Aesthetics industry market dynamics

SHIFTING consumer attitudes about wellness, beauty, and healthy ageing have increased awareness and acceptance of aesthetics.

This has been generating demand across the globe from new patient segments, including men and millennials, said Mckinsey & Co in a report.

In another report, Mckinsey said the medical-aesthetics industryis expected to grow by as much as 14% annually through 2026.

Even the investment activity has risen across the value chain with private equity acquisitions growing about 30% from 2019 to 2021, with funds appearing to be executing upon provider roll-up strategies.

It believes the medical-aesthetics industry will remain resilient over the medium to long term with many consumers still spending and looking for more cost-effective products and treatments.

Despite the financial constraints, many consumers remain brand loyal.

Increased awareness has attracted a diverse consumer base while the proliferation of channels offers more options to reach a wider array of consumers.

A high number of “fence sitters’’ want to try a product or treatment within the next five years, specifically including the next 12 months.

Fence sitters are an important indicator of future growth potential in an industry, it said.

Manufacturers are also innovating to meet growing consumer demand.

It said product innovations such as injectable exosomes and intradermally delivered MRNA for collagen replacement therapy can penetrate into new segments and boost market value.

But they also pose a risk of cannibalising current products, and their success will depend on the go-to-market strategy and on consumer adoption patterns.