Facial Rejuvenation Market Rising due to Increasing Disposable Income of Consumers
Published On : Jan 18, 2016
Facial rejuvenation is a term given to a group of procedures that help restore the youthfulness of the face. This can be achieved by either surgical or nonsurgical methods, or a combination of the two, depending on the particular case. Facial rejuvenation procedures are mainly cosmetic, and don’t affect the body’s internal functioning. The market for facial rejuvenation procedures has been expanding at a steady growth rate in recent years due to the growing desire of elderly and middle-aged people to restore a youthful look, and the increasing purchasing power of these demographics, which allows them to avail the latest facial rejuvenation market.
According to Persistence Market Research, the global facial rejuvenation market was worth a massive US$18 bn in 2014 and is expected to further expand to US$26.5 bn by 2021 at a steady CAGR of 4.90% therein.
Facial Rejuvenation Market Growing due to Increasing Disposable Incomes
Developed countries such as the U.S. and countries in Western Europe are home to a significant population of consumers wishing to eradicate any signs of aging from their face and preserve a youthful look. Due to rapid urbanization and increasing Westernization of developing countries, several people in emerging countries have started to follow Western fashion, which has led to cosmopolitan demand for facial rejuvenation procedures.
As the economic condition of emerging countries has steadily improved, the disposable income in the hands of citizens has also increased drastically in recent years. This has led to an increase in the amount spent on luxuries such as facial rejuvenation. The increasing sophistication of facial rejuvenation procedures, which has led to the development of pain-free and efficient procedures, has also led to a rise in the demand for facial rejuvenation.
On the other hand, a lack of trained professionals, especially in relatively remote and emerging areas, is a major restraint acting on the global facial rejuvenation market. Medical evidence for the efficacy of most facial rejuvenation procedures is also lacking, which has emerged as another key restraint for key players in the facial rejuvenation market to overcome.
North America Leads Global Facial Rejuvenation Market
Regionally, the global facial rejuvenation market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America led the global market in 2014 with a share of close to 33%, due to the prosperity of and high awareness regarding facial rejuvenation among customers in countries such as the U.S. and Canada. In the forecast period, the Asia Pacific and Latin America markets for facial rejuvenation are expected to exhibit the highest growth rates.
Among the various types of facial rejuvenation products available in the global market, botulinum products are the most popular. Botox is a well-known facial rejuvenator used by several consumers and its effectiveness in tightening the skin and eradicating wrinkles, in spite of its several health risks, is responsible for the high share of this segment. Other key facial rejuvenation products on the market are chemical peels, dermal fillers, laser surfacing treatment, and microabrasion equipment. The botulinum products segment is expected to account for around 37% of the global facial rejuvenation market by 2021.
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