Market Challenges And Opportunities

North America and Europe Dermal Fillers Market – Driver

Increasing geriatric population

Increasing geriatric population is expected to propel growth of North America and Europe dermal fillers market over the forecast period. For instance, According to the U.S. Census Bureau in 2021, the American Community Survey estimated there were 55,892,014 people aged 65 and over in the U.S. out of a total population of 331,893,745 i.e. 16.8%. Also, according to data published on Eurostat in February 22, 2023, more than one fifth (21.1 %) of the European Union population was aged 65 and over in 2022. The median age of the EU’s population is increasing and was 44.4 years on January 1, 2022, meaning that half of the EU’s population was older than 44.4 years.

Increasing healthcare expenditure

Increasing healthcare expenditure is also expected to aid in growth of the market. For instance, according to Centers for Medicare & Medicaid Services, National Healthcare Expenditure (NHE) grew 2.7% to US$ 4.3 trillion in 2021, or US$ 12,914 per person, and accounted for 18.3% of Gross Domestic Product (GDP). Medicare spending grew 8.4% to US$ 900.8 billion in 2021, or 21 % of total NHE. According to the world bank, as per data retrieved on January 30, 2022 the Current health expenditure (% of GDP) of North America was 16.32 in 2019. While in Europe, healthcare expenditure is increasing, which results in growth of market. For instance, according to data published in Eurostat at February 27, 2023, General government expenditure in the EU on health amounted to US$ 129.39 billion or 8.1 % of GDP in 2021.

Launch of new products by key market players to expand product portfolio

With increasing demand of dermal fillers , key market players are focused on launching new products to expand their product portfolio. For instance, in December 22, 2022, the U.S. Food and Drug Administration (FDA) announced the approval of resilient Redensity produced by Teoxane laboratories, a Switzerland-based hyaluronic acid product manufacturing company.

High Cost of dermal filler syringes

High cost of dermal filler syringes and physician services for procedures as well as the need for multiple sessions for desired results is expected to hinder growth of North America and Europe dermal fillers market. For instance, according to American Society of Plastic Surgeon 2023, the cost of a syringe varies from US$ 717 to US$ 2,508. Also, patients need multiple syringes to achieve desired results. The service cost of physicians or surgeons is around 40 to 50% of the dermal filler cost. The fillers such Hyaluronic acid, Poly-L-Lactic acid, Calcium hydroxylapatite, collagen are biodegradable and last for 3 to 24 months. Most of them are naturally present in body and therefore, get degraded quickly. This in turn requires multiple sessions for attaining the desired results, which further increases the overall cost of the procedure.

Availability of alternative methods

Majority of the dermal fillers currently available are absorbable / bio degradable except for Poly(methyl methacrylate) (PMMA) fillers. Biodegradable fillers last for 3 to 24 months, whereas, PMMA fillers last for 4-5 years. This makes the procedure repetitive after the certain time, which may lead to a shift towards surgical facial rejuvenation instead of dermal fillers, which limits growth of the market. According to a blog published in Aedit, an online Aesthetic resource on May 8, 2020, Facial Fat transfer can also be an alternative to dermal fillers.

North America and Europe Dermal Fillers : Restraint

High Cost of dermal filler syringes

Availability of alternative methods

North America and Europe Dermal Fillers Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the manufacturing and distribution of products due to lockdown, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Also due to social distancing, the procedures were reduced. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

The COVID-19 pandemic had a negative impact on the North America and Europe Dermal Fillers Market due to the reduced surgical procedures at hospitals during lockdown. Moreover, due to COVID-19 vaccination, there were several side effects such as hypersensitivity reactions were observed due to interaction of vaccine with dermal fillers. For instance, according to article published on March 16, 2022, delayed inflammatory reactions to dermal fillers was observed in response to mRNA COVID-19 vaccine by Moderna, a pharmaceutical and biotechnology company based in the U.K.