October 12, 2022 05:40 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The global hyaluronic acid based dermal fillers market size was valued at USD 3.89 billion in 2021. The market is projected to grow from USD 4.11 billion in 2022 to USD 6.93 billion by 2029, exhibiting a CAGR of 7.7% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Hyaluronic Acid Based Dermal Fillers Market, 2022-2029.”
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Hyaluronic Acid Based Dermal Fillers Market Report Scope :
Rising Demand for Minimally Invasive Facial Treatments to Augur Market Growth
The requirement for anti-aging cosmetic therapies has augmented as the global population has matured. Hyaluronic acid based dermal fillers are vastly commended owing to their moisturizing and viscoelastic properties in minimally invasive anti-aging operations. The increasing interest among people for firmer-looking and ideal skin through non-invasive dermatology processes is anticipated to amplify the minimally-invasive aesthetic techniques utilizing hyaluronic acid fillers, thus fueling the global hyaluronic acid based dermal fillers market growth.
COVID-19 Reduced Market Growth in 2020 Backed by Shutting of Dermatology Centers
The impact of COVID-19 witnessed an outcome of lowered demand for HA-based dermal fillers in 2020. This is credited to the withdrawals in dermal fillers surgeries and decreased admission rate for anti-aging treatment during the pandemic. The global market noted a deterioration of -24.8% in 2020 than 8.3% in 2019.
The widened interruption commenced due to COVID-19 has considerably influenced the production processes of raw hyaluronic acid. The announcement of lockdown in mostly affected spaces resulted in a standstill in the supply chains of dermal fillers, thereby perceiving a consequence of fall in sales.
Hyaluronic Acid Based Dermal Fillers Market Segments:
Monophasic Segment to Hold a Prime Share due to its Rising Acceptance in Dermal Fillers Procedures
Based on crosslinking type, the market is segmented into monophasic and biphasic. In 2021, the monophasic segment held the highest market share and is predicted to extend at the greatest CAGR during the forecast period, 2022-2029.
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Wrinkle Correction Treatment to Hold Lion’s Share Owing to Growing Implementation in Dermal Fillers Procedures
Based on application, the market is segmented into scar treatment, wrinkle correction treatment, lip enhancement, restoration of volume/fullness, and others. The wrinkle correction treatment segment is projected to grow at the highest CAGR during the forecast period, 2022-2029.
Specialty & Dermatology Clinics Segment to Maintain Domination Owing to Surging Patient Appointments
Based on end-user, the market is segmented into specialty & dermatology clinics, hospitals & clinics, and others. The specialty & dermatology clinics segment held the greatest market share in 2021 and is predicted to expand at the highest CAGR during the forecast period.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Hyaluronic Acid Based Dermal Fillers Market Report Coverage:
The report presents a holistic study of the market for hyaluronic acid based dermal fillers along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
Hyaluronic Acid Based Dermal Fillers Market Regional Insights:
North America to Lead Stoked by Established Healthcare Infrastructure
North America held the largest hyaluronic acid based dermal fillers market share and was valued at USD 1.77 billion in 2021. It is predicted to grow at a notable CAGR during the forecast period. The growth is owing to the prompt acceptance of monophasic, well-settled healthcare infrastructure, and expansive R&D initiatives by dominating players.
Europe is projected to expand at a notable CAGR during the forecast timeframe. The growth is owing to the rising demand for anti-aging procedures utilizing HA-based fillers, owing to increasing aging populace.
The market in Asia Pacific is anticipated to grow at the largest CAGR during the forecast period. The market growth across the region is attributed to the rising consciousness concerning the usage of HA-based dermal fillers and the augmenting emphasis on enhancing hospital infrastructure.
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Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
May 2021: Sinclair Pharma unveiled a novel hyaluronic acid (HA) facial filler termed MaiLi. The company announced that MaiLi has four products in its portfolio - Precise, Volume, Define, as well as Extreme.
List of Key Players Mentioned in the Hyaluronic Acid Based Dermal Fillers Market Report:
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