Global Lip Fillers Market: Overview
One of the trends catching up with women of all age groups is fuller lips. Flared by adoption by celebrities such as Kylie Jenner, Charlotte Crosby and Angelina Jolie, it is becoming a must in terms of facial aesthetics. Besides, with improvement in technology, it has become a non-surgical process, leading to an ever growing consumer base. The situation today is such that it is one of the most searched cosmetic procedures across the world. Moreover, recent FDA approvals have really given a major boost to the lip fillers market
Therefore, the global lip fillers market is expected to grow at a steady CAGR (Compound Annual Growth Rate), pulling up market worth by a significant amount.
To increase market share, manufacturers join hands with hospitals, surgery centers and even beauty clinics. Customized lip fillers are also making market rounds, giving way to rising demands for personalization
Global Lip Fillers Market: Notable Developments
- December 2018 – Silk Inc. came up with a dermal filler that is sustainable. It uses silkworm cocoons that make it a better alternative to traditional fillers (acid-based). The biocompatibility of these is higher than those used prior to their creation. This transforms the market for good as more consumers will now be comfortable with the idea of lip fillers. Besides, it is set to spur competition in the global lip fillers market.
- October 2018 – Ireland-based Allergan began marketing for its derma filler that goes by the name of JUVEDERM. The move by the global leader in pharmaceuticals – devices, biologics, surgical and regenerative medicines – is significant in terms of the efforts directed towards lip filers in the global market. Besides, it is one of the few advertising initiatives that can be found in the current landscape.
Market is fairly consolidated. Top three players hold major market share. These players are Allergan, Galderma Laboratories, and Merz Pharma GmbH & Co. KGaA.
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Global Lip Fillers Market: Key Trends
The global lip fillers market is seeing trends that are driving the market forward in a major way. Some of these are mentioned below.
- Going forward, a trend away from silicone based fillers is being noted. Consumers are instead opting for hyaluronic acid-based and silk based fillers as not only are they convenient to use but also provide better outcomes. As stated above biocompatibility of silk based fillers is high. Similarly, hyaluronic acid occurs in the body naturally, making it a safer alternative to liquid silicone. Besides, these are moisturizing in nature, which give a better look to lips post the procedure.
- Social Media is becoming a key factor in terms of popularizing the fuller lips trend. From varied platform influencers to celebrities sharing pictures of now and before are really contributing to the growth of global lip fillers market. They share many details with their follower-base, from clinics and brands to what should be done before and after the procedure. As a result, the idea of using lip fillers is becoming normalized quickly as people believe what these influencers say. To add to it, the selfie tradition is also leading growth as well defined lips – contoured and voluminous - look appealing to women. Therefore, social media can be rightly considered a primary marketing channel by players.
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Global Lip Fillers Market: Regional analysis
One of the largest markets, growing at an impressive pace is the East Asian Market, owing to increasing demand from countries like China, Japan and South Korea. At the vanguard of their beauty and fashion games, these countries contribute extensively to the market. For instance, the cherry lips trend observed in the market is a Korean found, picked up by consumers, including celebrities, across the world.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.