According to our new market research study on “Skin Tightening Market to 2027 – COVID-19 Impact and Global Analysis – by Product Type, Treatment Type, Portability, Application, and End User,” the market is expected to reach US$ 2,350.22 million in 2027 from US$ 1,350.40 million in 2019. The market is estimated to grow with a CAGR of 7.3% from 2020 to 2027. The growth of the market is attributed to increasing cosmetic procedures and growing aging population. However, high cost of cosmetic procedures is expected to hamper the growth of the market to a certain extent during the forecast years.
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In terms of product type the radiofrequency segment held the largest share of the market in 2019; whereas, the laser skin tightening segment is expected to grow at the fastest CAGR during the forecast period. The growth of the laser-tightening segment is attributed to increasing adoption of this method owing to its extended range of advantages as lasers are considered to have multiple benefits and improve the texture and other problems on the skin such as acne, fine lines, wrinkles, and scarring. Moreover, the ease of use facilitated by these devices makes them ideal to be used by healthcare professionals across the world, which, in turn is projected to drive the growth of the segment during the forecast period.
The size of the global middle class population is likely to increase from 1.8 billion in 2009 to 3.2 billion by 2020 and 4.9 billion by 2030. Moreover, by 2030, Asia would represent 66% of the global middle-class population and 59% of middle-class consumption, compared to 28% and 23%, respectively in 2009. Also, according to a 2018 report by the Pew Research Center, the middle-class population accounts for 52% of the total US population. Further, the Americans spent more than US$ 16.5 billion on Cosmetic Plastic Surgery in 2018. The NHS is spending millions of pounds from taxpayers’ money on cosmetic surgery. The NHS is balancing the bill for facelifts, nose jobs, liposuction, and breast augmentation. The number of facelifts has doubled over the past decade, while there has been a 40% rise in liposuction procedures. In 2012 and 2013, the NHS funded to carry out 1,137 facelifts costing taxpayers up to US$ 9.41 million.
The surge in disposable income, introduction of advanced technologies, and better aftercare has uplifted the count of cosmetic procedures being performed. Further, multinational corporations in the skin esthetic industry have been prominently targeting India’s huge population and growing middle class population. As per the World Economic Forum, in India, the number of households with disposable incomes of over US$ 10,000 increased twenty-folds, from 2.5 million in 1990 to ~50 million in 2015. Increasing disposable income has gifted them with the ability to afford high-cost healthcare procedures, such as skin tightening procedures.
The COVID-19 pandemic was first reported in December 2019 in Wuhan (China) and is causing massive disruptions in global supply chains, consumer markets, and the economy as a whole. As the healthcare sector is focusing on saving life of patients suffering from COVID-19, the demand for skin tightening is reducing worldwide.
Merz Pharma, Cutera Inc., Alma Lasers, BRERA MEDICAL TECHNOLOGIES S.R.L., Pollogen, BISON MEDICAL, Cynosure, Bausch Health Companies Inc., AbbVie Inc., and BTL Group of Companies are among the leading companies in the skin tightening market.
The Report Segments Skin Tightening Market as Follows:
By Product Type
- Radio Frequency Skin Tightening
- Laser Skin Tightening
- Ultrasound Skin Tightening
By Treatment Type
- Minimally Invasive
- Wrinkle Reduction
- Face Lifting
- Body Lifting
By End User
- Dermatology Clinics
- Beauty Salons and Cosmetic Centers
- Home Care
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America (SCAM)
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