The U.S. is currently the largest market for cosmetic procedures globally.
Recently, a report published by The American Society of Plastic Surgeons demonstrated that service profits for Plastic Surgery increase and decrease with economic trends. The journal has analyzed the revenue trends and their possible relationships with numerous economic statistics. According to their analysis, profits from surgical procedures are reflected by economic criterion like stock market averages. When the stock exchange average increases, the revenue from Cosmetic Surgeries also increase. When the unemployment rate goes up, the revenue from Cosmetic Surgeries tend to decrease. During 2015, in the U.S., which is the largest market for cosmetic procedures, the overall revenue increased 20%, but there was 10% decline in service profits from surgical procedures, such as Breast Augmentation and Facelift.
On the contrary, trends in minimally invasive procedures reflect microeconomic benchmarks. Revenue from minimally invasive procedures increased along with real estate value, disposable income per capita and real Gross Domestic Product per capita. Consequently, there was an approximate 200% increase in service revenues generated by minimally invasive cosmetic procedures, such as Botulinum Toxin and dermal fillers. The market shares for service profits from these procedures increased from 30% in 2000 to about 50% in past two years. Subsequently, the service revenues from surgical procedures have remained stable.
Non-surgical treatments blazed a path across the globe; they are generally divided into three major categories: injectables, energy based devices and active cosmetics. Injectables include neurotoxins, such as Botox® and dermal fillers like Restylane® and they have the largest market share. These are followed by energy–based devices, such as lasers, radio frequency and Intense Pulsed Light (IPL). The cosmeceuticals include skin care, eye care, skin lightening, and scar care products.
The North American market comprises approximately 45% of the global market; however, the dominance of the U.S. is migrating towards Asia, specifically in the energy–based devices sector. Asia is considered the next frontier and the number of physicians and clinics in China and India has been steadily increasing, along with medical tourism in the region. In the injectables and devices category, the E.U. occupies the second position behind the U.S. Brazil remains a strong market for aesthetics and cosmetic procedures. Russian market is also experiencing fast growth than many E.U. countries and the Russian market is especially strong for devices and topicals.
Along with the global giants like Allergan, Galderma and Merz, a lot of smaller companies are offering wrinkle relaxing agents and wrinkle fillers. These products have only temporary effects requiring repeated procedures. The market for these products is nearing maturity and they are widely accepted only in the U.S. and E.U., whereas, permanent fillers are widely in demand in Asia. Artefill is considered to be a semi–permanent to permanent filler. It contains a synthetic ingredient known as polymethyl methacrylate (PMMA) mixed with animal collagen. Use of off–the–shelf dermal fillers and fillers containing Lidocaine for pain management is becoming a gold standard in the E.U. and U.S. markets.
Aesthetic practitioners have now the choice of new instruments such as, soft and bendable needles, blunt-tip cannulas and injector pens for minimally invasive procedures. Recent years have seen wide acceptance by consumers for microneedle treatments administered via handheld guns, for restoring skin with vitamins, amino acids and hyaluronic acid. Consumer aesthetic products, such as “micro–botox” and “bro–tox” are experiencing substantial growth. Adipose Derived Stem Cells (ADSC) have gained acceptance for rejuvenating face and breasts, and stem cells from green apple, lilac and alpine roses are now being integrated as ingredients in topical cosmetics. Facial treatments have gained a significant market share with the availability of plenty of off label products. New technologies to treat excessive sweating, Cryoneuromodulation for wrinkles and eradication of toenail fungus offer new areas for physicians.
Another growth market is for body shaping procedures that involves reduction of fat, cellulite, skin laxity and vein removal. An injectable drug, currently in clinical trials is most likely to become a game changer in body contouring segment in the near future. On July 10, 2014, FDA accepted the filing of a New Drug Application (NDA) for the drug Kybella (deoxycholic acid) by Kythera Biopharmaceuticals. Plug–in at–home devices for treating sun damage, hair removal, skin decoloration, acne, hair growth, skin texture, microdermabrasion, and cellulite continue to expand particularly in developed markets. The aesthetic market is expected to witness a new innovation, the introduction of transepidermal drug delivery technologies for facilitating topical treatments.