Facial aesthetics market to double by 2020
The global facial aesthetics market is set to double in size by 2020, according to a newreport by business intelligence company GBI Research. The market was worth US$2.5 billion (£1.5bn) in 2013, and GBI Research predicts it will hit US $5.4bn (£3.1bn) in 2020, growing at a rate of over 10% per year.
The rapid growth in this sector ha sbeen attributed to on-going economic recovery, greater consumer awareness about injectable treatments, and younger generations looking to fight or prevent the signs of ageing. GBI Research analyst Srikanth Venkataraman said,“Individuals born between 1980 and 1994 present a significant opportunity for companies to generate further growth, asthis group is seeking age reversal techniques earlier than its predecessors.”
GBI Research added that growth in the market will also be driven by topical neurotoxins, which are expected to hit the market in two years.
Analyst and aesthetic nurse Constance Campion commented, “Investors are pouring money in to this area.There is a Phase 3 clinical development programme in the United States for the treatment of crow’s feet lines, based on a peptide technology to enable delivery of botulinum toxin across the skin, eliminating the need for injections. Market research and analysts’ reports suggest that the only current barriers to more people using injectable botulinum toxins, include the fear of frozen face and needle aversion.”
