Facial aesthetic refers to the use of facial surgery, injections, minimally invasive plastic surgery and other cosmetic and medical methods to trim and reshape the face to help people have a more satisfactory facial appearance. Although a facial lifting effect can be achieved in this way, the resulting skin depression, superficial internal bleeding, mild asymmetry, erythema, edema, and persistent pain cannot be ignored.
The two main means of facial aesthetics are facial surgical procedures and non-surgical procedures. Facial surgical procedures include chin or cheek reshaping, otoplasty, eyelid surgery, wrinkle reduction, rhinoplasty, submental lipectomy, and facial reconstructive plastic surgery. Non-surgical procedures are conservative treatments that do not involve cutting into the body or removing tissue, including chemical peels, dermabrasion, injectable fillers, sclerotherapy (for spider veins), skin rejuvenation and peels. Facial surgical procedure is popular among consumers due to its versatility and effectiveness, so it holds a market share of 69.25% in 2019 in the facial aesthetic market.
There are three types of downstream applications in this market: beauty salons, hospitals and aesthetic clinics. Aesthetic clinics are medical institutions that specialize in aesthetics, which services are more professional, considerate and guaranteed compared to beauty salons. Therefore, aesthetic clinics account for a wider market, with a market share of 42.92% in 2019.
Due to the continuous development of the world economy and the increase in consumption levels, people around the world are becoming more and more concerned about their personal image. In recent years, with the increase in per capita disposable income, the development of beauty technology, and the increase in human pursuit of facial beauty, the global facial aesthetic market has been growing rapidly.
Prospect Analysis of Facial Aesthetic Industry in Various Regions
The facial aesthetics industry is in the growth phase with low market concentration. Top three companies, Allergan, Galderma, and Merz Aesthetics, had a market share of 2.02%, 1.10%, and 0.16, respectively, in 2019.
The growth of facial aesthetic programs in various countries is closely related to the demand factors such as the level of economic development, per capita disposable income, consumer perception and awareness in each country. North America has a developed economy and is the largest revenue market with a market share of 38.78% in 2015 and 36.45% in 2019, a decrease of 2.33%. Europe and Asia Pacific ranked second and third with a market share of 28.53% and 25.66% in 2019.
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Influenced by the overall increase in consumer demand in Asia, Asian countries represented by Korea, China and Japan will become the emerging demand in the facial aesthetic market. In recent years, the penetration rate as well as consumer demand of facial aesthetic industry has been rising in China, driven by the rise of the younger generation of consumers such as the post-90s, the gradual opening of the public perception of plastic surgery and the development of new models in the facial aesthetic industry. Asia Pacific is expected to be the fastest growing market in the facial aesthetics industry, with its market share expected to surpass that of Europe, reaching 29.66% in 2026.
With the improvement of living standards, human pursuit of quality of life and beauty is also improving, and the demand for medical cosmetology services is growing rapidly. At the same time, enterprises in the industry continue to invest in research and development and technological innovation, so that the quality and use experience of medical cosmetology products continue to improve, medical cosmetology services are gradually accepted by more and more consumers, and the degree of social acceptance is gradually improved. In emerging developing countries around the world, facial beauty has huge potential.
New Trend of Facial Aesthetic Development Under the Influence of COVID-19
The global facial aesthetics industry market revenue was $50,197.32 million in 2015, increasing to $73,348.54 million by 2020. With the growing demand for personal aesthetic management, the growth of aesthetic services and other related industries is accelerating. In the future, the global scale of cosmetic surgery will continue to rise. We forecast the global facial aesthetics industry market to be worth $123,128.70 million by 2026.
COVID-19 presents both challenges and opportunities for the facial aesthetics industry. The aesthetic industry, a non-rigid medical industry, became the most severely affected area in the early stages of the epidemic. Due to the impact of the strict control of the epidemic around the world, consumer incomes dropped and the frequency of outings decreased, resulting in a significant drop in revenue for most establishments. But the epidemic also provided a long recovery period for the public, giving rise to new medical and aesthetic needs, and a group of institutions that could make full use of Internet tools remained highly risk-resistant.
In the short term, online consultation and live streaming are among the means for medical aesthetic institutions to save themselves during the epidemic. In the medium to long term, pushing doctors to the front line has also become a new model for strategic development of offline medical aesthetic institutions. As the popularity of medical aesthetic e-commerce continues to increase, medical aesthetic platforms have launched live streaming, allowing doctors to move from behind the scenes to online through online media, unknowingly enhancing the relationship between doctors and consumers. Under the epidemic, one side of the medical aesthetics industry is involved in the closing tide, while the other side is buzzing with live online consultations. With the development of 5G and the need for epidemic prevention and control, online web consultations will become a common form of facial aesthetics. The facial aesthetics industry is further accelerating its transition to transparency and standardization.
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