The skin booster market is set to progress at a CAGR of 10.5% during 2022–2030, to reach USD 2,304 million by 2030.
Skin boosters are cosmeceutical products that promote collagen formation and enhance the skin, helping it glow and tighten. The growth of the market can be ascribed to the increasing disposable income, the presence of a large number of cosmetics professionals around the world, and the technological developments in these products, which, ultimately, lead to enhanced results.
The rising disposable income is a major factor driving the growth of the market. According to the U.S. Bureau of Economic Analysis, the personal disposable income of the U.S. population increased by approximately 0.4% in November 2022 from the previous month. Similarly, according to the Office for National Statistics, the median income in the U.K. increased by 2.0% between the financial years 2020 and 2021. Moreover, during FY 2012–2021, the median income grew by 14.2%.
Similarly, the CEIC reported the disposable personal income of Germany’s population as USD 832.616 billion in September 2022, compared to USD 794.588 billion in June 2022. Besides, according to the Ministry of Statistics and Programme Implementation (MOSPI) of India, the net disposable income of India increased from USD 1,491.72 billion in 2020 to USD 1,633.35 billion in 2021.
As the household disposable income rises, customers experience an increase in their buying power, which drives personal care product sales. Besides, according to the American Academy of Dermatology, almost 50 million individuals in the U.S. suffer from acne annually.
At a medspa, licensed physicians offer non-surgical aesthetic treatments. The category held the larger share, of 66%, in the year 2022 as these places offer reliable services. The majority of the medical spa patients are between the ages of 35 and 54 or millennials, which propels the market growth.
Additionally, in developed countries, such as the U.S., Canada, and the U.K., a rising number of people are seeking out skin specialists to look more youthful and appealing.
Moreover, medical aesthetics had grown into an over USD 11.8-billion industry in 2021, with the rising number of dermatology practices. In 2022, there were 8,841 medical spas, up from 7,430 in 2021 and 5,431 in 2018.
On average, an individual medical spa generates monthly revenue of more than USD 121,000. In 2022, the average revenue generated by one such facility was around USD 2,000,000 compared to USD 1,700,000 in 2021 and USD 1,500,000 in 2018. Moreover, the emergence of large medspa chains, such as Orange Twist, Kalologie 360, and Beverly Hills Rejuvenation Centre, is expected to further boost the market.
The most-significant skin booster market players are Allergan Plc, Galderma S.A., Merz Pharma GmbH & Co. KGaA, Bloomage Biotechnology Corporation Limited, Teoxane SA, Colgate-Palmolive Company (Filorga), IBSA - InstituteBiochemical SA (IBSA Derma), LEMONBOTTLE SA, Fox Group International (Revolax) and Galderma Laboratories L.P.