This Article appears in the Sept/October issue of The Aesthetic Guide. To read the full article, go to the Digital Magazine Edition found HERE
Medical Aesthetics Trending Into an Extended Growth Phase
By Jeffrey Frentzen, Executive Editor The medical aesthetics industry has entered a new era of maturity, with overall solid growth in many segments, worldwide. Recent market research also suggests that in terms of growth we are seeing only a tip of the iceberg. Major manufacturers have rebounded strongly post-recession and consumer demand for all ranges of cosmetic or aesthetic procedures has shown healthy signs of growth, as well. The market is witnessing strong growth in energy-based device, body shaping and skin tightening segments. According to the market study, Global Aesthetic Market XII (Medical Insight, Inc., Aliso Viejo, Calif., April 2014), total worldwide sales of aesthetic products in 2013 exceeded $5.9 billion. Through 2018, they will expand by 11.5% per year to almost $10.2 billion. In North America, sales growth will remain strong at overall annual growth of 9.4% per year with total sales reaching $1 billion in 2018.
In addition, the industry is going through a period of significant change, according to Robert E. Grant, managing partner at Strathspey Crown Holdings LLC (Newport Beach, Calif.). “In medical aesthetics the only change is constant,” he said. “There’s a struggle for industry leadership, which we are watching between Allergan and Valeant. We are going to see more new technologies and important products appear. For instance, we’re certainly seeing that with the growth of Voluma, which has been significant for volumizing, as well as solid growth in neurotoxins and the popularity of CoolSculpting, which has gained some traction.”
Motivating this growth is a consumer trend that demands maximum affect with minimum down time and risks of side effects, expressed Curtis Cluff, CEO of Envy Medical, Inc. (Westlake Village, Calif.) “This is an area that was underserved, and the demand wasn’t as developed a few years ago because people didn’t know they could demand that. A number of products and technologies have set that expectation and this has led to an increased demand. It is creating a nice surge in the aesthetic medical space.”
Consumers now know what is available at what costs, the downtime and associated risks. They no longer wait until their later years to begin aesthetic treatments, as they understand early, non-surgical intervention is a means to preserving their youth and a means to postponing or avoiding surgery.
According to Nicholas L. Teti, Jr., president and CEO of Suneva Medical (Santa Barbara, Calif.), “The number of people who are now in the pool who perhaps were not in the pool five years, tens years, and definitely fifteen years ago were not there. So, I think the industry has quite healthy, and will be for a long time.”
This Article appears in the Sept/October issue of The Aesthetic Guide. TO read the full order, go to the Digital Magazine Edition found HERE