Lip Augmentation Market Exhibiting A CAGR Of 9.5% For The Forecast Period From 2020 To 2027

 

San Francisco, 18 Sep 2020: The Report Lip Augmentation Market Size, Share & Trends Analysis Report By Type (Temporary, Permanent), By Product (Hyaluronic Acid Fillers, Poly-L-Lactic Acid Fillers), By Region, And Segment Forecasts, 2020 - 2027

The global lip Augmentation market size is expected to reach USD 4.4 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 9.5% over the forecast period. Lip Augmentation is a procedure that helps increase the volume and fullness of lips through enlargement with the help of products like hyaluronic acid, fat injections, and implants. Hyaluronic acid and polyacrylamide fillers are the most widely used products. Injectable dermal fillers are the most commonly used method for lip augmentation. Rising contribution of market players is playing a prominent role in driving the market growth. Other factors like increasing awareness, surging geriatric population, rise in disposable income, change in lifestyle due to globalization, and rising demand for filler are expected to further propel the growth.

There has to be a professional expertise while performing lip augmentation procedure and the filler should be clinically approved, therefore there is a list of lip fillers approved by the Food and Drug Administration (FDA). The FDA only approves dermal fillers once their effectiveness as an anti-wrinkle and skin restoring treatment is proven through clinical study. Some of the products approved by the FDA are Restylane, Juvederm Vollure, Belotero, and Radiesse. According to the American Society of Plastic Surgeons, 4 million cosmetic procedures were done on people in the age group of 55 years and above and accounted for a largest portion of the total age groups, due to increasing concerns about appearance among this age group.

Rise in per capita disposable income also plays a pivotal role in the growth of the market. Combination of various factors like advancement in technology, efficacy and safety of the fillers, increasing baby boomer population, beauty campaigns, and awareness about the existence of such minimally invasive procedures is projected to boost the market growth in the forthcoming years.

Access Research Report of Lip Augmentation Market @ https://www.grandviewresearch.com/industry-analysis/lip-augmentation-market

Recent Developments in Lip Augmentation Market

• In March 2020, Sinclair Pharma Limited, a global aesthetics company headquartered in London and a fully-owned subsidiary of Huadong Medicine Company Limited, announces the license agreement for MaiLi, a premium innovative facial hyaluronic acid (HA) range with lidocaine. MaiLi gives natural results to patients even after repetitive treatments. The MaiLi range includes lidocaine and comes in 4 different forms, used for reshaping, volumisation and wrinkle correction of different areas of the face, as well as for enhancement of the lips. MaiLi is expected to gain access to the European market from H2 2020 – with a likely date for CE mark approval being end of Q2 – and Sinclair anticipates accretive contribution in revenue in its main geographies – South Korea, Brazil, Middle East, Mexico, Russia – from 2021. Launch in China is anticipated in 2023. These benefits and targets based approach will definitely play a major role in boosting the sales of the product across the globe.
• In February 2020, Allergan has initiated a new campaign with an aim to boost demands for lip augmentation and specifically for its Juvederm Also, it is targeting millennials for raising demand as they have flipped the script when it comes to facial aesthetics. Featured in the new campaign are reality TV star Audrina Patridge along with a celebrity makeup artist Kelsey Deenihan, who will be doing media interviews and talking on social media about why they choose Juvederm for lips. The effort includes TV, with a custom version of the Juvederm It commercial already running, along with digital ads, social media and public relations. This campaign with celebrities is sure to boost the demand for the campaign in the coming months.
• In January 2020, Revance Therapeutics, Inc., a biotechnology company pioneering new innovations in neuromodulators for aesthetic and therapeutic indications, announced the signing of a U.S. distribution agreement with TEOXANE SA, making Revance the exclusive commercialization partner of the Swiss company’s modern and innovative Resilient Hyaluronic Acid (RHA) technology. Under the distribution agreement announced, Revance gained immediate and exclusive rights to commercialize TEOXANE’s RHA line of fillers in the U.S., starting with the U.S. Food and Drug Administration (FDA)-approved RHA 2, RHA 3, and RHA 4 products, which include lidocaine. The formulation optimizes strength, stretch and tissue integration. Filler injections with RHA gels have been shown to be safe and well tolerated.
• In May 2019, Global pharmaceutical company Allergan announced the launch of its newest facial filler: Juvéderm Volux. Like the existing range of Juvéderm products, Volux is a hyaluronic acid-based dermal filler, designed to replace lost facial volume. Though Volux is dense, it is easy to mould and sculpt – and it also stays in place. This helps to achieve a wonderful sharpness along the jawline, which many people are now demanding.
• In June 2019, Pharma giant AbbVie announced it was acquiring Allergan, best known as the maker of Botox, at an enterprise value of $85 billion (€74.6 billion). AbbVie has been desperate to fill in the gap for its blockbuster arthritis drug Humira, which loses patent protection in 2023. Allergan fits the bill. This acquisition will provide a breather for Allergan and a new relief for AbbVie, creating a win-win situation for both the companies.
• In January 2019, SunevaMedical, Inc., announced two exciting new partnerships intended to shape the future of regenerative aesthetics. Building on the success of Bellafill, its flagship regenerative biostimulatory product and the longest lasting dermal filler on the market, Suneva Medical has signed two new partnerships with Healeon Medical, Inc and Puregraft, LLC. These agreements puts the company in a sweet spot to vie for greater growth rate in the market and better demands for lip augmentation products. This will encourage the company to put in extra to increase their production and reach in the market.
• In April 2018, Merz, a global leader in medical aesthetics, announced the launch of Belotero Lips, with products specifically designed for lip enhancement and treatment of perioral lines. The line includes two hyaluronic acid (HA) dermal filler products that complement each other to deliver safe, effective and natural-looking cosmetic results. Designed to appeal to a broader and more youthful target audience, the new Belotero Lips campaign emphasizes the importance of individual beauty and emotions with the tagline “Showing off not just you – but an enhanced version of you.”. It has led to creation of good set of demands in the market and a better growth rate.

Access Press Release of Lip Augmentation Market @ https://www.grandviewresearch.com/press-release/global-lip-augmentation-market