Market Trends of Facial Injectables Industry
Hyaluronic Acid Segment is Expected to Hold Significant Share Over the Forecast Period
The hyaluronic acid sub-segment is anticipated to dominate the dermal fillers segment over the coming years. Some of the factors responsible for hyaluronic acid segment growth include its ability to store moisture in the skin, thus making the skin look healthier. This moisture-binding characteristic helps enhance and maintain the vital moisture responsible for the plumpness of the facial skin. Hyaluronic acid has significant benefits as it increases hydration, improves elasticity, and reverses free radical damage while protecting from UV damage. Thus, the advantages of hyaluronic acid are likely to boost the segment's growth over the forecast period.
The increasing use of hyaluronic acid dermal fillers is one of the major drivers for the segment. For instance, according to a June 2022 NCBI research study, due to the simplicity of administration of hyaluronic acid, the rapid onset of effect, and short patient recovery times, hyaluronic acid (HA) dermal fillers are one of the most popular nonsurgical techniques in aesthetic medicine. Similarly, according to the December 2021 International Society of Aesthetic Plastic Surgery report, hyaluronic acid was listed among the top 5 non-surgical aesthetic procedures in 2021. It was also reported that more than 4,053,016 hyaluronic acid procedures were performed in 2021. Thus, such a high number of procedures across the globe are responsible for the dominance of the segment.
Moreover, the market players are adopting various strategies, such as product launches, developments, collaborations, partnerships, acquisitions, and expansions, to increase their market share. For instance, in August 2022, a TGA-approved bio remodeling injectable was launched in Australia, which is made up of stabilized hybrid cooperative complexes (HCC) of high and low molecular weight ultra-pure hyaluronic acid in high concentration. The injectable works by slowly releasing hyaluronic acid into the skin to stimulate the production of collagen, elastin, and adipose (fat) cells.
So, because of the things listed above, the studied segment is likely to grow a lot over the next few years.
North America is Expected to Witness Considerable Share Over the Forecast Period
North America is expected to dominate the overall facial injectables market, over the forecast period. The growth is due to factors such as higher awareness about aesthetic surgical procedures, technological advancements in cosmetic procedures, the presence of key market players, the increasing geriatric population, and the growing demand for non-invasive aesthetic procedures. For instance, as per the Statistics Canada 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males and 3,796,750 were females. The demand for aesthetic fillers is expected to increase due to increased attention to geriatric aesthetics among this age group, thereby propelling market growth in the North American region.
Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players, and increasing demand for non-surgical aesthetic procedures in the United States are some of the factors driving the growth of the facial injectables market in the country. For instance, in February 2022, Allergan Aesthetics, an Abbvie company, received U.S. FDA approval for JUVÉDERM VOLBELLA XC for the improvement of infraorbital hollows in adults over the age of 21.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
