Increasing consumer spending on aesthetic treatments coupled with growing popularity of non-surgical procedures are key factors driving the global facial rejuvenation market. Macro factors including rising employability and promising economic growth in Asia Pacific to promote nice-to-have services are projected to contribute to the adoption of facial rejuvenation treatments and present potential growth opportunities to providers and other stakeholders in the facial rejuvenation market. As per a report by Persistence Market Research (PMR), the global facial rejuvenation market, expanding at a steady 5.0% CAGR, is likely to reach a valuation of US$ 39.4 Bn by 2028. However, adverse reactions associated with facial aesthetics products, high procedure costs, and lack of trained professionals are some key factors projected to restrain the adoption of facial rejuvenation procedures.
Rising Adoption of Minimally Invasive Procedures and Combination Therapies Driving the Adoption of Facial Rejuvenation Treatments
Considering the advancements in cosmetic treatments, a number of consumers are preferring least invasive, less painful procedures. From minimally invasive injectables to non-invasive topical skin treatments, facial rejuvenation treatments have hugely evolved from equipment-based procedures, further complementing the growing adoption of facial rejuvenation treatments among patients with specific cosmetic concerns, the most common being anti-aging.
PMR’s study on the global facial rejuvenation market reveals that the availability of products with much faster results are driving the growth of facial rejuvenation market, for instance, derma fillers. Moreover, long lasting effect of treatments with clinically-approved products, results in much higher adaptability and retains the trust of patients. In terms of products, Botulinum toxin injection is the most preferred owing to its dynamic used in aesthetic clinical practice. Moreover, positive response from regulatory authorities for different set of facial problems, is also complementing the adoption of botulinum.
Combination therapies including botulinum and derma fillers is also gaining traction considering its higher efficiency, further driving the adoption of facial rejuvenation treatment. Botox injection decreases muscle movement and dermal fillers such as hyaluronic acid products are used for creating more youthful looking appearance. In developed economies including U.S, U.K, Japan, and South Korea, combination therapies of botulinum neurotoxin and dermal fillers of hyaluronic acid, are the most preferred therapeutic choice considering its high efficacy and enhanced results. However, irrespective of the delivery system, growing awareness among patients is resulting in increased facial rejuvenation procedures in private clinics rather than hospitals.
Product Innovation, Partnerships, and Acquisitions to Remain Key Forward Market Strategies
Key, established providers of facial rejuvenation procedures are focusing on strategic collaborations, agreements, and acquisition of local and new players to expand their market footprint along with enhanced service offerings. For instance, Allergan, in 2017, acquired LifeCell and ZELTIQ Aesthetics to enhance its facial aesthetic product portfolio. Various manufacturers are also trying to obtain approvals for single product for treatment of different conditions. Moreover, key players are also focusing on expanding their offerings to regions where penetration of advanced facial rejuvenations products is relatively low including Asia Pacific and MEA.
Providers and manufacturers, in an attempt to minimize the side-effects of facial rejuvenation treatments, including muscle weakening, rashes, swelling, and head and neck pain are innovating more efficient products and combinations. Side effects, often caused by botulinum toxin-A injections, are being minimized using collagen or hyaluronic filling agents with botox, thereby, positively impacting longevity of tissue dwell time of the filling agent. This factor is expected to fuel the demand for combination of reflation and relaxation rejuvenation therapies.
In terms of growth opportunities, Brazil, South Korea, and Dubai are projected to be destinations of interest, owing to burgeoning medical tourism in these regions and increasing collaborations between organizations and health authorities. Moreover, comparatively low cost and usage of FDA-approved or CE-marked facial rejuvenation products in these countries is expected to present potential growth opportunities for stakeholders in the global facial rejuvenation market. For more insights on other market dynamics shaping the global facial rejuvenation market, write in at firstname.lastname@example.org