The medical aesthetics and plastic surgery industry is booming – and there is no end in sight
For more than a year now, a global health crisis has forced containment in countries around the world. And a lot of industries have suffered. But there is one industry that is going against the trend, and it’s the one you least expect: the medical aesthetics and plastic surgery industry.
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Of course, it didn’t start off that way. Very early on, companies in the sector were faced with a wave of appointment cancellations. Some patients were afraid to come for in-person treatments. Others have seen a drop in their income forcing them to reconsider their discretionary spending. The situation seemed pretty grim.
But then a strange thing happened. When people started working from home, they started spending hours participating in video chats and group meetings. For many, it was the longest they had ever spent looking at each other. And they didn’t like what they saw.
Here’s a look at how the current global situation has turned from a challenge to a growth catalyst for businesses in the medical aesthetics and plastic surgery industry – and why there’s reason to believe it’s okay. Continue.
A boom focused on zoom
At the start of 2020, the world was struggling to adjust to a new normal. And a lot of it revolved around finding ways to work from home effectively. So it wasn’t long before workers around the world began to extol the virtues of remote working.
There were several reasons frequently cited by workers for their newfound love of working from home. One was the sudden absence of a long, arduous journey. Another was the ability to do more with less interruptions from colleagues. But the one thing about working from home that everyone seemed to enjoy was the lack of a strict dress code.
But informality comes at a price. As the hours spent on Zoom calls and meetings increased, some people started to notice things about themselves that they had previously overlooked. Perhaps it was due to their disguised appearance. Or maybe it was the lighting. Either way, the digital mirror that Zoom created has made people wonder if their appearance needs an upgrade.
A global phenomenon
The result has been a renewed interest in cosmetic surgery and related procedures. This has actually translated into a 10% increase in procedures for aesthetic medical and plastic surgery companies in the United States. In Italy, clinics reported a record 15% year-over-year increase. And in France, activity increased by 20%.
All over the world, people who had never considered having cosmetic surgery began to embrace the idea. Without needing to go out in public frequently, they felt more comfortable going through the recovery process. And because many had extra money from the savings generated by working from home, they were able to act on their impulse.
And according to Dr. Tom Bell of Toronto Plastic Surgeons, the clientele and their preferences have changed as well. “Over the past year, we have seen an increase in the number of men seeking treatment. The ratio of women to men has gone from almost ten to one to about four to one. And now the most popular procedures are things like eyebrow lift. and facial implants. It’s clear that people are focusing more on their facial features because that’s what they spend all day looking at. “
A continuing trend
While it’s natural to assume that a boom created by a unique situation (hopefully) won’t last, some factors suggest otherwise. One is the fact that it looks like working from home is not going to end anytime soon. A recent survey by Global Workplace Analytics found that two-thirds of workers want to continue this practice. And 36% of them would choose the option of continuing to work from home rather than a pay rise.
And in a labor market that remains tight, it stands to reason that companies will have little recourse but to give workers what they want. This means that the very engine of growth in the aesthetic medical and plastic surgery industry is no longer a temporary measure. This alone should ensure that the current trend will continue. But that’s not the only reason to believe it.
Another is the underlying demographics of industry customers. According to statistics compiled by the American Society of Plastic Surgeons, the average patient’s age has now fallen to around 37 years. It is no coincidence that the older millennials will be turning 38 this year, which means they are likely to start showing up in cosmetic surgery clinics in greater numbers now.
When you combine these factors with an already diminishing stigma surrounding cosmetic surgeries and non-surgical cosmetic procedures, you begin to see the beginnings of a long-term trend rather than just a hit on the radar.
It all adds up to a simple conclusion. Now is the perfect time to own or operate a business in the medical aesthetics and plastic surgery industry. And it’s also a great time to start one. According to the latest market projections, the industry is expected to experience a compound annual growth rate of 10.9% through 2025.
And it is quite possible that these estimates did not take into account the effects of the trends identified here. There aren’t many industries that come out of the current predicament in such good shape – so don’t be too surprised to see companies in this industry end up with as good or better balance sheets as their patients in the past. months and years to come. .