The technology is still relatively new, and was primarily marketed world-wide as a treatment for cellulite.
However, after it was noted that it could also be used for the treatment of skin ageing it has taken off in the US and parts of South America.
Originally it was used to treat cellulite, stretch marks, loose or flabby skin, small fatty deposits and even light scarring caused by acne and other skin conditions.
In Europe the treatment is being marketed as the CO2 Rejuvination System by RioBlush, and is said to improve the skin's tissue metabolism by eliminating fluid build-up between skin cells.
It also allows the blood vessels to dilate, allowing for a stronger blood supply to the skin cells, which helps with the flow of oxygen and nutrients to the treated area.
Ultimately this is claimed to enable the skin to produce more collagen, leaving fewer fat cells and in turn leaving a firmer younger-looking skin.
The treatment is said to be easy to carry out, with the carbon dioxide injected into the skin using a tiny needle to permeate the skin's outer level, which in turn diffuses into the adjacent tissues and skin cells.
After the treatment was labelled 'Miracle Gas' by Brazilian Vogue Magazine, word has started to spread in Europe, where it has been increasingly taken up by beauticians and corrective dermatolgists.
With centres in New York, LA, Paris and London, it is currently claimed that there are 5,000 devices in use worldwide and that 30,000 patients have already received the treatment.
At £100 (€140) a go the treatment is not cheap, especially as individuals being treated for conditions such as cellulite are often recommended to make between seven and ten visits before a real difference is noticed, but on the plus side there is no danger of toxicity and the effects can last up to six months.
According to an article published in the UK newspaper the Daily Mail one of the first practioners in Europe is Parisien anti-ageing expert Dr Jules-Jacque Nabet, who claims that the treatment is the biggest break through in non-invasive treatments since Botox came about 13 years ago.
A study conducted by the Aesthetic Plastic Surgery Journal has stressed that there are no known side affects associated with the treatment, while a study by the University of Siena in Italy showed that the treatment was effective in both smoothing skin and reducing fat.