Just 15 years ago, plastic surgery and cosmetic treatments were viewed as an artificial way that wealthy, elderly women could ‘restore their youth.’ Exacerbated by the pandemic, this perception of the aesthetics industry has changed profoundly; demand for aesthetic injectables has risen in younger generations, where they are used as preventative (as opposed to corrective) alterations. This shift came in tandem with the rise of image-based social media platforms, such as Instagram and Snapchat, which added a new dimension to the pressure of beauty ideals: modification. Today, the beauty standard is defined by social media influencers who–as a result of increased competitiveness in the modeling industry–use physical modification and digital editing technology to change their perceived appearance. Correspondingly, when unachievable norms are projected on social media, ordinary women feel that their bodies and appearances are deficient and often develop body dysmorphic disorder before seeking a solution.
Due to the Food and Drug Administration’s consistent approval of new innovations, such as Juvéderm and Restylane, cosmetic surgery has become relatively accessible to middle-class individuals who aspire to look like the celebrities they follow. With celebrities such as Kim Kardashian and Kylie Jenner opening up about their use of cosmetic modification, people are beginning to view it as a status symbol – like a brand-name purse. Independently, doctors and clinics have capitalized on digital marketing: nearly 80% of patients in L.A. follow their aesthetic injectable provider on social media, impacting their decision to schedule appointments. Because of social media, consumers don’t fear the “frozen” (or unnatural) look as much as they used to, causing lots of new demand. With backing from major organizations (and celebrities), overall trust in these new drugs (like Botox®) has increased.
While much of this demand stems from well-to-do women over 40, a sizable proportion comes from men and teenagers, who were formerly viewed as “fence-sitters.” Different clinics across the US seem to be marketing specifically to these skeptical groups by focusing on non-invasive treatments and positioning themselves as the safe, reliable, scientifically-backed option. Moreover, new innovations are rolling out every week to address new needs, such as cellulite, skin laxity, and acne scarring. As such, the global facial injectable market size (worth $10.22 billion in 2022) is expected to grow at a compound annual growth rate of 10.9% year-over-year until 2030.
Source: USA Today
While changing beauty standards have dramatically influenced the demand for these cosmetics, a lack of regulation influenced supply. Without strict licensing requirements, standardized training, or oversight, almost anyone can start offering these non-surgical services, including registered nurses. The companies producing these drugs also spend hundreds of millions each year on lobbying to ensure that their products remain viable.
Although aesthetic injectables are technically a luxury, the market for them is surprisingly defensive. During the 2008 recession, “it lost only 2.4 percent of its sales and less than 20 percent of its market capitalization while the S&P 500 Index contracted by 50 percent.” During the pandemic, the aesthetics market fell by 7 percent when major indexes saw 20-30% contractions right before bouncing back the next year. This demonstrates the substantial value that consumers place on injectables and suggests that repeat treatments drive long-term retention. With increased demand and a fundamental lack of regulation, the aesthetic injectables market is poised to grow for the foreseeable future.
Sources
https://www.grandviewresearch.com/industry-analysis/facial-injectables-industry
https://www.inurskn.in/blogs/botox-injections-cost-treatment-side-effects/ (image)