Market Trends of Cosmetic Surgery And Services Industry
The Botulinum Toxin Segment is Expected to Witness the Fastest Growth in the Market
Botulinum toxin is a naturally occurring substance with wider applications. The most common use of this toxin is in treating painful muscle spasms and cosmetic treatment. Botox and Dysport are the commercial names of the botulinum toxin. In 1950, researchers found that the minute use of this toxin helps control muscle movement. Gradually, they realized the benefit of this substance in cosmetic treatments.
There is increased competition in the United States, with many players launching several products. For instance, in July 2021, Allergan received the US FDA approval of a label expansion of BOTOX to include eight new muscles for the treatment of upper limb spasticity in adults. The new muscles for treatment include additional muscles of the elbow and forearm (brachialis, brachioradialis, pronator teres, and pronator quadratus). The American Society of Plastic Surgeons study found that Botox injections were the most popular non-invasive cosmetic procedure in 2020, with 4.4 million procedures performed in the year. Hence, the use of botulinum toxins in aesthetic medicine has increased remarkably. Botox injections are used to treat frown lines, crow's feet, and horizontal forehead lines, which are cosmetic indications approved by the US FDA. They offer predictable results with few adverse effects and are associated with high patient satisfaction with the rising applications of the substance. Thus, the segment is expected to experience rapid growth worldwide.
In addition, as per Cosmetic Executive Women, a trade organization for the cosmetics, fragrance, and personal care industry, in 2021 9,435,000 people searched for aging-related concerns in the skincare category every month in the United States and people searched for Botox treatment in 2021 was 25.5% more than in the year 2020. This rising awareness about medical aesthetic procedures is increasing and driving the segment's growth.
North America is Expected to Dominate the Market Over the Forecast Period
North America dominates the cosmetic surgery and services market due to the rising population focusing on external aesthetics and the improvements being done in cosmetic procedures. According to the American Society of Plastic Surgeons (ASPS), in 2020, 15.5 million cosmetic procedures were performed in the United States, out of which 13.2 million were minimally invasive.
The large volume of aesthetic procedures in the region creates the need for aesthetic devices and thus drives the growth of the market. For instance, according to the AAFPRS survey released in March 2022, in the United States, an estimated 1.4 million surgical and non-surgical procedures were performed in 2021, an increase of 40% over the procedures performed in 2020. Moreover, according to the International Society of Aesthetic Plastic Surgery, a total of around 860,718 aesthetic procedures were done in Mexico in 2020. The non-surgical procedures were in the lead with over 331,348 injectables and 20,831 facial rejuvenation procedures. Therefore, the increasing cosmetic procedures are expected to boost the growth of the market in the region over the forecast period.
Currently, people in North America are spending more money on cosmetics. They are eager to adopt novel cosmetic treatments, thus boosting market development. For instance, in September 2021, Galderma's Restylane portfolio grew and expanded. Restylane Eyesight was launched as a targeted treatment solution to combat under-eye shadows. In February 2021, the FDA approved Restylane Defyne for the augmentation and correction of mild to moderate chin retrusion for adults over 21 years. In the future, new product approvals and launches are expected to hit the market, thus boosting the market's growth during the forecast period.
