Dermal Fillers Market Research Report - Forecast till 2030

Dermal Fillers Market Research Report - Forecast till 2030

ID: MRFR/Pharma/2606-CR | February 2021 | Region: Global | 78 pages

Covid-19 Impact Analysis of the Global Dermal Fillers Market

Dermal fillers are widely used in minimally invasive procedures as an anti-aging solution to reduce facial lines and restore facial firmness. Dermal fillers are used to enhance shallow contours, remove wrinkles, soften facial creases, and improve the appearance of scars using different types of products. Increasing awareness about the benefits of dermal fillers, in comparison to surgical procedures, is leading to its widespread acceptance among the population of all age groups.

Coronavirus pandemic is affecting the global dermal fillers market. The emergence of novel coronavirus disease (COVID-19) in 2020. As of now it has affected more than 4 million people across the globe and caused as many as 281,736 deaths. Major markets for dermal fillers such as the US, China, Spain, Italy, Germany, France, and the UK are suffering huge economic loss due to the disease. Many companies are sacking employees to sustain in the market. It is expected to increase unemployment, resulting in reducing the purchasing power of customers. Thus, people will be more selective about beauty and cosmetic procedures due to decreased purchasing power because of personal and financial losses. It is anticipated to restrict the growth of the market during the forecast period.

Also, various cosmetics facilities and clinics are already closed for more than 3 months and suffered significant losses in revenue generation. According to the report published by Hamilton Fraser with the help of The National Health Service (NHS), it is reported that more than 80% of the clinics in the UK were closed during the lockdown which caused an 86% reduction in revenue. Also, the American Society of Plastic Surgeons has recommended to all practitioners to cease any elective or non-essential services to the customers to reduce the risk of the SARS-CoV-2 virus transmission from human to human as well as the rate of new case development. Thus, increasing prevalence of coronavirus is resulting in a decreasing number of aesthetic procedures and resulting in the usage of dermal fillers.

According to the MRFR analysis, in 2020 the market will show a huge dip in terms of volume and value although it is likely to recover by the end of 2022. It is estimated that the dermal fillers market in 2020 will drop by approximately 40% as compared to 2019.

Global Dermal Fillers market (2018–2027)

Major manufacturers such as Allergan, Galderma, and Merz Pharma in the dermal fillers market have temporarily stopped manufacturing plants due to the coronavirus pandemic. Manufacturing plants are closed from February and it is likely to continue till mid-year which will cause a decrease in the production of the dermal fillers. Additionally, the supply chain of the dermal fillers is hugely affected by the lockdown in established markets including the US, UK, Spain, Italy, and emerging markets of the Asia-Pacific region. Hence, it is impacting the growth of the market.

The impact of coronavirus on dermal fillers is causing serious damage to the global dermal fillers market due to the decrease in procedures, disturbance in the supply chain due to the lockdown, and declining revenue due to the business loss caused by Covid-19.

Dermal Fillers market

Source: MRFR Analysis