In January 2023, Clarivate presented aesthetics market data and insights at the IMCAS World Congress, one of the largest aesthetics conferences globally. Some highlights from this presentation included deep dives into the injectables, breast implants, physician-dispensed cosmeceuticals, and energy-based device (EBD) markets.
In addition, the following items were discussed:
- The global aesthetics market will be valued at $20 billion by 2026, growing at a 5-year compound annual growth rate (CAGR) of approximately 7%.
- Medium- to long-term growth in the aesthetics market will be supported by drivers such as increasing aesthetic consciousness, expanding patient pool, and effective marketing strategies by the industry.
- As post-pandemic pent-up demand and the global economy both slow down, the industry will experience revenue disturbances in 2023-2024 because of the discretionary nature of the market.
- However, historical precedence suggests that the market has an inherent resilience to recessions or economic slowdowns because of the need for repeat treatments for aesthetic maintenance. Additionally, patients receiving these treatments generally belong to higher-than-average income groups that are impacted less by economic slowdowns.
- In addition, the lessons learned, as well as the relationships built during the pandemic, will help all the stakeholders in the market to sail through the tide before the macroeconomics factors turn back favorable again.