Latin America Hyaluronic Acid Dermal Filler Market: Introduction
In terms of volume, the hyaluronic acid dermal filler market in Latin America is anticipated to expand at a CAGR of ~5% from 2020 to 2030. Strong growth of the hyaluronic acid dermal filler market in Latin America can be ascribed to the rise in medical tourism in the region. The cost of dermal filler procedure is lower in Latin America than that in other regions. Therefore, the demand for dermal filler procedures has been rising in Latin America. Countries such as Brazil, Mexico, and Argentina report significant number of patients for dermal filler procedures from the U.S. and countries in Europe. The increase in penetration of the Internet in developed and developing countries provides consumers an opportunity to research on various dermal filler procedures available for the treatment 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 social media awareness are contributing to growth of the hyaluronic acid dermal filler market in Latin America. The rise in demand for non-surgical cosmetic products such as cosmetic injectable in Brazil and Mexico drives the hyaluronic acid dermal filler market in Latin America. The growth in medical tourism in Brazil and Mexico is also boosting the demand for hyaluronic acid dermal filler in the region.
Clinical Risks and Complications Associated With Hyaluronic Acid Dermal Filler to Hamper Market
The hyaluronic acid dermal filler market in Latin America is anticipated to be hampered by high cost of products and availability of cost-effective substitute products. Clinical risks and complications associated with hyaluronic acid dermal fillers are also expected to hamper the market in the region in the near future. The lack of regulations governing the usage of dermal fillers leads to exploitation by untrained workers in salons and beauty parlors. The current legislation in place does not classify dermal filler as prescription medicine, leading to administration of these to patients at discounted price by non-clinicians. Thus, lack of regulations governing clinics and practitioners is likely to hamper the hyaluronic acid dermal filler market in Latin America in during the forecast period.
Monophasic Type Dominated Latin America Hyaluronic Acid Dermal Filler Market in 2019
Based on type, the hyaluronic acid dermal filler market in Latin America has been bifurcated into biphasic and monophasic. In terms of value, the monophasic segment dominated the hyaluronic acid dermal filler market in Latin America in 2019. The segment is anticipated to expand at a CAGR of more than 5.5% during the forecast period.
Use of Hyaluronic Acid Dermal Fillers to Treat Wrinkles
Based on application, the hyaluronic acid dermal filler market in Latin America has been segregated into wrinkles, lips, cheek augmentation, hands, and others. In terms of value, the wrinkles segment led the hyaluronic acid dermal filler market in Latin America in 2019. The segment is anticipated to expand at a CAGR of more than 5% during the forecast period.
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Brazil to be Lucrative Country of Latin America Hyaluronic Acid Dermal Filler Market
Based on country & sub-region, the hyaluronic acid dermal filler market in Latin America has been classified into Brazil, Mexico, Argentina, Colombia, Chile, Peru, Ecuador, and Rest of Latin America. In terms of volume, Brazil accounted for significant share of the hyaluronic acid dermal filler in Latin America in 2019. Quick recovery time, less trauma, painless treatment, and lower cost as compared to surgical procedures are driving the demand for hyaluronic acid dermal filler market in the country. The demand for lip enhancement has been increasing rapidly in Argentina, owing to the growing fad of the selfie culture. The market for lip enhancement has been expanding significantly, owing to rise in young population preferring to modify their lips for a plump and voluminous appearance. This offers lucrative opportunities to the hyaluronic acid dermal filler market in Argentina.
Competition Landscape of Latin America Hyaluronic Acid Dermal Filler Market
On May 8, 2020, AbbVie completed the acquisition of Allergen Plc under the Chapter 1 of Part 9 of the Irish Companies Act 2014. On March 26, 2019, Allergen acquired Envy Medical, Inc. for US$ 81.4 Mn. Envy Medical, Inc. is a privately held medical esthetics company engaged in non-surgical and non-invasive skin resurfacing systems. The acquisition combines Envy’s skin care product portfolio with the company’s leading medical esthetics business.
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