Shifting demographics will cause global facial aesthetics market value to double by 2020
The global facial aesthetics market is set to experience rapid growth from $2.5 billion in 2013 to $5.4 billion by 2020, according to business intelligence provider GBI Research.
The company’s latest reports shows that the growth is being driven by the increased social mobility of women across the world and a sustained economic recovery combined with an expanding awareness among the general public of the availability of facial injectable treatments.
“Increasing job opportunities for women in developing economies such as India and China is leading to higher disposable income and one consequence of this is a greater demand for facial aesthetic procedures,” explains Srikanth Venkataraman, analyst for GBI Research.
“Additionally, individuals born between 1980 and 1994 present a significant opportunity for companies to generate further growth, as this group is seeking age reversal techniques earlier than its predecessors,” adds Venkataraman.
The report, which discusses the market, competitive landscape and trends for Botox and dermal filler treatments, also put forth that the market will be boosted by the anticipated introduction of topical neurotoxins in 2016.
Currently in development, these new non-invasive gels are expected to be priced at a significant discount to current Botox products and will likely dominate the market and provide fierce competition to existing facial aesthetic treatments.