The global facial aesthetics market will experience rapid growth from $2.5 billion in 2013 to $5.4 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 11%, says business intelligence provider GBI Research.
The company’s latest report states that the increased social mobility of women across the world, a sustained economic recovery led by the US and an expanding awareness among the general public of the availability of facial injectables will drive this impressive growth.
Srikanth Venkataraman, Analyst for GBI Research, says: “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.
“Additionally, individuals born during 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.”
According to GBI Research, the effect of these expanding markets will reduce the global share of the US, from 42% in 2013 to 38% by 2020. Despite this, the US market alone is set to be worth $2.5 billion by 2020, boosted by the anticipated introduction of topical neurotoxins in 2016.
Venkataraman continues: “Topical neurotoxins are gels that can be applied on the skin without having to use a needle, significantly reducing the pain involved in the procedure and therefore providing better patient comfort. Treatments such as RT-001 from Revance Therapeutics are currently in development and are expected to dominate the market for Botox products.”
GBI Research believes topical neurotoxins will be priced at a significant discount to existing Botox products, with intense competition to follow.