Large and Growing Market in Facial Treatments: Kalorama Report
January 28, 2013 --
NEW YORK, NY -- (Marketwire) -- 01/28/13 -- Facial rejuvenation treatments such as topical treatments, derma fillers, botulism treatments and lasers reached $3.8 billion worldwide, increasing 9.1% from $3.2 billion in 2010 according to Kalorama Information. The healthcare market research publisher says the aging population and a focus on appearance will drive the market for facial rejuvenation products to $6.6 billion by 2017. Developing countries such as Brazil, China, India, Russia, Mexico, South Korea, and Turkey are beginning to account for a larger share of the market, according to their new report Worldwide Facial Rejuvenation Markets, 4th Edition.
A major contributing factor to growth is the aging worldwide population, according to the report. The baby boom generation control approximately $2 trillion in spending power and 50% of all discretionary income. This segment of the population has demonstrated a great desire to retain a youthful appearance, which has been driving growth for aesthetic products. The severe economic downturn from 2008-2012 hurt the market, but there are signs of a rebound, according to the report.
"The vanity market for aesthetic products and procedures were especially vulnerable during this economic downturn. In the case of medical aesthetic equipment, many hospitals and clinics in the United States implemented a near freeze on the purchase of expensive equipment," said Mary Ann Crandall, author of the report. "However, during 2012, the industry experienced a resurgence of growth as more consumers began to spend again and equipment financing became more attractive."
The report cites modern society's obsession with appearance not only for personal reasons, but also for perceived competitive advantage for driving procedures. At one time only plastic surgery procedures could be utilized, and these expensive and time-consuming procedures are a substantial market on their own. With the introduction of more advanced cosmetic-aesthetic methodologies -- lasers, dermabrasion, chemical peel, liposuction, collagen wrinkle filler injections -- the market offers more options for individuals, especially those apprehensive about surgery but would consider less invasive mini facial and body rejuvenation procedures.
The report says that several companies hold a dominant position within their market segment but not over the whole market, that there are lots of competitors in the market and opportunity for new entrants. Leading competitors in the facial rejuvenation market include Allergan, Valeant, Merz, Galderma, Syneron/Candela, Obagi, Cynosure, Syneron, Solta, Lumenis, Palomar, and QMed/Galderma.
The full market research study, Worldwide Facial Rejuvenation Markets, 4th Edition contains more information on the market including company profiles and detailed segment market sizing and forecasts. The report can be obtained at http://www.kaloramainformation.com/Worldwide-Facial-Rejuvenation-7309349/
About Kalorama Information
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