Facial aesthetics market to double by 2020
The global facial aesthetics market is set to double in size by 2020, according to a new report business intelligence company GBI Research. The market was worth US$2.5billion in 2013, and GBI Research predicts it will hit US$5.4bn in 2020, growing at a rate of over 10% per year.
The rapid growth in this sector has been 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, as this 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.