COVID-19 Impact on the global medical aesthetics market
The COVID-19 pandemic has significantly affected the medical aesthetics market. The beauty and luxury sector is facing challenges in its manufacturing and supply chain, such as delivering products to end users in a timely manner as well as attending to an uneven demand for products and services. The market is facing a period of short-term negative growth, which can be attributed to factors such as a decline in the product demand from major end users, limited operations in most of the industries, temporary closure of major end-user facilities (including beauty centers and spas), disrupted supply chain, and challenges in terms of providing essential/post-sales services due to the lockdown.
Driver: Growing adoption of minimally invasive and noninvasive aesthetic procedures.
In the past decade, there has been a significant increase in the preference for minimally invasive and noninvasive aesthetic procedures over traditional surgical procedures. Minimally invasive/nonsurgical alternatives offer various advantages over traditional surgical procedures, such as less pain, reduced scarring, and quicker recovery. These procedures are also more economical than traditional surgical procedures. As per the International Society of Aesthetic Plastic Surgery (ISAPS), there was an overall increase of 5.4% in the number of plastic and cosmetic procedures between 2017 and 2018.
Restraint: Clinical risks and complications associated with medical aesthetic procedures
In the past two decades, medical aesthetic procedures have become increasingly popular. The market has witnessed significant growth in the demand for aesthetic treatments owing to the rise in the number of doctors and surgeons providing safe and effective medical aesthetic treatments and the launch of technologically advanced products for the same. However, medical aesthetic procedures are associated with various possible side-effects. Patients undergoing aesthetic treatments may face several risks and complications after or during the procedure.
Opportunity: Emerging markets
Emerging countries such as China, Brazil, Mexico, and India present significant opportunities for players operating in the medical aesthetics market. The demand for medical aesthetic devices in these countries is increasing owing to a rapid growth in medical tourism, the growing adult (aged 20 and above) population, increasing disposable incomes, and growing awareness about aesthetic specialties. The presence of a large number of surgeons in these emerging countries is also contributing to the growth of the medical aesthetics market.
Challenge: Social and ethical issues associated with cosmetic treatments
Social stigmas associated with cosmetic treatments (surgical and nonsurgical) are mainly due to negative perceptions toward aesthetic procedures as well as the presence of religious and ethical concerns related to some aesthetic treatments, such as alterations, augmentations, erasures, and fillings. Although many people undergo some form of appearance-altering treatment, very few of them like to talk about it. Some people consider undergoing invasive anti-aging treatments, such as BOTOX or cosmetic surgery, as vain, self-centered, or being mentally unwell. Despite the increasing emphasis on looking younger among the elderly population, there are possible negative social consequences related to engaging in cosmetic age concealment. The social stigma attached to aesthetic treatments negatively affects the social acceptance of these procedures, thereby hindering the growth of this market.