This study intends to analyse diverse aspects of the global facial injectable market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Market Analysis in Brief
In 2022, the facial injectable market reflected modest growth and per industry figures, it stood at over US$11 Bn in terms of value. According to preliminary study carried out by Fairfield Market Research, the market will witness promising expansion in the near future.
Growing emphasis on aesthetics has played an important role in building consumer attitudes in favor of the various cosmetic procedures that also include facial injectables. With increasing popularity of dermal fillers like hyaluronic acid, and neurotoxin compounds like botox, the market will remain on an uptrend.
Key Report Findings:
Rising Aesthetic Procedures to Complement Growth of the Facial Injectable Market
The demand for aesthetic procedures has been increasing since past few years despite of economic uncertainties. Post the stress of the COVID 19 pandemic, there was a surge in the aesthetic procedures. For instance, according to the American Society of Plastic Surgeons, individuals in America have been investing in themselves by carrying out cosmetic procedures regardless of uncertain economy. Also, more business was observed in the post-pandemic era as compared to the scenario before the pandemic.
In addition, social media has been playing a critical role in driving the cosmetic business. Millennials of the new generation are more information equipped and have embraced technology. While making changes to their own aesthetics and physical appearance, they have been directly and indirectly promoting the benefits and after-effects of facial aesthetics which has given a considerable momentum to the facial injectable market.
Individuals are also opting for different dermal fillers to enhance their facial aesthetics. This can be backed by rising inclination of people towards self-enrichment coupled with rising awareness of such procedures. Additionally, owing to social media platforms, aesthetic procedures are no longer a taboo and are accessible and relatable. Open sharing of experiences has resulted in individuals being well-versed about aesthetic procedures of their interest. This has resulted in an increase in the number of aesthetic procedures performed worldwide, especially among women population. For instance, according to the International Society of Aesthetic Plastic Surgery, women population accounted for around 86% of the total aesthetic procedures performed in 2020 globally. In this backdrop, rising number of aesthetic procedures is expected to augment the growth of the facial injectable market.
Budding Demand from Male Population
Another crucial factor influencing the facial injectable market is the rising inclination of the male population towards investment in themselves through cosmetics. Owing to age related concerns, adoption of cosmetic procedures among male populace has been increasing in order to maintain their physical aesthetics. As compared to past few decades, the attitude of male population towards cosmetics has transformed significantly and these procedures are being viewed as means of self enhancement. Not confined to sheer toughness and muscle, masculinity has undergone a new transformation with respect to self-aesthetics, and personal care.
According to the International Society of Aesthetic Plastic Surgery, approximately 3.4 million aesthetic procedures were carried out on men in 2020 worldwide. That said, rising demand from male population is poised to contribute towards the value growth of the facial injectable market.
Growth Opportunities Across Regions
North America to Slate Dominance
The value and volume growth of the facial injectable market in North America is poised to increase significantly accounting for a major share from a global perspective. Increasing awareness about novel aesthetic procedures, rising demand for minimally and non-invasive aesthetic surgical procedures and growing technological advancements in the aesthetic and cosmetic sector are few of the factors influencing the market growth in the region.
In addition, other factors such as rising geriatric population coupled with rising GDP per capita and presence of major players from the cosmetic space have also contributed towards the growth of the market in North America. Also, owing to rise in the geriatric population, the demand for dermal fillers has increased significantly, thus complementing the revenue growth of the market.
Furthermore, rising product launches and their approvals from regulatory authorities have also played a major role in driving the expansion of the facial injectable market. For instance, in February 2022, US Food and Drug Administration gave approval to Allergan Aesthetics’s JUVEDERM VOLBELLA XC which is intended towards improving the infraorbital hollows amongst the adult population in the age range of 21 years and above. These factors are expected to pave new avenues for market, thus making North America one the leading regions in this space on the global front.
Asian Markets Emerge as Hotbeds for Facial Injectables
On the other hand, developing nations in Asia Pacific such as China and India are also expected to reflect high growth potential. This is mainly owing to expanding cosmetics sector coupled with huge customer pool backed by growing population in the region. The rate of geriatric population in Asian countries is also increasing at a rapid pace. For instance, according to report by the United Nations, approximately 33% representing more than 400 million people in China are expected to be aged more than 60 years by the end of 2050.
Also, as per Department for Economic and Social Information of the United Nations, collectively more than 0.75 billion people aged 60 years and above would live in India, and China in 2050, which accounts for about 38% of the total aged population falling in this age range on the global front. This is expected to offer lucrative opportunities to the cosmetic sector, in turn providing a strong base for the facial injectable market.
Facial Injectable Market: Competitive Scenario
A few of the major players in the facial injectable market include Allergan Aesthetics, Galderma, Anika Therapeutics Inc., Ipsen Pharma, Revance Therapeutics Inc., Sinclair Pharma, USWM LLC, Merz Pharma, Bioxis Pharmaceuticals, and Medytox Inc.
Recent Notable Developments
Regional Classification of the Global Facial Injectable Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Facial Injectable Market
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