Hyaluronic Acid-based Dermal Fillers Market Growth & Trends:
The global hyaluronic acid-based dermal fillers market size is anticipated to reach at USD 8.24 billion by 2030 and is projected to grow at a CAGR of 10.5% from 2024 to 2030, based on a new report by Grand View Research, Inc. The increasing demand for minimally invasive procedures, growing geriatric population, increasing awareness & concern for younger skin and advancement in technology are key factors driving the market growth.
The global ageing population is increasing. By 2030, 1 in 6 persons globally will be above 60 years old or over with total elder population growing from one 1 to 1.4 billion. In the U.S., it is estimated that one fourth of the people will be above 65 by 2060. Currently the middle-income countries are witnessing huge change with two-thirds of global population over 60 years would be from middle-income countries.
However, the higher cost of market is restraining the market opportunities. The HA-based dermal fillers are available in syringes of 1ml costing USD 600-1000 per syringe. Most of the times a dosage of minimum 2 syringes is required, taking the cost of treatment to USD 1600-2000 which is quite high. The high cost of products makes it difficult for the population of low- medium-income countries.
Hyaluronic Acid-based Dermal Fillers Market Report Highlights:
- The single-phase products segment held the market with the largest revenue share of 54.76% in 2023, owing to the benefits like better effectiveness & offered by these products
- Based on application, the wrinkle removal segment led the market with the largest revenue share of 29.53% in 2023. This can be attributed to the increasing spending on cosmetic procedures and the advent of technology for Wrinkle Removal suing HA-based fillers. Wrinkle Removal is the most common skin problems, resulting higher demand for the segment
- North America dominated the market with the largest revenue share of in 2023. This can be attributed to favorable government policies, a rise in the number of plastic surgery procedures and an growing ageing population in the region For instance, as per the Statistics Canada's population statistics published in September 2021, the total population above 60 years of age in Canada is 96, 88,677
- The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period, owing to the rapid economic growth in nation like Japan, China & South Korea and improvement in healthcare infrastructure in the region
- Allergan (AbbVie), is a one of the major global market leaders. This can be attributed to market presence of Juvederm, a HA based dermal filler by the company for long time and better performance of product despite new products being introduced. The company's has powerful product portfolio of HA based dermal fillers & focuses on introducing innovative products into in market