The Persistence of Demand for Cosmetic Procedures
The recession pinch on out-of-pocket surgery, most prevalent of which is cosmetic surgery, was a momentary pause in a market with persistent demand. The global market for cosmetic procedures is growing insatiably — there was a better than 10% boost in the industry’s market during 2013, reflecting an unabated interest aesthetics. From liposuction and breast augmentation to anti-wrinkle injections and lasers, both surgical and non-invasive procedures totaled $6.4 billion in 2013. High demand for eyelid and nose surgery is expected to boost the Asian market by over 14% in 2013, while anti-aging treatment for people over 50 is forecast to cause a 6.6% growth in the European cosmetic market. In Australia the non-surgical market is growing more rapidly than the surgical market. There was a 25% growth in the non-invasive market in 2012, compared to a 1.4% growth in the surgical trade.
More than 75% of people having cosmetic enhancement treatments and procedures are mixing injectables into their routine, and these people can’t all be influenced purely by marketing. They have injectables because they really work. Sales in 2013 reflected continued recovery in the struggling breast augmentation market, which suffered a 9.2% decline in Europe and a global growth of only 1.9% in 2012. The deterioration in breast procedures is attributed to a scandal involving unauthorized silicone filler used in faulty breast implants throughout Europe and Latin America in 2012.
The Asian market is expected to lead that growth in the form of more eye lifts and nose jobs which is expected to increase by 14%. Eye lifts and other procedures which make the eyes more rounded, were the most popular procedure in the majority of Asian countries. In the U.K., anti-aging procedures, namely injectable fillers and face lifts, are expected to grow by 6.6%. Body contouring is still popular in the country, but more people are showing a preference for fat injections to increase their breast size or give them a curvy physique. The slow-growing American economy and European austerity has obviously not hindered the plastic surgery industry. Many people are choosing to use their discretionary funds on combating the signs of age. For some it is in the interest of furthering their professional careers and for others it a tool to reaching their beauty goals.
Below is illustrated demand globally for surgical and non-surgical cosmetic procedures.
Source: MedMarket Diligence, LLC; Report #S710.
Patrick Driscoll founded MedMarket Diligence in October 2001. Mr. Driscoll has over 25 years experience analyzing and writing on medical technology markets, encompassing medical devices, biotech and biopharmaceuticals. He co-founded Medtech Insight and as a principal with Medical Data International directed the custom research, syndicated reports and database research businesses. Mr. Driscoll ...