The Global Dermal Fillers Market was valued at US$ 2.8 billion in 2021 and is set to witness a healthy growth rate of 10% in the next 5 years. ‘Covid-19-Zoom-Boom Effect’, an growing influence of social media in promoting non-surgical aesthetic procedures, rising focus on physical appearance, increasing cultural acceptance & fading social stigma on cosmetic procedures, increasing demand from younger population and men, rise in the number of clinics offering non-surgical aesthetic services, expanding geriatric population & rising awareness about anti-aging cosmetic procedures are some of the key factors driving the global dermal fillers market.
Covid-19, Financial Bottlenecks, ‘Zoom Boom‘ and Rebound of the Dermal Fillers Market
Covid-19 had a negative effect on the dermal fillers market globally, forcing a number of aesthetic service providers to alter the way they delivered their services. Facial aesthetics clinics were not allowed to operate, and people were not allowed to visit them. For a while, business was entirely shut down, which had a negative financial impact on the aesthetics industry. These disruptions encouraged several suppliers to advance their businesses to online platforms and ordering systems.
However, the aesthetics industry is currently on the path to recovery despite the Covid-19 pandemic. Since early 2020, aesthetics clinics worldwide have witnessed an overwhelming spike in bookings for cosmetic enhancements due to Covid-19 & the ‘Zoom Effect. It’s been dubbed the “Zoom Boom” in the sector because people are using video calls more for work and socializing and hence have become more conscious of their appearance after seeing their faces (facial expressions & wrinkles) on video calls every day on Zoom. Since 2020, demand for consultations with plastic surgeons has increased exponentially, according to reports from across the globe.
Regulation of Dermal Fillers Likely to Become Stricter in the European Union (EU) With the Introduction of New Medical Device Regulation (MDR)
Within the EU, medical devices used to be regulated through the Medical Devices Directive (MDD), which required all medical devices to have a CE certification. This did not include dermal fillers.
However, from May 2021, the MDD has been replaced by MDR which classifies dermal fillers as Class III medical devices. As a result of the new MDR, manufacturers must comply to its requirements. If manufacturers fail to comply with the MDR requirements, they will be unable to market their products within the EU.
“The EU move to MDR is likely to create entry barriers. Smaller manufacturers who cannot support their products with clinical studies will be driven out.”– Head of Aesthetics Division, Leading Aesthetic Product Manufacturer, UK
Explore Premium Report on Dermal Fillers Market @ https://meditechinsights.com/dermal-fillers-market/
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold
The dermal fillers market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as new product launches, and partnerships to garner market share.
- In December 2021, Revance’s partner, Teoxane SA, received U.S. FDA approval for RHA® Redensity’s first indication, which is for the treatment of moderate to severe dynamic perioral rhytids (lip lines) in adults aged 22 or older. RHA® Redensity bolsters the versatility of the RHA® Collection of dermal fillers
Due to the rising importance of digitalization, automation tools, and data-driven solutions that make use of predictive analytics, AI, and ML, the dermal fillers market is expected to see double-digit growth in the upcoming years.
These tools are being utilized in increasing numbers for:
- Streamlining resource allocation in medical facilities
- Doctors and care managers can outline populations, target their most complex patients, and identify rising-risk patients
- Managing patient load and assisting in capacity management – Allocating emergency rooms based on the severity of the illness, and reducing patient service turnaround time
- Streamlining the insurance claim process that costs the hospitals significant labor hours. The technology also assists in checking eligibility and subsequent data migration, quickly and effectively
Competitive Landscape Analysis of Dermal Fillers Market
The global dermal fillers market is marked by the presence of players such as Allergan (Part of AbbVie), Galderma, Merz Pharma, Teoxane, Sinclair, Revance Therapeutics, Prollenium Medical Technologies, Bioxis Pharmaceuticals, among others.
For More Detailed Insights, Contact Us @ https://meditechinsights.com/contact-us/
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
Associate, Medi-Tech Insights
+32 498 86 80 79