Lip Fillers Market is currently valued at around US$ 1.3 Bn, and is anticipated to progress at a CAGR of 3.8% to reach US$ 1.63 Bn by 2028, finds the new market intelligence study by Future Market Insights (FMI). ALLERGAN, Galderma Laboratories, and Merz Pharma GmbH & Co. KGaA retain their lead as the top three companies in the lip fillers market space, followed by several other market players progressing up along the growth ladder with new product launches in the pipeline.
The FMI analyst finds that North America continues to be the leading market for lip fillers, with the US estimated to command ~ 94.5% of the regional market growth. As per the recent studies, in 2021, nearly 18 million people underwent surgical and minimally-invasive cosmetic procedures in the United States in 2021.
This is a clear indication of the fact cosmetic surgical procedures in North America, which are on a significant rise over the past 5-6 years, are further set for a massive growth in the future.
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The FMI analyst is of the opinion that social media remains one of the biggest factors encouraging consumers to opt for lip fillers. With the selfie culture penetrating across consumer bases from different regions, lip fillers have become a highly feasible and readily accessible option for the consumers to get the ‘picture-ready’ appearance.
However, potential risks associated with the use of lip fillers, including temporary bruises and permanent tissue spoilage, continue to daunt consumer confidence and, calling for safe and reliable variants to make their mark in the lip fillers market.
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Millennials represent a very attractive category for lip filler manufacturers to focus on, given that the ones who are unhappy or self-conscious about their facial aesthetics are opting for these procedures to get appealing makeovers.
The FMI analyst finds that a wide-range of safe and effective options will remain the key revenue level for companies active in the lip fillers market. In addition, these companies are also drawing upon the mega-trend of personalization via tailor-made lip filler solutions, which will further help them life their profit pools.
FMI’s research study opines that lip augmentation with hyaluronic acid-based solutions will remain the most frequently requested procedures in aesthetic practices. This can be gauged by the fact that in 2022, hyaluronic acid will surpass Poly-L-Lactic Acid to account of ~ 94% of the global lip fillers-derived business value.
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