includes a proper study of face-lift, facial line correction treatment, and lip treatments. The face-lift segment is expected to gain traction. The lip treatment segment is getting impacted by the entertainment industry and social media.
Dermal Fillers Market Regional Analysis:
The global market is expected to gain much from North America as the regional demand is high due to high investment capacity, presence of major companies, and others. These companies are constantly spending on research and development to inspire innovations. The US and Canada would bolster regional market growth. In Europe, the market would benefit from rising government support for research-related projects. In Asia Pacific, increasing disposable income is boosting the regional market outcome. India, China, Japan, South Korea, and others are expected to make substantial changes.
Dermal Fillers Market Competitive Landscape:
Allergan (Ireland), Galderma Laboratories, LP (Switzerland), Dr. Korman Laboratories (Israel), Merz Pharma (Germany), Teoxane Laboratories (Switzerland), Sinclair Pharma (UK), SciVision Biotech Inc. (Taiwan), Suneva Medical (US), Medytox (South Korea), are some of the prominent companies impacting the global market with their robust and innovative strategies.
Dermal Fillers Industry News:
The global market for dermal fillers is witnessing a slump due to the ongoing COVID-19 pandemic. This is happening due to the lack of focus on non-essential medical services. Governments have limited access to non-essential medical practices to reduce the chances of spreading the virus. Also, people are avoiding social gatherings to keep themselves safe that is why they have postponed most of their visits to their doctors. On the other hand, pharmaceutical companies are putting directing their strength towards discovering components that find some kind of a treatment owing to which the market would find some lacks in strategic moves. These will adversely impact the market but it will be temporary. With the lifting of bans, the market will regain its momentum.
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