“Global dermal filler industry size is projected to register a revenue of more than $9.4 billion by 2028, as per a Global Market Insights Inc. report”
With the global population becoming more accepting of cosmetic and beauty treatments over the years, regulatory bodies are rapidly approving medical device implants, including dermal fillers or injectable implants, for aesthetic procedures including body and facial contouring.
According to the World Population Ageing report of the United Nations, there were over 703 million people aged 65 years and above in 2019. This number is projected to double to around 1.5 billion in 2050, which could boost the productivity of the dermal filler market. With the expansion of the elderly population, the popularity of wrinkle fillers to create a smoother appearance in nasolabial folds and other facial parts will increase steadily.
As we can see, cosmetic surgeries are already basking in new-found popularity. Liposuction, tummy tuck and rhinoplasty surgeons amongst others are the most sought after people in the world of cosmetics and beauty.
Another key reason behind the burgeoning demand for different types of dermal fillers is the mounting increase in spending on cosmetic treatments, especially in developed nations. As per data from Aesthetic Society members using the ANN (Aesthetic Neural Network), Americans spent nearly $3 billion on non-surgical aesthetic procedures, with dermal fillers emerging as one of the prominent treatments.
Increase in investment to support dermatology businesses and skincare diagnostics
Lip augmentation procedures to volumize the lips through dermal filler injections have grown in popularity and the trend is projected to remain strong over the years ahead. Based on estimates from a Global Market Insights Inc. report, the lip enhancement segment accounted for around 18% of the dermal filler industry share in 2021.
With the rapid introduction of funding or investment programs to support dermatology chains, the adoption of dermal fillers for lip augmentation and other facial procedures will grow considerably. To cite an instance, in December 2020, BlackSoil invested over $1.3 million from its Blacksoil India Credit Fund in Sreyas Holistic Remedies which operates a dermatology clinics chain under the Oliva brand. Such initiatives are creating a strong business outlook for face fillers manufacturers worldwide.
Several other dermatology platforms are also emphasizing the expansion of skincare diagnostics. For example, in November 2021, PathologyWatch secured $25 million in funding, which was intended to be used in adding new dermatology laboratories in Arizona, Texas, and Florida as well as to increase its research on skin care diagnostics. Initiatives like these may result in the development of advanced dermatological treatments and consequently amplify the use of dermal fillers.
Growth of medical tourism and beauty institutions to proliferate the use of facial fillers in Asia
Asian countries have been constantly addressing the medical needs of global citizens through well-structured provisioning of medical supervision and assistance. According to ClinicSpots, for instance, India is the 7th most popular region for medical tourism among the top 20 wellness tourism destinations in the world. Factors like these could enable Asia to emerge as a major hub for cosmetic procedures and ultimately add impetus to dermal filler market expansion.
China is also emerging as one of the largest medical beauty markets worldwide and continues to witness significant beauty and cosmetic treatment spending. As per media reports in China, nearly 5,150 new medical beauty institutions were established in 2020. These developments are creating a favorable environment for manufacturers of dermal fillers to bolster their businesses in the region.
With the growing application scope of skin rejuvenation and medical aesthetic treatments among consumers including the elderly, facial injections like dermal fillers are garnering increasing attention. Multiple healthcare facilities are also focusing on foraying into or expanding their dermatology business chains worldwide. The growth of medical tourism, alongside the aforementioned factors, will thus lay a strong foundation for dermal filler industry growth in the future.