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ReputationPillar9 min read

Filler Isn't Dying. It's Being Killed by Its Own Worst Results.

Why the Market Isn't Just Correcting

A
Aneesh Patel, PharmDFounder, Marga Partners
Dermal fillersFiller fatigueHA longevityReputationDemand

For the better part of two years, the conversation about dermal filler has been conducted almost entirely in the language of the balance sheet. Analysts and executives debate whether the category is softening, stabilizing, or quietly recovering. The most popular explanation is also the one that asks the least of anyone who repeats it. The market is simply correcting. The pandemic produced an unrepeatable surge, forecasts were set too high on the assumption that the surge was a new normal, and demand is now settling back toward the line it would have followed all along. There is real truth in that story. It is worth taking seriously before setting it partly aside, because a good deal of what looks like decline is in fact the arithmetic of a boom that was never going to hold. Understanding why the boom happened is the first step to understanding why the correction narrative, on its own, explains less than it claims to.

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