Market Trends of Global Skin Rejuvenation Industry
This section covers the major market trends shaping the Skin Rejuvenation Market according to our research experts:
Dermal Fillers by Product Type is Expected to Hold a Major Share in the Market
Dermal fillers are the latest products that are used for skin rejuvenation due to their immediate effects and precision. According to the data published by the American Society of Aesthetic Plastic Surgery in 2022, dermal filler treatments have increased by 8% in the last year. Additionally, an increase in the geriatric population is expected to increase the demand for dermal fillers in the industry. For instance, according to the United Nations data of World Population Prospects for the year 2019, the number of people over the age of 65 increases from 9% in 2019 to more than 16% of the total world population by 2050. The number of persons aged 80 years or over is also projected to triple, from 143 million in 2019 to 426 million in 2050. Thus, the rise in the volume of the patient pool results in a higher demand for the market fueling the global market growth over the forecast period.
The high demand for aesthetic procedures had a positive impact on the manufacturers of filler products. Many companies engaged in aesthetics are launching products to meet the growing demand of the skin rejuvenation market. For Instance, Galderma in May 2020, received approval from the United States Food and Drug Administration (USFDA) for Restylane Kysse. The product got its approval for adults over 21 years of age with an indication of lip augmentation and correction of upper perioral rhytides (wrinkles around upper lips).
North America is Expected to Dominate the Global Skin Rejuvenation Market
High awareness about aesthetic surgical procedures, the presence of key market players, technological advancements in cosmetic procedures, the increasing geriatric population, and demand for non-invasive aesthetic procedures are expected to drive the North America Skin rejuvenation market. In Canada, the growing geriatric population is also fueling the growth. As per the World Population Ageing Report, in Canada, there were around 6.602 million people aged over 65 years in 2019, and the number is estimated to reach 11.436 million by 2050. The demand for aesthetic fillers is expected to increase due to increased attention to facial aesthetics among this population.
However, Covid-19 had a significant impact on the market, according to the American Society of Plastic Surgeons (ASPS), in 2020, plastic surgeons stopped performing elective surgical procedures for an average of 8.1 weeks 2020 due to COVID-19, or 15% of the year, which indicates the decline in the total number of procedures performed. Moreover, in 2020, minimally invasive cosmetic procedures decreased slightly more than surgical procedures (16% vs. 14%) during stay-at-home orders, dropping for the first time in four years.
