Dermal fillers market size to hit $8.74 billion by 2029

The global dermal fillers market is expected to reach $8.74 billion (£7.65bn) by 2029, at a CAGR of 7.4% during the forecast period, 2022-2029, according to Fortune Business Insights.

The report titled Dermal Fillers Market Forecast, 2022-2029 explores industry development, driving factors, the impact of Covid-19, regional growth and key players.

Increasing investment in the R&D sector of the medical cosmetics industry is expected to promote the dermal fillers market growth, the report suggests.

Furthermore, the rising trend and popularity of filler treatment over the years has increased dramatically. A report by the International Society of Aesthetic Plastic Surgery (ISAPS) in 2019 estimated that 4,315,859 procedures involving hyaluronic acid fillers were conducted worldwide in 2019. This number increased by 15.7% over the previous year of 2018. Such a dramatic increase in such procedures is anticipated to propel market growth, the report says.

North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the high disposable income of people in the region.

Asia Pacific is expected to showcase a significant managed services market share. This is attributable to the increasing consciousness of the individuals regarding their physical appearance in the region. For instance, in July 2020, South Korea’s LG Chem announced that they had initiated the clinical trial of a premium dermal filler called YVOIRE Y-Solution in China. Its launch is expected to promote the regional market during the forecast period.