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Analysis

The Blooming Market of Aesthetics

By Miriam Bello | Mon, 09/07/2020 - 14:04

The American Academy of Aesthetic Medicine describes this practice as a set of medical procedures that aim to improve the physical appearance and satisfaction of the patient, using non-invasive to minimally invasive cosmetic procedures. This a relatively new field of medicine as patients are increasingly wanting to improve their health but also, to have a balance between physical, mental and social well-being, which goes beyond the absence of disease.

Aesthetic medicine enhances corrective appearance and its practices dabble into specialties such as dermatology and surgical conditions. Due to its variety of treatments, aesthetic medicine will involve endocrinologists, gynecologists, angiologists, psychologists, psychiatrists, plastic surgeons, dermatologists, dieticians, physiotherapists, orthopedists, physical education instructors, massophysiotherapists, chiropodists and rehabilitation therapists. Moreover, nowadays there are options and new methods that have been blooming as developments on the field occur, such as medical laser technologies.

By 2022, the global market of aesthetic medicine is expected to reach US$11.9 billion, according to a report posted by the Aesthetic Webinar 2020. Due to its accelerated importance, it was expected that by 2020, this market would have a 10.8 percent CARGR growth. For some countries, this market is especially valuable as it attracts a considerable number of patients from different parts of the world, boosting its medical tourism industry. In Mexico for instance, these practices make up the largest percentage of our medical tourism industry.

Allergan is the leading brand in the market of aesthetic medicine due to its constant innovation in products and practices. The company is the creator of Botox. During an interview with MBN, Diego Perrotta, Country Manager of Allergan, explained that in Mexico, the reception of Allergan’s products in the field of aesthetic medicine has been very good. However, there is still a great opportunity. “The aesthetic sector in Mexico is growing and although the country faces many challenges regarding healthcare, beauty remains an important segment. There are many studies that show that beauty and aesthetics have a direct impact on health.”

Mexico is indeed coping with the acceptance of these treatments. During an interview with MBN, Frank Rosengaus, CEO and Medical Director of Fr. Frank Rosengaus, said procedures such as plastic surgeries have experienced a dramatic change. “This is due to the emergence of millennials. This group has a different concept of beauty. For them, beauty must be maintained and they do not see this as a luxury or as vanity but an asset they can take advantage of.” Rosengaus also explained that this generation has boosted the adoption of aesthetic medicine because of their use of social media. “Millennials live in social media, where beauty is the only thing they can show to their followers.” According to Rosengaus, millennials have become an important social group for defining beauty. “They come to us at an earlier age for a pre-rejuvenation procedure. We have new treatments for them, which are small improvements in the structure of the face, such as a better chin, cheekbone, nose and cheek.”

According to the Aesthetic Medicine Journal, aesthetic treatments have evolved from Botox injections, which is the most popular treatment for facial wrinkles, to the use of mesotherapy and adipose tissue lipolysis for cosmetic treatments and radiofrequency, ultrasounds and cryolysis to replace invasive surgical liposculpture.

The data used in this article was sourced from:  
Aesthetic Medicine Journal, American Academy of Aesthetic Medicine
Photo by:   PickPik
Miriam Bello Miriam Bello Journalist and Industry Analyst