Facial Rejuvenation Market is Estimated to Witness High Growth, Owing to Increasing Consumer Awareness and Growing Geriatric Population
Facial rejuvenation market is estimated to be valued at USD 28.14 Bn in 2024, exhibiting a CAGR of 7.9% over the forecast period (2024-2031). Rising awareness about aesthetic procedures among consumers and growing adoption of minimally invasive techniques can drive the market growth.
Market Dynamics
Facial rejuvenation market growth is primarily driven by increasing consumer awareness about facial aesthetics and availability of advanced treatment procedures. With rising income levels globally, consumers are willing to spend more on cosmetic enhancements to improve physical appearance.
Global geriatric population aged above 65 years is expected to reach 1.5 billion by 2050. With ageing, facial skin loses its elasticity and volume, resulting in wrinkles, folds and sagging of skin. This induces demand for procedures like Botox injections and dermal fillers among the elderly population to achieve youthful appearance. Major players are focusing on developing skin rejuvenation technologies and products with minimal downtime to capture larger customer base. However, high cost of certain aesthetic treatments and social stigma associated with plastic surgeries in some cultures can hamper the market growth.
Rising Aging Population Leads to Increased Demand for Anti-Aging Treatments
Facial rejuvenation market growth is driven by rising aging population globally. As life expectancy increases around the world, more people are seeking ways to look younger and reduce signs of aging. Products and procedures that can help reduce wrinkles, tighten skin, and diminish age spots witness huge demand. In 2023, according to the United Nations, the number of people aged 60 years or over is expected to double from 12% to 22% between 2015 and 2050. This demographic shift can drive the facial rejuvenation market growth as older consumers look for anti-aging solutions.
Growing Focus on Appearance and Self-Image Boosts Demand for Facial Rejuvenation Treatments
Increasing importance placed on youthful appearance and physical attractiveness in many cultures and societies can also drive the market growth. The need to look good and stay confident has encouraged more experimentation with non-invasive and minimally-invasive facial rejuvenation procedures. Procedures that can naturally enhance one's appearance without extensive downtime are becoming increasingly popular. This growing emphasis on self-image and aesthetics can propel the facial rejuvenation market.
High Cost of Some Procedures Acts as Restraint
High cost associated with certain advanced facial rejuvenation treatments and procedures can hamper the market growth. Cutting-edge laser treatments, stem cell therapy, and plaster lifting can range from thousands to tens of thousands of dollars per session. While effective, the hefty price tag prevents many consumers from regularly undergoing such procedures. This cost factor discourages repeat purchases and limits the market to only high-income individuals who can afford luxury anti-aging solutions. Affordability must be improved to attract a wider customer base.
Side Effects and Risks Pose Another Restraint
The potential side effects and risks associated with certain cosmetic procedures can hinder market growth. Treatments for facial rejuvenation that involve injectables or surgery come with risks such as infection, scarring, swelling, and long-term alterations in appearance. Increased awareness of these issues has made some consumers hesitant to undergo procedures that might yield unnatural or unsatisfactory results. Therefore, it is essential to minimize risks and side effects through advanced technology and skilled administration to alleviate these concerns. The perceived dangers linked to some cosmetic options limit broader acceptance and opportunities for growth in the market.
Non-Invasive Facial Rejuvenation Presents an Opportunity
Major opportunities lie in non-invasive facial rejuvenation options that do not involve surgery, needles, or extended downtime. Treatments such as laser skin resurfacing, ultrasound, radiofrequency, and light therapies provide anti-aging benefits without associated risks and affordability issues of other options. Their non-evasive nature attracts first-time users and makes ongoing maintenance more feasible. Technology advancements to enhance efficacy and comfort level of non-invasive variants can expand the consumer demographic.
Growth of Medical Aesthetic Tourism Presents Another Opportunity
The rise in medical aesthetic tourism offers a lucrative opportunity for growth. Numerous countries are strategically positioning themselves as premier destinations for affordable cosmetic treatments. The combination of skilled specialists, advanced clinics, and lower costs compared to domestic options is driving significant international travel specifically for facial rejuvenation procedures. This flourishing industry is expected to continue stimulating business growth by attracting more overseas patients seeking high-quality cosmetic services.
Link - https://www.coherentmarketinsights.com/market-insight/facial-rejuvenation-market-3189
Key Developments
- On October 2, 2024, Elevai Labs, Inc., a medical aesthetics company, announced the initiation of a clinical study to assess the efficacy of a topical exosome product in conjunction with an energy device treatment on facial skin appearance. The clinical study will assess the efficacy of Elevai’s topical exosomes Elevai empower, a topical exosome serum designed specifically for in-office application, and Elevai enfinity, a daily topical exosome product for at home use, as standalone treatments and in conjunction with an energy device treatment on facial skin appearance
- On January 30, 2024, BTL, an aesthetic equipment manufacturer, announced the launch of EXION, a 4-in-1 rejuvenation platform for the whole body. EXION addresses facial, body, and intimate health concerns using four distinct applicators, each utilize next-generation technology from radiofrequency microneedling to ultrasound and artificial intelligence. The platform promises to deliver unprecedented results in skin tightening, body shaping, skin laxity and fat reduction procedures.
- In January, 2023, Allergan Aesthetics, a subsidiary company of AbbVie, Inc., announced the launch of the long-awaited SkinMedica Even & Correct Collection. It includes line of products that are specifically designed to address hyperpigmentation and promote an even skin tone.
Key Players
Merz Pharma, Anika Therapeutics, Lumenis, Galderma, AbbVie, Contura Ltd, Fibrocell ScienceInc., Revance Therapeutics, Cynosure, Alma Lasers, STRATA Skin Sciences, Sciton, Inc., Elevai Labs, Inc., and SkinBioTherapeutics
