Albany, NY -- (SBWIRE) -- 02/16/2018 -- According to the research report, the North America facial injectables market is expected to reach a valuation of US$5.8 bn by the end of 2024 as compared to US$2.1 bn by the end of 2015. Between the forecast years of 2016 and 2024, the global market is expected to rise at a CAGR of 12.0%.
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The overall market has been segmented into the U.S. and Canada on the basis of geography. Out of the two countries, the U.S. is expected to assume the lead in the overall market due to a high demand for botulinum toxins and dermal fillers. Improving lifestyles and growing preference for minimally invasive surgeries are expected to drive the demand for facial injectables across the U.S.
In terms of products, the market is segmented into botulinum toxin, hyaluronic acid, collagen, and particle and polymer fillers. Of these, the botulinum toxin segment held a leading share in the global market in 2015 as it is predominantly being used for correcting lines, creases, and wrinkles. Thus, between 2016 and 2024, the botulinum toxin segment is estimated to exhibit a CAGR of 12.7%.
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Development of synthetic products with polymers and particles has upped the demand for facial injectables across North America. The new products have a longer shelf-life, which prolongs the need to re-treatment. Thus, the widening availability of facial injectables that tend to have permanent effects is driving the demand for products in the overall market. Furthermore, as the frequency of treatment is reduced it has also brought down the cost of facial injectables treatment, thus making it affordable.
The market for facial injectables across North America has also been flourishing against the backdrop of growing preference for minimally invasive surgeries. Thus, the growing inclination toward minimally invasive procedures in dermatological applications is expected to drive the overall market. The growing focus on aesthetics and physical attractiveness are proving to be the persuasive factors in the propelling demand for facial injectables in North America. Changing lifestyles, rising disposable incomes, and altering understanding of beauty and attractiveness is encouraging several users to opt for facial injectables that can reverse the signs of aging to restore the youthful glow.
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The strength of aforementioned market drivers is likely to be challenged by a few restraints in the North America facial injectables market. The possibility of allergic reactions due to the involvement of living organisms and related chemicals and enzymes is anticipated to hamper the growth of the overall market. Furthermore, side-effects such as edema, bleeding, and bruising are also expected to restrain the growth of the regional market. The poor reimbursement policies associated with facial injectables are expected to curb the spending on these expenditures in the near future.
The North America facial injectables market is quite monopolistic in nature with one player dominating the overall market dynamics. As of 2016, Allergan Plc., held a share 62.0% in the regional market. The company dominance is a result of the strong brand value of its drugs like Botox & Juvederm. Presently, Botox is leading the market and is expected to retain its stance all throughout 2024.
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