The COVID-19 pandemic has caused supply and manufacturing disruptions in the Healthcare creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the Healthcare landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the Healthcare Industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
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With increasing developments in the cosmetics and dermatology, novel solutions have been introduced to treat aging signs such as wrinkles on hands, face and around eyes (crow’s feet). Being minimally invasive procedures, treatments such a Botox, dermal fillers and chemical peels have gained high recognition. The demand for crow’s feet treatments is expected to increase at a moderate pace owing to increased adoption of age defying agents and effective less trauma skin treatments. Moreover, these treatments are fuelled by increasing expenditure on cosmetic procedures with rising per capita income.
As per Persistence Market Research’s analysis report, the global market for crow’s feet is estimated to reach a value of over US$ 800 Mn by the end of the year of assessment (2026), with the demand for the treatment to grow at a steady pace in the coming years. This growth is accelerated with the penetration of novel cosmetic non-invasive or minimally invasive procedures introduced by key players.
North America and Europe to Radiate Potential Growth Opportunities for Manufacturers
As per analysis presented in World Population report by United Nations Countries in Europe, North America and Asia Pacific are experiencing increasing aging rate of population. Europe has the highest percentage of aging population. The demand for crow’s feet treatment in this region is expected to well at a comparatively higher rate in the coming years owing to increasing acceptance of treatments such as Botox and dermal fillers. Crow’s feet market in European region is largely pushed by the adoption across countries of Germany, United Kingdom, France and Spain.
These have showcased higher consumption of crow’s feet treatment owing to higher occurrence of the disorder among the population. Moreover, in North America, the demand for minimally invasive treatment for crow’s feet is increasing at a significant rate. The presence of major cosmetic companies in the region, coupled with favorable government support and initiatives in funding research and development in cosmetic space has pushed the sales of crow’s feet treatments, especially in the United States. Asia Pacific excluding Japan (APEJ) is also a significant contributor to the growth of the global crow’s feet market.
Dermal Fillers and Botox to Gain High Demand
Dermal fillers and Botox (Botulinum Toxin) are much preferred options for treating crow’s feet. Of these Botox have witnessed a higher market share as compared to dermal fillers. However, the latter is expected to witness increasing adoption owing to convenience and quicker results. The rate of adoption of dermal fillers is expected to increase at 4.2% during the period of forecast.
Sale of Crow’s Feet Treatment in Dermatology Clinics to Remain at the Vanguard of Dominance
Treatments for crow’s feet are widely used in dermatology clinics. A large percentage of population is preferring dermatology clinics over other facilities owing to availability of skilled dermatologists and use of high tech equipment. This has triggered the use of crow’s feet treatment, especially Botox and dermal fillers across dermatology clinics in the globe. Sales of crow’s feet treatment in dermatology clinics is expected to touch US$ 314 Mn by end of the assessment period (2026). In addition, the crow’s feet treatment has also gained high visibility through online channels, which is expected to grow at a higher rate in the coming years.
- Allergan, Inc.
- Alma Lasers
- Solta Medical
- Lumenis (Pologen)
- Sciton, Inc.
- Venus Concept Canada Corp.
- Galderma S.A.
- Merz Pharma GmbH & Co. KGaA
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