LOS ANGELES, Jan. 16, 2019 (GLOBE NEWSWIRE) -- The global hyaluronic acid dermal filler market size expected to reach at USD 6.06 billion by 2026. The market is expected to register a growth of 8.35% CAGR during the forecast period. Rising disposable income and strong influence of social media are the key factors encouraging the global hyaluronic acid dermal filler market growth. Moreover, technological advancements resulting in reduced procedure and recovery time are likely to augment the demand over the forecast period.
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This global growth can be attributable to growing awareness and importance of quality of life and overall health among the population worldwide. Additionally, scientific developments and technical innovations in the industry are likely to encourage the market growth further. In 2016, as per the International Society of Plastic Surgery (ISAPS), hyaluronic acid based dermal filler measures were the second-most preferred injectable procedures across the globe.
In 2016, as per the fact provided by the International Society of Plastic Surgery, near about 8,500,000 non-surgical procedures were performed worldwide. This increase in health awareness and consciousness concerning the change in beauty standards among the population have led to a rise in demand for cosmetics and aesthetics procedures. This factor is also expected to have a positive impact on the global hyaluronic acid dermal filler market development.
The hyaluronic acid dermal fillers are frequently used for aesthetic procedures, such as reducing eye wrinkles, dark circles, scars, and improving nasolabial folds. Hyaluronic acid injections are characterised by ease of usage, relatively less expensive and comparatively highly effective. These coupled factors are expected to drive the growth of the global hyaluronic acid fillers market during the forecast period. Growing popularity and awareness of aesthetic measures for cosmetic makeover along with the easy availability of hyaluronic acid-based synthetic products which are FDA-approved, such as Juvederm, Perlane, Hylaform Plus, and Restylane, are also expected to drive the market growth during the forecast period.
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In 2015, hyaluronic acid injectable was among the second-most frequently performed procedures in the Americas and the total expenditure on nonsurgical cosmetic procedures was recorded to be more than USD 5 billion. The Americas and Europe regions have a planned set of standards and regulations for manufacturers and suppliers in the industry. However, this present market scenario is expected to become more stringent in the days to come, with the introduction of new products in the global market.
The global hyaluronic acid dermal filler market is segmented into product, application and region. On the basis of product the global hyaluronic acid dermal filler market is segmented into single-phase and duplex product. On the basis of application the global hyaluronic acid dermal filler market is segmented into wrinkle removal, lip augmentation rhinoplasty and others. On the basis of region the global hyaluronic acid dermal filler market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
Single-phase products among the product types led the hyaluronic acid based dermal filler market in terms of market share globally owing to the preference for procedures among the population, such as for medium and deep wrinkle removal. In 2017, procedures for wrinkle removal were among the leading applications segments in the global hyaluronic acid dermal filler market. Rising influence of social media advertisements which promote flawless younger-looking skin is expected to drive the growth of this segment further in the coming years.
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In 2017, among the regions, the North America hyaluronic acid dermal filler market held greater market share on account of higher number of minimally invasive cosmetic surgeries performed in the region. Asia Pacific hyaluronic acid dermal filler market is expected to witness greater CAGR during the forecast period, due to growing awareness about applications of minimally invasive techniques in emerging economies, such as China, and increasing disposable income levels.
The key players catering to the global hyaluronic acid dermal filler market are Genzyme Corporation, ALLERGAN PLC; Galderma S.A.; Medicis Aesthetics Holdings, Inc.; Anika Therapeutics, Inc. and Merz Pharma GmbH & Co. KGaA. The global players are continuously investing in R&D activities and innovating to have updated product portfolio to attract more and more business opportunity from the emerging nation such as that in Asia Pacific countries. Further changing customers’ preferences are encouraging global players to develop user friendly products with best experience for the users to cater best to the market. Also, Increasing R&D investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants.
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