The strong desire to look younger is the most prominent factor propelling the global facial injectables market, says Transparency Market Research in its latest report. This 72-page research publication, titled “Facial Injectables Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, states that developing at a steady CAGR of 14.60% from 2014 to 2020, the global facial injectables market is projected to grow from a value of US$3.3 bn in 2013 to US$9.4 bn by 2020.
The market for facial injectables is also driven by the rising geriatric population, growing preference for minimally invasive procedures, and increasing longevity of the effects of facial injectable products. While product innovation and product development offer new avenues for growth, side effects of certain products have limited the adoption of facial injectables.
The facial injectables market is categorized on the basis of product into hyaluronic acid, polymers and particles (PPFs), botulinum toxin, and collagen. Hyaluronic acid is the largest segment of the facial injectables market and, registering a steady CAGR of 16.30% during the forecast period, this segment is anticipated to grow to a value of US$5.9 bn by 2020. Polymers and particles, on the other hand, are projected to form the fastest expanding product segment by the end of the forecast period owing to having less side effects than other facial injectable products and higher longevity of the effect.
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The global facial injectables market is segmented on the basis of geography into Asia Pacific, North America, Europe, and Rest of the World. Accounting for a 40.9% share in 2013, North America dominates the overall market owing to the growing demand to look younger, presence of a large pool of geriatric population, higher rate of spending on aesthetic procedures, presence of highly advanced healthcare infrastructure, strict implementation of regulatory guidelines, and a well-structured regulatory framework.Asia Pacific has been identified as having the most opportunities in the facial injectables market and this region is projected to expand at the fastest pace during the forecast period. Countries such as India, South Korea, and China have greatly contributed towards the development of the Asia Pacific facial injectables market. This growth can be attributed to factors such as the rise in disposable income, presence of a large aging population base, increase in healthcare spending, rapidly developing healthcare infrastructure, a booming entertainment industry, and rising demand for aesthetic surgical procedures.