Healthy economic growth world over and the medical tourism trend are a few contributors being factored into the growth of the global esthetics combination therapy market. It was valued at $1.97 billion in 2016, and a recent report from Persistence Market Research anticipates the market to reach $3.69 billion by 2024.
Nice-to-have Services on the Rise
According to the market report, the growing spending power in the United States is increasing nice-to-have services, which include beauty treatments. The rise in disposable income is more visible amongst the affluent class who make up the largest customer base for advanced beauty services, such as facelifts and rejuvenation therapies like laser treatments, microdermabrasion and chemical peels. In addition, a rising population with a desire to keep a youthful appearance is creating a higher demand for beauty treatment services.
This rise is not only in the U.S. as the economic growth in East Asian and Asian-Pacific region is expected to be approximately 5.7% approximately in 2017-2018 and will continue to remain stable over the next three years.
Increase Product Awareness
With an abundance of dermatology service providers in low-income countries, such as India, Thailand and Vietnam, they tend to prescribe chemical peels and skin creams as best treatment options for facial rejuvenation, according to Persistence Market Research.
However, in countries such as the United States, United Kingdom and Japan, the use of only approved Botulinum type-A neurotoxins is seen and in such countries, close to 50% procedures are done using Botulinum type-A injections. Easier availability of products and affordability is set to increase the demand for combination therapy for enhanced results, which will boost the global aesthetics combination therapy market.
Scar Removal and Skin Resurfacing Dominating
Scar removal segment dominated the global esthetics combination therapy market in terms of revenue in 2016, and the trend is projected to sustain throughout the forecast period. Revenue from the scar removal segment is anticipated to register a CAGR of 8.5% over 2016-2024.
Skin resurfacing segment is expected to be the second most lucrative segment in the global esthetics combination therapy market. It’s accounted for 24.2% value share in 2016 and is projected to account for 25.4% share by 2024 end.
Medical Tourism Trend Fueling Market
With an increasing medical tourism trend to countries like Brazil, Dubai and South Korea, facial rejuvenation as an industry is set to witness a strong demand. This trend is strong in Brazil, where there were around 5,500 cosmetic surgeons operating in the country in 2014, performing the second highest number of esthetic procedures after the U.S.