North America facial injectable market to be worth $5.8bn by 2024
The North America facial injectables market is expected to reach a valuation of $5.8bn (£4.65bn) by the end of 2024 as compared to $2.1bn (£1.68bn) by the end of 2015.
Between the years of 2016 and 2024, the global market is forecast to rise at a compound annual growth rate (CAGR) of 12%, with the botulinum toxin segment of the market estimated to exhibit a CAGR of 12.7%, according to a research report by Transparency Market Research.
The report, titled "Facial Injectables Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”, also showed that the US market was quite monopolistic in nature, with one player – Allergan – dominating the overall market dynamics.
As of 2016, Allergan held a share 62% in the regional market. The company dominance is a result of the strong brand value of its products such as Botox and Juvederm. Presently, Botox is leading the market and is expected to retain its stance all throughout 2024.
The overall market has been segmented into the US and Canada on the basis of geography. Out of the two countries, the US is expected to assume the lead in the overall market due to a high demand for botulinum toxins and dermal fillers.
In terms of products, the market is segmented into botulinum toxin, hyaluronic acid, collagen, and particle and polymer fillers. Of these, the botulinum toxin segment held a leading share in the global market in 2015 as it is predominantly being used for correcting lines, creases, and wrinkles.
The development of synthetic products with polymers and particles has upped the demand for facial injectables across North America. The new products have a longer shelf-life, which prolongs the need to re-treatment and are driving the demand for products in the overall market. Furthermore, as the frequency of treatment is reduced it has also brought down the cost of facial injectables treatment, making treatment more affordable.
The market for facial injectables across North America has also been flourishing against the backdrop of growing preference for minimally invasive surgeries. This has resulted in a growing inclination toward minimally invasive procedures in dermatological applications is expected to drive the overall market.
The growing focus on aesthetics and physical attractiveness are proving to be the persuasive factors in the propelling demand for facial injectables in North America. Changing lifestyles, rising disposable incomes, and altering understanding of beauty and attractiveness is encouraging several users to opt for facial injectables that can reverse the signs of ageing.
