In an era of rising living costs, there is one area where consumers are not cutting back: medical aesthetics. According to a recent BCG survey of 5,000 consumers in ten major global markets, including Brazil, China, and the US, 85% plan to spend the same amount or more on procedures over the coming year. This finding highlights the sector's resilience even amidst economic challenges in 2024, with expectations for continued robust growth.
The medical aesthetics industry, valued at approximately $20 billion, has been expanding at 8% annually since 2019. Projections suggest it will grow at 6% per year, reaching $27 billion by 2028. Injectables, such as neurotoxins and dermal fillers, are set to grow by 7%, driven by younger consumers seeking preventative treatments. Innovations in these products are also enhancing their effectiveness and appeal. The medical-grade skin care market is projected to grow even faster, at 9%.
China and the US are expected to remain the largest markets, together accounting for about half of the global industry. China's market is anticipated to grow by 9% annually, while the US market aligns with the global average at 6%. The shift towards a consumer-first approach by providers and manufacturers is expected to further stimulate demand, making marketing efforts more effective.
The study also highlights strong investment interest in the medical aesthetics sector. Key survey findings show that 50% of consumers plan to increase their spending on medical aesthetics procedures in the coming year, with an additional 35% maintaining current spending levels.
The BCG survey identified six distinct consumer personas in the medical aesthetics market, each with unique preferences and demands. Understanding these personas is crucial for providers, manufacturers, and investors to tailor their marketing and service offerings effectively.
The first four personas are regular consumers who undergo multiple treatments each year:
· The Beauty Routiner: Typically older (Gen Xers and Baby Boomers), living in suburbs, and focused on anti-ageing treatments like neurotoxins and fillers. Their primary concern is safety.
· The Reluctant Ager: Slightly younger (Gen Xers and Millennials), urban dwellers seeking control over ageing. Influenced by celebrity endorsements and prioritising results with treatments like neurotoxins and energy-based devices.
· The Glam Extrovert: High-income, urban Millennials who follow beauty trends and undergo frequent procedures before social events. They prioritise safe treatments, such as energy-based devices and injectables.
· The Deal Hunter: Price-sensitive consumers from all generations, seeking budget-friendly treatments and promotions. Convenience is their top priority.
For these steady patrons, fostering loyalty and offering the latest treatments are key strategies. Providers should create cross-sell opportunities, offer bundles and discounts, and emphasise customer service.
The two remaining personas are new or sporadic consumers:
· The One-Timer: Skeptical or uninformed consumers who limit themselves to a single procedure. Common barriers include a lack of conviction about treatment necessity and concerns about unnatural results. Providers should emphasise the necessity of treatments and address outcome concerns to persuade them to try additional procedures.
· The Growth Catalyst: Diverse in age but particularly young people and students who intend to explore medical aesthetics. Entry procedures like laser hair removal are popular. Barriers include price, lack of knowledge, and safety concerns. Offering discounts and educational marketing can help convert this group into regular consumers.
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