PUBLISHER: Grand View Research | PRODUCT CODE: 1363035
PUBLISHER: Grand View Research | PRODUCT CODE: 1363035
The global chin augmentation market size is expected to reach USD 2.01 Billion by 2030, registering at a CAGR of 6.8% from 2023 to 2030, based on a new report by Grand View Research, Inc.. The growth of the market is attributed to the changing aesthetic needs, recognition of dermal fillers for chin augmentation by regulatory bodies, and growing collaboration between manufacturers and other service intermediaries. Moreover, the growing aging population globally propels the demand for chin augmentation as various aesthetic surgeries focused on the face and head are preferred by the adult population who portray signs of aging. According to the American Society of Plastic Surgeons report in 2020, hyaluronic acid-based fillers were used predominantly in those aged between 40 to 54 years.
The availability to finance cosmetic surgeries at distributed monthly cost propels patients to undergo cosmetic procedures such as chin augmentation in developed countries such as the U.S. and Germany. Furthermore, leading manufacturers of dermal fillers are actively collaborating with service providers to increase their product-target penetration. For instance, in April 2022, PatientFi and Allergan Aesthetics expanded their marketing agreement, allowing the former company to provide financing options to the latter's product portfolio. The agreement will propel the usage of Juvederm fillers such as Volluma and Volux for chin augmentation procedures.
In addition, growing product approvals for dermal fillers for chin augmentation applications propels the market growth. For instance, in June 2020, AbbVie received U.S. FDA approval for Juvederm Volluma to augment the chin. Similarly, in February 2021, Galderma received regulatory approval for Restylane Defyne to correct moderate to mild chin retrusion in adults aged 21 and over.