Tuesday, June 28, 2016

Global Facial Aesthetics Market to Exceed USD 5.5 Billion by 2020, According to Technavio

LONDON--(BUSINESS WIRE)--According to Technavio’s latest report, the global facial aesthetics market is expected to exceed USD 5.5 billion by 2020, growing at a CAGR of almost 10% during the forecast period.

“The global facial aesthetics market is growing at a steady rate due to the rising beauty consciousness among consumers and a shift in preference from invasive to minimally or non-invasive procedures,” says Amber Chourasia, a lead analyst for health and wellness research at Technavio.

In this report, Technavio covers the present scenario and growth prospects of the global facial aesthetics market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. The market is segmented into the following three regions:
  • Americas
  • EMEA
  • APAC

Americas: largest market for facial aesthetics

The facial aesthetics market in the Americas is expected to grow at a CAGR of over 8%. The market was dominated by the Americas in 2015 and the region will continue to lead the market, with North America as the main contributor. Rapid advancements in technology, increasing awareness about aesthetic procedures, rising demand for the use of minimally invasive techniques, and the increase in the number of older people are some of the factors driving the market.

The population of people aged 60 and above are increasingly opting for cosmetic surgeries, particularly for minimal and non-invasive surgical procedures. Botox will be the most popular facial aesthetic procedure by 2020 due to a reduction in side effects, competitive pricing, increased patient comfort, short procedure times, and immediate results. Men are increasingly joining the customer base, opting for Botox, facial dermal fillers, and other facial aesthetics.

Countries in South America are reporting high economic growth, which in turn will lead to an increase in spending power, thus, enabling people to afford medical aesthetic procedures, some of which are considered expensive. “The presence of a larger number of skilled physicians offering facial aesthetic procedures will further increase the growth of the market in the region,” says Amber.

EMEA: innovative products and increasing public awareness to boost growth

The facial aesthetics market in EMEA is expected to grow at a CAGR of almost 10%. EMEA is the second largest segment in the global facial aesthetics market, with Europe being the primary contributor.

Technological advances in facial aesthetics have led to the development of innovative products. Increasing public awareness of these innovative products and their benefits has led to a rise in the number of people undergoing facial aesthetic procedures.

The UAE and Saudi Arabia are becoming popular destinations for medical tourism. The demand for non-invasive medical aesthetics is on the rise in these countries, and people from across the world are traveling to these countries to undergo medical aesthetic surgeries and prevent the effects of aging. The cost of these surgeries in the Middle East and Africa is less than that for the same procedures in the US and the UK.

APAC: rapidly growing market for facial aesthetics

The facial aesthetics market in APAC is expected to grow at a CAGR of over 13%. The market in APAC will grow rapidly during the forecast period due to significant growth opportunities for vendors.

Japan, South Korea, Singapore, Australia, India, and China are the major contributors to the market in this region. The rise in disposable income of the people in these countries is increasing the affordability of luxury products and services such as facial aesthetic surgeries.

In addition, growing public awareness of cosmetic surgeries will lead to increased implementation of Botox and dermal facial fillers by hospitals and surgical centers. Dermal fillers are also reporting increased sales as consumers are shifting toward non-invasive, low-cost, anti-aging aesthetic treatments.

Key Vendors:
  • Allergan
  • Galderma
  • Ipsen
  • Merz

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