McKinsey’s recent paper, ‘Here to Stay: An Attractive Future for Medical Aesthetics’ has highlighted some key trends shaping the industry. We’ve put together the key points for you, to offer valuable insights for your business.
The aesthetics industry is on track to maintain near-double-digit growth throughout 2025. Looking ahead, several emerging trends are set to redefine med spas, providing exciting opportunities for practitioners and business owners.
Number of injectables procedures and market size annually, USA & Canada:
Thriving Despite Challenges
Even during the depths of the COVID-19 pandemic, the aesthetic industry quickly rebounded, driven by a growing and diverse patient base, increased awareness, and the rapid adoption of new technologies. Projections indicate that the market will continue to grow annually by up to 14% through to 2026.
This growth is supported by a few key factors:
- Expanding Consumer Base: Social media's influence has made aesthetic treatments more mainstream and acceptable. Recent studies show that 81% of consumers are now more accepting of aesthetic procedures compared to five years ago
- Brand Loyalty: While economic uncertainty has led some consumers to seek cost-effective treatments, many remain loyal to their preferred brands and providers, especially in the neuromodulator segment (think Botox and Dysport)
The shift in attitude has opened doors for a more diverse clientele, including men, who are increasingly seeking aesthetic procedures. Between 2000 and 2018, the number of males undergoing cosmetic procedures grew by 29%, with a notable 72% increase in minimally invasive treatments. This expanding demographic presents a significant growth opportunity for med spas and clinics looking to cater to a broader audience.
Key Trends to Watch
- Products and Services: From next-generation dermal fillers to advanced laser treatments for acne, the industry is evolving rapidly
- Proliferation of Service Channels: Medical spas and clinics are popping up everywhere, offering consumers more options than ever before. While this growth provides opportunities for business owners, it also means that customer loyalty can be tough. Providers who can offer a personalized, trusted experience will be best positioned to retain their clients
- Untapped Potential: McKinsey's surveys reveal that many consumers are on the verge of trying medical-aesthetic products within the next five years, signalling opportunities for expansion for med spa owners
Opportunities
For those looking to start or expand their med spa, the future is bright. Here are a few strategies to consider:
- Products and Services: From next-generation dermal fillers to advanced laser treatments for acne, the industry is evolving rapidly
- Proliferation of Service Channels: Medical spas and clinics are popping up everywhere, offering consumers more options than ever before. While this growth provides opportunities for business owners, it also means that customer loyalty can be tough. Providers who can offer a personalized, trusted experience will be best positioned to retain their clients
- Untapped Potential: McKinsey's surveys reveal that many consumers are on the verge of trying medical-aesthetic products within the next five years, signalling opportunities for expansion for med spa owners
For practitioners and business owners, the key to success will be staying adaptable, embracing new opportunities, and focusing on delivering exceptional patient experiences.
So, if you're contemplating whether or not to dive into aesthetics, remember – this industry is here to stay.
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