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Report Overview: Lip Augmentation MarketThe global lip augmentation market size was valued at USD 1.1 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 8.4% from 2021 to 2027. Lip augmentation is a cosmetic procedure done to enhance the volume of lips through enlargement using fillers that may be permanent or temporary in nature. Hyaluronic acid, fat injections, and implants are some of the most common products used to perform this procedure. Some of the Food and Drug Administration (FDA) approved lip fillers are Restylane L, Belotero Balance, and Juvederm Vollure. Under the European Regulations, from May 2020, all fillers will be regulated as medical devices, which will help in clearer supervision and traceability of the product, according to the Aesthetics Journal. The key factors boosting the growth of the market include stressful lifestyles leading to unhealthy skin, increase in disposable income, increasing screen time, consumer awareness, acceptance regarding cosmetic procedures, affordability, and ease of minimally invasive procedures. Technological advancements, procedure safety, and issues such as body dissatisfaction among millennials are anticipated to further generate the demand for these procedures. According to the U.S Bureau of Economic Analysis, in 2019, Americans had USD 15.54 trillion in Disposable Personal Income (DPI) while per capita personal DPI was USD 43,828. This factor is anticipated to contribute to consumer willingness regarding spending on aesthetic procedures. Technological advancements backed by quick results and safety are anticipated to further increase the adoption in the market. The ease of conducting such procedures and affordability are the factors captivating millennials to opt for such treatments.
Type Insights: Lip Augmentation MarketOn the basis of type, the lip augmentation market is bifurcated into temporary and permanent augmentation, the permanent type of treatment consists of lip implants, fat grafting, fillers, and lip advancement. In 2019, lip implants contributed the highest revenue share of over 20% in 2019, followed by fat grafting which held the second highest revenue share. The fillers Segment is expected to register the highest CAGR during the forecast period, due to rising consumer preference for minimally invasive procedures that deliver instant and long term results.
Product Insights: Lip Augmentation MarketHyaluronic acid fillers segment held the largest revenue share of over 25% in 2019 and is projected to register the highest CAGR over the forecast period 2021-2027. Hyaluronic acid is naturally produced by the body and when injected artificially, it is well accepted within the system; hence, there is a negligible chance of risks and side effects of treatment. The Poly-L-lactic acid fillers is also expected to showcase significant growth and will register the second fastest CAGR during the forecast period, due to the safety and efficacy of these fillers.
Regional Insights: Lip Augmentation MarketNorth America lead the market for lip augmentation in 2019 with a revenue share of over 30% and this trend is expected to continue throughout the forecast period. According to the American Society of Plastic Surgeons, in U.S., 2.6 million filler procedures were performed in 2016. This can be attributed to increasing R&D, the highest per capita disposable income, rising adoption of new technology, and rising consumer awareness. The increasing need for perfect appearance and confidence through physical characteristics is anticipated to contribute to regional growth. The introduction and development of insurance schemes for various cosmetic treatments is a pivotal growth driver. Asia Pacific is expected to witness the fastest CAGR of 10.8% over the forecast period, attributed to rising patient awareness regarding the availability and benefits of lip fillers, rising focus on aesthetic appeal, and marketing strategies implemented by the key players. Increasing disposable income along with an increased focus on physical appearance is anticipated to further fuel the regional market growth in the forthcoming years.
Key Companies & Market Share Insights: Lip Augmentation MarketThe global market is highly competitive. One of the key factors driving competitiveness among the players is the rapid adoption of advanced technology and improved insurance schemes. The competition is projected to become more intense in the forthcoming years with rising focusing on geographical expansion, strategic collaborations, and partnerships through mergers and acquisitions. For instance, the acquisition of Vitae Pharmaceuticals by Allergan will help the latter expand their dermatology pipeline. They also launched a campaign called “Juvederm it” in 2018, for their product Juvederm-a hyaluronic gel lip filler-in order to reach the next generation of consumers and spread awareness regarding the advantages of the product. Some of the prominent players in the lip augmentation market include:
Key companies Profiled: Lip Augmentation Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global lip augmentation market report on the basis of type, product, and region:
- Galderma Pharmaceuticals.S.A
- Merz pharma GmbH
- Teoxane Laboratories
- Suneva Medical
- Sinclair Pharma.
- Laboratories Vivacy SaS
By Type Outlook (Revenue, USD Million, 2016 - 2027)
- Lip Implants
- Fat Grafting
- Lip Advancement
Product Outlook (Revenue, USD Million, 2016 - 2027)
- Hyaluronic Acid Fillers
- Poly-L-Lactic Acid Fillers
- Fat Injection/lipoinjection
- Lip Collagen
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.1.1. Product 1.1.2. Product 1.1.3. Regional scope 1.1.4. Estimates and forecast timeline 1.2. Research Methodology 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources | read more...