The Aesthetic Guide May/June 2010 : Page 15Letter from the Editor Mainstreaming of Aesthetic Treatments Leads to Increased Consumer Power According to the latestWall Street analysts’ reports, pub- lic company earnings for the first quarter of 2010, and the April 2010 Global Aesthetic Market Study, published by Medical Insight, Inc. (Aliso Viejo, Calif.), the medical aes- thetic industry has fully resumed its expansion trend. This return to prosperity is discussed in the feature article titled Product Innovation and Consumer Demand Ensure Vitality of Dermal Filler Market, on page 62 of this issue. This status report clearly demonstrates that facial injecta- bles represent a category of treatment that is relatively immune to temporary economic down cycles. Patients view the cost of treating wrinkles and volume loss with injectables as a necessary investment in their appearance. No longer perceived as a luxury item, facial injections are now as mainstream as hair col- oring and designer clothing. Further fueling this trend is the emergence of more convenient and less expensive distribution points for facial injectables. As documented in the feature article titled BOTOX Boutiques Trigger Heated Debate, on page 46, entrepreneurs ranging from plastic surgeons to physician assistants are explor- ing new business models for delivering these treatments to consumers in easily accessible mall locations, virtually on demand. Thus, patients can obtain injections of FDA approved products without cumbersome appointments or the costly overhead of high-end medical practices. At the same time, due to the allure of aesthetic procedure revenues and the continuous negative economic pressure from managed healthcare reforms, new medical providers have been gravitating towards aesthetic medicine in large numbers. Medical Insight currently estimates approximate- ly 30,000 aesthetic providers in the U.S. alone. As a result, the dynamics of this industry have changed dramat- ically over the past few years. Namely, cosmetic dermatol- ogists and plastic surgeons have gone from holding a virtual monopoly on cosmetic procedures ten years ago, to actually becoming a minority in this rapidly expand- ing and evolving market. In this free-market environ- ment, where cosmetic treatments are viewed as a commodity and patients hold the economic power, aesthetic practices will need to quickly adapt in order to thrive. Needless to say, this change of power has sent some dermatology and plastic surgery society leaders into a defensive frenzy as they attempt to resist these forces of change. Every approach from educating patients on the dangers of aesthetic procedures, to lobbying for severe legislative re- strictions on providers has been used in a desperate attempt to maintain economic control. However, reality has proven that these efforts cannot keep pace with the mainstreaming of aesthetic medicine in our culture. Consumers have shown through their buying patterns that they are largely driven by cost and want the free- dom to choose. In this free-market environment, where cosmetic treat- As you will read, this trend towards increased consumer access to low-cost cosmetic treatments is alarming to many well-established dermatologists and plastic surgeons that previously enjoyed exclusive control of the aesthetic pro- cedure market. In fact, market data recently released by the American Society of Aesthetic Plastic Surgeons reveals a sharp decline in invasive cosmetic procedure volume in 2009. Conversely, this research also shows an increase in non-invasive procedures including facial injectables. Obviously, when faced with loss of income and a reduc- tion in lifestyle during the recent recession, patients opted for cost-effective treatments such as facial injec- tions, versus expensive surgical procedures including liposuction, tummy tucks and face-lifts. ments are viewed as a commodity and patients hold the economic power, aesthetic practices will need to quick- ly adapt in order to thrive. We are observing an amaz- ing blurring of lines between medical sub-specialties. Dermatologists are increasingly adding more invasive procedures to their offerings, while plastic surgeons are intensely interested in expanding their expertise in non- invasive products and procedures. Meanwhile, other provider groups are trying to compete on price and serv- ice. As a result, consumers now have more choices – and control of the market – than ever before. Michael Moretti Editor THE Aesthetic Guide May/June 2010 www.miinews.com 15 Letter from the EditorAccording to the latestWall Street analysts’ reports, public company earnings for the first quarter of 2010, and the April 2010 Global Aesthetic Market Study, published by Medical Insight, Inc. (Aliso Viejo, Calif.), the medical aesthetic industry has fully resumed its expansion trend. Publication List |
