The global honey market size is likely to reach USD 6.64 billion by 2027, registering a CAGR of 9.3% during the forecast period. Dermal fillers are used to regain the volume and bounce of facial skin. They are gel-like substances that are injected into the skin in cosmetic procedures. Fortune Business Insights™ has presented this information in an upcoming report titled, “Honey Market, 2020-2027”. The market size stood at USD 3.73 billion in 2019.
The report divulges the several factors influencing the market growth. For instance, the rising awareness amongst the geriatric population for minimal meddling techniques is significantly fueling the demand filler market growth. Since 2000, the number of minimal meddling cosmetic procedures has risen by almost 200%, according to the American Society of Plastic Surgeons data.
The global pandemic has dismantled the operational infrastructure of several industries and markets, including the dermal filler market. Hindered by the lockdowns, social distancing norms, and curfews, the massive disturbances in the operations and the supply chain networks can be witnessed hampering the market’s growth. The global impact of the COVID-19 crisis is expected to gradually fade away as economies are trying to wade their way through the pandemic. Due to virtual consultations, the cosmetology, and dermatology sectors, the market is slowly gaining traction. It is uncertain to say how long the situation may persist this way. Nonetheless, our research report’s in-depth analysis will help you gain valuable insights into this niche market.
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On the basis of material, the market segments into calcium hydroxylapatite, hyaluronic acid, poly-L-Lactic acid, fat fillers, PMMA (Polymethyl Methacrylate), etc. On the basis of product, the market bifurcates into non-biodegradable and biodegradable. On the basis of its application, the market divides into lip enhancement, scar treatment, restoration of volume/fullness, wrinkle correction treatment, etc. On the basis of its end-user, the market segments into hospital & clinics, specialty & dermatology clinics, etc. Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report is based on historical data and follows top-down and bottom-up approaches for an infallible forecast of the market. The report incorporates Porters’ five Forces Analysis for a precise prediction. The report contains data gathered through interviews with multiple stakeholders at global, regional, and country levels. The report also studies the political, social, economic, technological, and environmental factors promoting the growth of the market in several regions. The report also contains information on the competitive landscape of the prospected market, including the data on new product launches, key market trends, alliances, acquisitions, mergers, etc.
Drivers & Restraints-
Escalating Demand for Painless and Easy Cosmetic Procedures to Propel Market Growth
People are getting more conscious about their youthful appearance. They are seeking easy and painless methods like filler injections, botulinum toxin injections, etc., to appear youthful and healthier. The demand for these minimally invasive methods and cosmetic surgeries has escalated drastically over the past few years. The escalating demand has urged manufactures and industrialists to launch new products. For instance, Revance Therapeutics signed a distribution agreement with TEOXANE SA. This will help Revance Therapeutics cater to the demand for RHA fillers. These factors are expected to fuel the dermal filler market growth in the forthcoming years.
However, the high cost of filler injections and their side effects are expected to act as a hindrance to market growth.
Asia Pacific to Exhibit the Highest Growth Rate
North America is anticipated to dominate the global dermal fillers market growth due to multiple factors. The regional population is financially strong and is well acquainted with these cosmetic procedures. The region also accounts for a comparatively high number of these procedures. These factors are expected to augment the market growth in North America.
Escalating R&D expenditure, rising senior population, and an increasing number of individuals coming in for these filler procedures are expected to help Europe attain the second-highest rate of market growth.
Increasing awareness regarding the enhancement of their physical appearance amongst individuals in Asian countries, health infrastructure progress, and the growing senior population is amongst the key factors that are expected to help the Asia Pacific exhibit the highest CAGR in the forecast period.
Expanding health tourism is expected to help the Middle East & Africa, and Latin America witness moderate growth in the forthcoming years.
New Product Launches and Expansions to Intensify Competition
The dermal filler market is fairly competitive and features three companies that possess the majority of shares in the worldwide facial filler market. The three companies, i.e., Allergan (AbbVie), Merz Pharma, and Galderma, have created a strong market presence. These companies are expected to significantly bolster market growth with their strategic moves. For instance, a new R&D-focused plant in Ireland was inaugurated by Allergan in January 2020.
- August 2020: Revance Therapeutics Inc. launched the first and the only dermal filler approved by FDA. Known as the RHA Dermal Filler Line, these fillers will facilitate facial wrinkle correction.
- February 2020: BioScience GmbH introduced their new injectable line named Hyaprof combines polydensified and monodensified fillers.
Key Players in the Global Dermal Fillers Market:
- Anika Therapeutics Inc. (Massachusetts, U.S.)
- Suneva Medical (California, U.S.)
- Prollenium Medical Technologies (Toronto, Canada)
- Korman (KiryatBialik, Isreal)
- SCULPT Luxury Dermal Fillers LTD. (U.K)
- Bioxis Pharmaceuticals (Lyon, France)
- BIOPLUS CO. LTD. (South Korea)
- Sun Pharmaceutical Industries Ltd (Mumbai, India)
- Sinclair Pharma (London, U.K.)
- Galderma (Lausanne, Switzerland)
- Merz Pharma (Frankfurt, Germany)
- Revance Therapeutics Inc. (California, U.S.)
- ALLERGAN (Dublin, Ireland)
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