Lip Augmentation Market Highlights
The global Lip Augmentation Market size is expected to grow at an approximate CAGR of 10.5% during forecast period, 2018–2023. Rising participation of market players is one of the prominent factors driving the lip augmentation market. Various other factors such as increasing awareness about lip augmentation, rising geriatric population and rising demand for dermal fillers are also expected to propel the growth of the market. However, side effects associated with lip fillers and high cost of treatment can hamper the market growth over the forecast period.
Lip Augmentation Market Segmentation
The global lip augmentation market is segmented based on type, lip fillers, distribution channel, and region. The global market for lip augmentation, by type is segmented into temporary lip augmentation and permanent lip augmentation. The permanent lip augmentation segment is further classified as dermal graft, permanent lip implants, vermilion lip advancement and lip lift. The lip lift segment includes corner lip lift and upper lip lift.
The market, by lip fillers, is segmented into fat injection or lipoinjection, hyaluronic acid fillers, lip collagen injections, platelet-rich plasma (PRP), and others.
Based on distribution channel, the market is segmented into hospital pharmacies, clinics, retail pharmacies, drug stores, online pharmacies, and others.
The hospital pharmacies segment is anticipated to hold the largest market share owing to the increasing demand for cosmetic procedures. The online pharmacies are expected to grow at the highest CAGR owing to the rising cases of cosmetic problems.
Lip Augmentation Market Regional Analysis
The Americas dominated the global market for lip augmentation owing to the rising geriatric population. According to the Population Reference Bureau report, the number of Americans ages 65 and older is projected to double from 46 million today to over 98 million by 2060. Moreover, rising healthcare spending within the region is also boosting the lip augmentation market. In the US, the total healthcare spending reached USD 3.5 trillion in 2017 and by 2026; it is expected to reach USD 5.7 trillion.
it was estimated that Europe stood second in the global lip augmentation market. This can be attributed to the rising research and development investments and technological advancements. For instance, in 2017, Allergan received FDA approval for its newest hyaluronic acid dermal filler, Juvéderm Vollure XC.
Asia Pacific was projected to be the fastest growing region in 2017. Factors such as growing medical tourism industry and increasing technological advancements within the region are boosting the regional markets of the Asia Pacific region.
On the other hand, the Middle East and Africa held least share in the global lip augmentation market due to the low per capita income, especially within the African region.
Lip Augmentation Market Key Players
Some of the key players in the global lip augmentation market are Allergan, Galderma Pharma S.A., Integra Lifesciences, Laboratories Vivacy SAS, Merz Pharma, Sinclair Pharma, Suneva Medical, Inc, Teoxane, Cynosure, Syneron, AQTIS Medical, Bioha Laboratories, Cytophil, Inc., Dr. Korman Laboratories, Inamed Corporation, and Anika Therapeutics Inc., and others.
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