According to Millennium Research Group (MRG), the widespread availability of unapproved aesthetic facial injectable products in Latin America is affecting the competitive landscape of each segment of the overall facial injectable market differently. While the effects on the botulinum toxin market are minimal, sales of unapproved dermal fillers are hindering average selling prices to under $200 per unit. In comparison to the US, the average selling price for hyaluronic acid dermal fillers in Latin America is approximately 10% lower, and for particle and polymer fillers, it is almost 30% lower.

In the botulinum toxin segment, physicians are reluctant to use low-cost illegal products because of the real and perceived risks associated with using a neurotoxin that lacks the quality assurance a physician can expect from companies that maintain regulatory approval. Conversely, in the dermal filler segment, the availability of illegal products spurs price competition, particularly in the hyaluronic acid segment. Larger companies that offer higher prices per unit tend to compete by offering product bundles; companies selling products across multiple complementary segments hold an advantage because they can cater to a greater variety of product needs for each physician.

"In the particle and polymer filler segment, off-label use and use of unregulated products is very common. During the economic recession, particle and polymer fillers that were not approved for aesthetic indications by the local regulatory body became a popular choice among physicians because of their significantly lower price point," says Sana Siddiqui, Manager of the Aesthetics division at MRG. "The popularity of these products places some price pressure on manufacturers and distributors of regulated products because they must compete with the low-cost illegal products. Furthermore, price points vary widely in the Latin American particle and polymer filler market, with some products costing as much as $400 US per mL, and others costing as little as $15 for the same quantity, depending on the region and the product formulation."

Particle and polymer filler manufacturers in Latin America therefore aggressively promote their products' benefits as well as their safety profiles; the products available in this market are highly diverse, and manufacturers compete on the strength of the materials used in their dermal fillers rather than on price or bundling deals, which are more common in the botulinum toxin and hyaluronic acid markets.