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The Chemical Peel Market size is projected to increase by USD 692.44 million and the market size is estimated to grow at a CAGR of 6.58% between 2022 and 2027. Increasing demand for aesthetic procedures and technological advancement are driving market growth. There is a rising trend toward aesthetic treatments and procedures worldwide. Chemical peeling is a popular method for improving the skin's appearance, treating various skin conditions and enhancing its texture and tone. The growing desire for youthful and flawless skin is driving the demand for chemical peel treatments.
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The cost of high-quality treatment can be reduced in developing countries, as opposed to developed countries. This has led to a rise in the number of people taking up health services in these countries. In addition, approximately 55% to 70% of the treatment costs are saved due to people from outside Europe traveling for beauty services in countries such as Hungary, Mexico, India, and Malaysia. In developed countries, the costs of deep peeling are so low that they're quite high in developing countries like India and South Korea.
Also, India and South Korea are known to have renowned surgeons which attract more than one million individuals per year for procedures related to cosmetic surgeries such as facial aesthetics and chemical peel. In India, cosmetic costs are comparatively lower (8%-10%) than in developed countries such as the US, the UK, and other European countries. The advancement in healthcare infrastructure and high-quality medical services in developing countries will propel medical tourism, which will drive the growth of the market during the forecast period.
Counterfeit products are exact copies of branded prescription drugs (FDA-approved). These counterfeits are manufactured by certain local traders in order to exploit the brand value of real products, without following the guidance issued by regulatory authorities. However, such products can also be dangerous, as they are sometimes contaminated with bacteria and other toxic chemicals. These products will leave the market with cheap products when they replace what is already available on the market. Counterfeit products are being marketed in developing and new markets to customers with price sensitivity.
Moreover, the largest share of counterfeit facial aesthetics products is in APAC. Low production cost is the critical factor encouraging the production of counterfeit skincare products. Since there are counterfeit products in the market, different vendors are manufacturing low-level and unsafe products without following guidelines or standards given by the government. This will adversely impact the growth of the market. Since the sales of counterfeit facial aesthetic products are rapidly growing, this could act as a major challenge to market growth during the forecast period.
The market share growth by the hospital segment will be significant during the forecast period. It's a cosmetic procedure used to minimize the appearance of fine lines, acne scars, wrinkles, and discoloration in hospitals. The market share growth by the hospital segment will be significant during the forecast period. It's a cosmetic procedure used to minimize the appearance of fine lines, acne scars, wrinkles, and discoloration in hospitals. The hospital segment was valued at USD 768.03 million in 2017 and continued to grow until 2021. The hospital segment focuses on the therapeutic use in medical settings to address specific skin conditions under the supervision of medical professionals. The recreation segment encompasses the cosmetic use of chemical peels in non-medical recreational or aesthetic facilities to enhance the appearance and rejuvenate the skin. There has been an increase in the number of hospitals and recreation centers to meet the fast-growing older adult population across the world. The hospital segment refers to the use in medical settings, particularly in dermatology departments or clinics within hospitals
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The light peel segment refers to a category of chemical peels that are relatively mild and provide superficial exfoliation of the skin. Light peels are widely accepted due to their mild character, low maintenance and ability to bring visible improvements in skin texture and tone. Light peels typically involve the application of chemical solutions containing mild concentrations of exfoliating agents, such as alpha hydroxy acids (AHAs) as glycolic acid or fruit acids or beta hydroxy acids (BHAs) like salicylic acid. In most regions (such as Canada, Germany, and the US), light peels are used to improve skin color and softness. In the abovementioned regions, most of the working women are using light peels. Therefore, the light peel segment is expected to witness growth in the chemical peel market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, high disposable income is one of the reasons for the high chemical peel market share. Americans spent approximately USD 14.6 billion dollars on aesthetic procedures in 2021, with surgical revenues increasing by 63% in 2021. Among the non-surgical procedures, was in the top five procedures performed in North America due to the rising older population, which is resorting to these procedures to tackle age-related issues.
Moreover, the vendors are developing different types , with the rise in the patient population. Therefore, the presence of a high patient population, high affordability, and the availability of techniques and surgeons are the factors responsible for the high market share of the region, which will increase the market growth in this region during the forecast period.
The market is experiencing significant growth, driven by increasing concerns regarding pigmentation and wrinkle issues among consumers. Leading brands like Glytone are leveraging natural ingredients such as sugar cane and sugar beets to formulate effective chemical peel solutions. It containing alpha-hydroxy acids (AHAs), derived from sources like milk, are gaining popularity for their ability to address various skin concerns. Superficial or light peels, targeting the epidermis, offer a non-invasive solution for improving skin texture and reducing acne spots and dark circles.
Factors such as fatigue and genetics can contribute to skin imperfections, prompting individuals to seek collagen-boosting treatments like chemical peels. With advancements in skincare technology,its are becoming more accessible and customizable to cater to individual needs and preferences.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Chemical Peel Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.58% |
Market growth 2023-2027 |
USD 692.44 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.32 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 47% |
Key countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., AMOREPACIFIC Group Inc., Bausch Health Co. Inc., BeautyPharmaCo, Candela Corp., Caudalie International SE, Galderma SA, Hale Cosmeceuticals Inc, Image International Manufacturing LLC, Johnson and Johnson Services Inc., LOreal SA, MedPeel, Merz Pharma GmbH and Co KGaA, NEFTIS LABORATORIOS SL, Pierre Fabre SA, ProDerma Light, Radius Healthcare Pvt. Ltd., Renee Rouleau Inc., Topix Pharmaceuticals Inc., and Unilever PLC |
Market dynamics |
Parent market analysis, Market Forecasting ,market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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