An increase in the number of cosmetic procedures has resulted in a growing prevalence of non-invasive and minimally invasive treatments. Per data from the American Society of Plastic Surgeons, out of 15.9 million cosmetic minimally invasive procedures conducted in 2018, there were 7.44 million botulinum toxin injections, 2.68 million soft tissue filler treatments, and 1.38 million chemical peels performed. Moreover, increased demand is expected to continue growing throughout the forthcoming years as cosmetic procedures become both more accepted and more easily accessible to patients.
The second most common minimally invasive procedure performed in 2018 was the injection of soft tissue fillers, which are frequently used to plump the lips, improve the appearance of scars, and soften facial creases and wrinkles. Supplementing topical therapies and lasers, which can prove insufficient in providing desired rejuvenation effects, dermal fillers have increased in popularity as they allow for the achievement of natural results via a minimally invasive technique.
As the popularity of the procedure continues to grow, the dermal filler market is expected to exceed $8.5 billion by 2024, per new research from Global Market Insights. With a compound annual growth rate of 6.6% during the forecasted period from 2018 to 2024, the dermal filler market will experience accelerated growth due to rising acceptance, awareness, and availability of the products.
Factors Contributing to Market Growth
Among factors influencing the growing industry are an increasing focus on physical appearance, rising disposable income, a growing aging population, and a rising number of facilities such as medical spas leading to increased availability and accessibility.
The growing number of elderly people undergoing dermal filler procedures to restore lost volume and lift sagging skin will further contribute to market growth. This should lead to a rise in hyaluronic acid therapy to mitigate signs of dehydration and wrinkling, as it is the most common therapy to repair the age-related loss of hyaluronic acid. Per data from the Dermatology Centre of Acadania, approximately 49% of the total patient base undergoing dermal filler procedures in 2016 was above the age of 55.
An increasing number of medical spas, rejuvenation centers, and a growing prevalence of aesthetic medicine within primary care practices are expected to positively influence market growth. Facial fillers form the largest revenue-generating segment in medical spas across the United States, according to the Global Market Insights report, which also notes that complications – such as filler-related infections and biofilm formation – may slow down industry growth in the forecasted period.
Holding the largest market share in 2017 – approximately 88% – biodegradable fillers are favored for their safety as complications disappear without intervention. Major industry players such as Allergan are increasingly investing in the development of biodegradable fillers. Furthermore, a growing demand for temporary biodegradable dermal fillers, spurred by an emphasis on cosmetic value and shorter timeframes of results is projected to grow this segment of the market by 6.2% by 2024.
Associated with dehydration and wrinkling, the use of hyaluronic acid is expected to increase to serve the growing aging population. Hyaluronic acid procedures are the second most commonly performed non-surgical cosmetic procedures in the United States, following botulinum toxin injections. In 2017, the segment accounted for over $4.5 billion value of the dermal filler market. A variety of approved products, decreased risk of complications, and widespread adoption of hyaluronic acid treatments are projected to accelerate growth within the segment over the coming years.
Market Growth by Region
While the United States continues to dominate the North American dermal filler market, Australia is experiencing incredible growth, which is projected to continue throughout the forecasted period. Driving the steady upward trend in the U.S. include a growing adoption of cosmetic procedures, shifts in consumer preference from invasive to non-invasive procedures, rising awareness of soft tissue fillers, availability of a variety of products, and the introduction of novel products.
Meanwhile, the Australian dermal filler market is expected to witness a growth of 8.2% by 2024 as a result of increased consumer demand, rising awareness of non-invasive cosmetic procedures, increased availability, as well as a growing adoption of anti-aging therapies in the nation. According to the Global Market Insights report, major industry players are beginning to partner with local distributors to increase both their market share and customer database, all while promoting the popularity of dermal filler procedures.
The increasing consumer demand and widespread adoption, which stem from improved injection protocols, constant introduction of novel products, as well as growing availability, are projected to spur the global dermal filler industry, leading to a growth of 6.6% by 2024. The full report on the Dermal Filler Market and its projected growth between 2018 and 2024 can be accessed here.
Clinicians and other medical professionals looking to stay ahead of the curve have the opportunity to prepare for the forecasted increased demand of dermal filler procedures during our Cadaver Anatomy Lab. As part of the event, attendees will take part in guided dermal filler training and a series of educational sessions led by industry experts, leaving with unparalleled hands-on experience with which to expand their practice offering, further education opportunities, and better tailor their services to a growing consumer base.