The South America hyaluronic acid-based dermal fillers market is estimated to garner a revenue of USD 1028419 Thousand by the end of 2028 from a revenue of USD 321008.2 Thousand in 2017 by growing with a CAGR of 11.8% during the forecast period, i.e., 2020-2028. The growth of the market can be attributed to the rapidly increasing demand for minimally invasive facial treatment in the region, along with the rising aging population, and therefore the need to treat numerous skin problems.
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One of the major factors that causes numerous skin problems is the increasing age of individuals. According to the statistics by the United Nations, the number of persons aged 65 years or over around the world recorded to 702.9 Million in the year 2019, and it is further estimated to reach 1548.9 Million by the end of 2050. Further, in Latin America, the number of persons aged 65 years or over reached 56.4 Million in 2019 and is further estimated to touch 144.6 Million by the end of 2050.
By far, people belonging to age group 40 or above are the primary users of dermal fillers. At this age, the body produces significantly less amount of collagen and elastin, the chemicals which are known to keep the skin firm. Owing to the less production of such biochemicals, many men and women prefer using dermal fillers to help them look beautiful and young, which is anticipated to drive the market growth. Further, the demand for non-invasive and minimally invasive skin-tightening procedures has increased significantly in the region over the past few years, which is also anticipated to contribute to the growth of the market during the forecast period.
