The global facial treatment devices market is set to exhibit rapid growth in the coming years on the back of numerous factors such as the rising demand for cosmetic treatments, the growing prevalence of dermatological conditions, and the increasing purchasing power of modern consumers and their willingness to spend considerable amounts on cosmetic facial treatment.
The rapid growth of the healthcare sector has proved beneficial for a number of components of the sector, including the facial treatment devices market, which has received a steady influx of investment, which is likely to enable steady growth of the market in the coming years. The global facial treatment devices market report provides a solid understanding of the major factors driving and restraining the growth of the global market as well as a comprehensive understanding of the segmentation of the facial treatment devices market.
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According to Transparency Market Research, the global facial treatment devices market is likely to be valued at US$808.4 mn by the end of 2017. Exhibiting a robust 7.3% CAGR over the 2017-2024 forecast period, the global facial treatment devices market is expected to rise to a valuation of US$1,149.6 mn by the end of 2024.
Here are the key insights into the growth prospects of the global facial treatment devices market:
The prime driver for the global facial treatment devices market is the rising prevalence of dermatological conditions across the world. Growing pollution levels have been a major contributing factor to this phenomenon, in addition to the growing adoption of unhealthy lifestyles and dietary choices, which have resulted in a growth in a number of diseases, including dermatological conditions. The rising prevalence of dermatological conditions in developing countries in Southeast Asia and the Middle East is likely to be a major driver for the global facial treatment devices market in the coming years, as consumers in these countries are becoming increasingly affluent, resulting in the availability of advanced skin care treatments.
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The rising disposable income of consumers is thus likely to remain a key driver for the global facial treatment market. While facial treatment has always been part of an average consumer’s life, the specialized attention being given to it is a novel phenomenon and is the result of the growing range of facial treatment products being made available to consumers as well as the rising inclination of consumers to spend extravagant amounts on the same.
The growing demand for cosmetic treatments is also likely to remain a major driver for the global facial treatment devices market in the coming years. Cosmetic treatments have become increasingly popular across the world in recent years due to the rising demand to maintain a youthful and more attractive appearance, while the diversification of treatments in the facial treatment market has also helped boost the market’s growth prospects. Urban consumers are the key consumer demographic for cosmetic treatments, as the demand to maintain a more attractive appearance is higher among urban consumers.
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North America is likely to remain the dominant contributor to the global facial treatment devices market in the coming years due to the rising prevalence of dermatological disorders that necessitate the use of facial treatment devices. Asia Pacific except Japan is also likely to emerge as a significant contributor to the global market over the coming years due to the rising disposable income of consumers in the region.
Global Facial Treatment Market: Competitive Dynamics
Leading companies in the global facial treatment market include Solta Medical Inc., Lumenis Ltd., Cynosure Inc., Strata Skin Sciences Inc., Syneron Medical Ltd., Lutronic Corporation, Cutera Inc., Lynton Lasers Ltd., Sciton Inc., Alma Lasers Ltd., Venus Concept Canada Corporation, and Fotona d.d.
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