LatinAmerica Hyaluronic Acid Dermal Filler Market: Introduction
In terms ofvolume, the hyaluronic aciddermal filler market in Latin America is anticipated toexpand at a CAGR of ~5% from 2020 to 2030. Strong growth of the hyaluronic aciddermal filler market in Latin America can be ascribed to the rise in medicaltourism in the region. The cost of dermal filler procedure is lower in LatinAmerica than that in other regions. Therefore, the demand for dermal fillerprocedures has been rising in Latin America. Countries such as Brazil, Mexico,and Argentina report significant number of patients for dermal fillerprocedures from the U.S. and countries in Europe. The increase in penetrationof the Internet in developed and developing countries provides consumers anopportunity to research on various dermal filler procedures available for thetreatment of skin and facial ailments. This boosts online sales. Additionally,advantage of product comparison, rise in desire to maintain youthful features,and increase in fad of using anti-aging products, owing to the growth in socialmedia awareness are contributing to growth of the hyaluronic acid dermal fillermarket in Latin America. The rise in demand for non-surgical cosmetic productssuch as cosmetic injectable in Brazil and Mexico drives the hyaluronic aciddermal filler market in Latin America. The growth in medical tourism in Braziland Mexico is also boosting the demand for hyaluronic acid dermal filler in theregion.
Clinical Risks and ComplicationsAssociated With Hyaluronic Acid Dermal Filler to Hamper Market
Thehyaluronic acid dermal filler market in Latin America is anticipated to behampered by high cost of products and availability of cost-effective substituteproducts. Clinical risks and complications associated with hyaluronic aciddermal fillers are also expected to hamper the market in the region in the nearfuture. The lack of regulations governing the usage of dermal fillers leads toexploitation by untrained workers in salons and beauty parlors. The currentlegislation in place does not classify dermal filler as prescription medicine,leading to administration of these to patients at discounted price bynon-clinicians. Thus, lack of regulations governing clinics and practitionersis likely to hamper the hyaluronic acid dermal filler market in Latin Americain during the forecast period.
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Monophasic Type Dominated LatinAmerica Hyaluronic Acid Dermal Filler Market in 2019
Based ontype, the hyaluronic acid dermal filler market in Latin America has beenbifurcated into biphasic and monophasic. In terms of value, the monophasicsegment dominated the hyaluronic acid dermal filler market in Latin America in2019. The segment is anticipated to expand at a CAGR of more than 5.5%during the forecast period.
Use of Hyaluronic Acid DermalFillers to Treat Wrinkles
Based onapplication, the hyaluronic acid dermal filler market in Latin America has beensegregated into wrinkles, lips, cheek augmentation, hands, and others. In termsof value, the wrinkles segment led the hyaluronic acid dermal filler market inLatin America in 2019. The segment is anticipated to expand at a CAGR of morethan 5%during the forecast period.
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Brazil to be Lucrative Country ofLatin America Hyaluronic Acid Dermal Filler Market
Based oncountry & sub-region, the hyaluronic acid dermal filler market in LatinAmerica has been classified into Brazil, Mexico, Argentina, Colombia, Chile,Peru, Ecuador, and Rest of Latin America. In terms of volume, Brazil accountedfor significant share of the hyaluronic acid dermal filler in Latin America in2019. Quick recovery time, less trauma, painless treatment, and lower cost ascompared to surgical procedures are driving the demand for hyaluronic aciddermal filler market in the country. The demand for lip enhancement has beenincreasing rapidly in Argentina, owing to the growing fad of the selfieculture. The market for lip enhancement has been expanding significantly, owingto rise in young population preferring to modify their lips for a plump andvoluminous appearance. This offers lucrative opportunities to the hyaluronicacid dermal filler market in Argentina.
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Competition Landscape of LatinAmerica Hyaluronic Acid Dermal Filler Market
On May 8,2020, AbbVie completed the acquisition of Allergen Plc under the Chapter 1 ofPart 9 ofthe Irish Companies Act 2014. On March 26, 2019, Allergen acquired EnvyMedical, Inc. for US$ 81.4 Mn.Envy Medical, Inc. is a privately held medical esthetics company engaged innon-surgical and non-invasive skin resurfacing systems. The acquisitioncombines Envy’s skin care product portfolio with the company’s leading medicalesthetics business.
On April 5,2019, Merz launched the new hyaluronic acid (HA) dermal filler ‘BeloteroRevive.’ Belotero Revive is applied through an injection as a beauty boosterand for youthful radiance. The product contains a unique combination ofhyaluronic acid (HA) and glycerol. It is intended to improve elasticity,hydration, and firmness of the skin and minimize early signs of aging. In April2018, LG Chem launched a premium hyaluronic acid filler Yvoire Y-Solution. Theproduct line includes three products: Y-Solution 360 for fine wrinkles;Y-Solution 540 for forehead and zygoma; and Y-Solution 720 fornasolabial folds and wrinkles around the cheek and jaw.
Leadingplayers have taken initiatives to increase their presence in Latin Americathrough expansion of supply & distribution network as well as strategicpartnerships. Key manufacturers operating in the hyaluronic acid dermal fillermarket in Latin America are Allergen, LG Chem, Ltd., Galderma, Teoxane, BioPlus Co., Ltd., MerzPharma, Medytox, Adoderm GmbH, Sinclair Pharma, Bloomage Biotechnology Corp.Ltd., Bohus BioTech AB, and HUGEL, Inc.
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