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Global Aesthetic Services Industry

Global Aesthetic Services Industry

  • April 2021
  • 429 pages
  • ID: 5960760
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

Abstract:
- Consisting of Services Involving Close Physical Proximity, Aesthetic Services Suffers the Ravages of Physical Distancing as a Key Measure Against COVID-19 Spread
- The global market for Aesthetic Services is expected to slump by -8.7% in the year 2020 and thereafter recover and grow to reach US$24.9 billion by the year 2027, trailing a post COVID-19 CAGR of 6.2% over the analysis period 2020 through 2027. With COVID-19 restricting the type of care to only essential services during the quarantine period, elective surgeries, non-essential medical, surgical, and aesthetic procedures witnessed a significant decline in revenues. A good percentage of these clinics completely halted operations while others resorted to reducing the number of working hours leading to significant reductions in their revenues. Clinics had to follow completely new protocols of working for continuing safe operations which also proved to be expensive. Medical aesthetic practitioners found it increasingly difficult to run clinics even after reopening of activities. One of the major problems was the fear among patients to leave safety of their homes even after lifting of restrictions. With consumers migrating to do-it-yourself, over the counter, at-home beauty solutions a quick recovery in the year 2020 remains hampered. Second wave of infection surge in the U.S. & several European countries is additionally resulting in low consumer footfall, post re-opening. In many countries, around 70 percent decrease in patient numbers, during the initial reopening period, was reported. Another challenge was the extreme shortage of PPEs such as face shields, N95 masks, disposable gowns etc. In countries like Australia, there was also this issue of not enough clarity with regard to reopening of aesthetic services across regions. Revenues in the SPA & beauty salon market are expected to erode by $19.2 billion in the year 2020.
- Since the pandemic, many practitioners adopted the practice of virtual waiting rooms where patients wait in their own cars, or just text the clinic to know the right time to arrive. Staff at the clinics also became more comfortable with the new processes as they would enable them to better manage patients. The time of non-activity was also used effectively by many practitioners to better connect to their clients. Social networking sites were used for regularly sending broadcasts and updates to clients. Policies for various procedures were explained through telehealth. Protecting and maintaining communication with and trust of clients was the primary goal of all such strategies. New marketing strategies also included showing clients how safe the clinics were. Videos of staff wearing masks, using hand sanitizers and organization of waiting rooms in such a way that patients do not cross paths are all examples. Maintaining good ventilation in all the areas of the clinics has also been one of the practices increasingly followed at aesthetic medical clinics. Opening all windows and switching on exhaust fans for better airflow has been one of the important practices. Offering telehealth to suitable clients has been another important practice adopted by aesthetic medical clinics during the pandemic. An appropriate questionnaire prior to entry of patients into the clinic, recording of temperatures, protocols for notifying patients about their appointments, maintaining clean waiting areas, ensuring maximized ventilation, following strict protocols for hand hygiene, ensuring sanitizers at all places, cleaning all surfaces after the work day, and sterilization of masks have been the most important practices followed in general by all aesthetic medical clinics in countries across the world. It has also been important for clinics to remain updated about new hygiene rules and ensure that they have adequate amounts of PPEs and other safety supplies at all times. Government guidelines, various sources on the internet for instance, Physician’s First Watch, and health bulletins have been some of the sources for latest updates on hygiene rules.
- With social isolation measures, work-from-home & face masks culture expected to prolong into the coming year, pent-up demand in 2021 will encourage recovery. The unprecedented social and lifestyle changes provides the perfect opportunity for patients to plan their post-surgery recovery at home without disruptions to social or work life which otherwise would have been impacted. Few countries have already recorded pent-up demand for non-invasive body contouring, clinical skin care, and injectables, breast augmentation, breast lifts, and tummy tucks. In the post COVID-19 period, growth will be led by the rapidly aging population seeking anti-aging services. The idea of aging beautifully will be a major contributing factor to demand. The growing acceptance of cosmetic procedures in many cultures as an enhancement or extension of makeup has normalized its use for everyone from young teens to older adults looking for anti-aging solutions. In addition to the growing need to look attractive, demand for cosmetic procedures is also driven by the outcomes of a stressful lifestyle such as early aging, hair loss and obesity. The expanding population of 25-65 years age group will remain a major growth driver. A noteworthy demographic driver taking shape is the entry of younger consumers into the market hoping to preserve their youth way before the actual onset of aging process. Key factors prevalent even during the pre-COVID-19 period encouraging the trend include growing societal pressures to look young (especially pronounced among women), rising rates of divorces and second marriages, growing perception that youthful appearance and beauty are of critical importance in achieving professional and social success, and wider social acceptance of cosmetic procedures including facial aesthetic treatments. Easy access to cosmetic services, growing affordability of treatments, rising awareness levels among consumers and increasing media attention and hype represent other major noteworthy factors. Similar to the pre-COVID-19 period, advances in technologies and lesser surgical and recovery times will benefit the market in the post COVID-19 period also. A notable example of such non-invasive procedures is Botox treatment. Botox treatments gained momentum driven by the rising affluence of people. Botox involves the use of a mild neurotoxin that inhibits the signals the brain sends to the affected facial muscles in order to prevent the formation of wrinkles and fine lines. The craze for Botox treatments is not just limited to women, with men also opting for Botox and dermal fillers injections. The growing desire to consistently preserve a youthful look has spurred the use of Botox injections among consumers in their 20s. Cosmetic injections is a fast-growing sector as they are considered as safer options with the least recovery time and side effects. Rejuvenating treatments have evolved from invasive face lifts and paint-stripping peels that required weeks of recovery to non-invasive treatments that give instant rejuvenation benefits with no pain or downtime using sophisticated and user-friendly devices.

Select Competitors (Total 76 Featured) -
  • Advanced Dermatology and Cosmetic Surgery
  • Allergan plc
  • Azul Cosmetic Surgery and Medical Spa
  • GC Aesthetics
  • Cynosure Inc.
  • DC Derm Docs
  • Rousso Facial Plastic Surgery
  • Human Med AG
  • Lumentis Ltd.
  • Marina Plastic Surgery
  • Mirror Mirror Beauty Boutique
  • Quatela Center for Plastic Surgery
  • Riverchase Dermatology and Cosmetic Surgery
  • Saltz Plastic Surgery
  • Southwest Plastic Surgery
  • The Ottawa Skin Clinic

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