Dermal fillers are gel-like substances that are injected under the skin to restore lost volume, smooth lines and soften creases, and enhance facial contours.
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.
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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However, from May 2021, the MDD has been replaced by MDR which classifies dermal fillers as Class III medical devices.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
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.
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