COVID-19 trends are being monitored and tracked in every corner of the globe and across all sectors of society. We seem to be living history day by day with the impact of this pandemic revealing itself in some interesting ways.
For the global aesthetic medicine market, the impact of COVID-19 has been a wild ride, from a near industry crash to a surge in demand, which value of this global market set at $64.6 billion (USD) at the end of 2021.
Insight from Grand Review Research tells an interesting story.
Lockdowns, shutdowns, social distancing, and a sharp decrease in income levels all had an immediate negative effect on the market. This was further fueled by a decline in the demand for products, issues with stock availability, limited operations and in some cases the closure of beauty centres.
But soon the COVID-19 landscape became more familiar and a rhythm to the “new norm” was found and people tried to reclaim a sense of control in their lives. At the same time, we were thrust into a new way of engaging on the work and social front, with online platforms like Zoom and Teams putting us up close and personal with people on the other side of our unflattering screens!
Adult started paying more attention to their physical appearance and this led to a rapid increase in the demand for cosmetic procedures. Being at home also meant it was easier to manage recovery and so the market for aesthetic medicine turned and witnessed a growth spike with Botox, nose reshaping, procedures to enhance the eyes and fillers setting the trend for 2021.
According to Global Market Insights Inc, this rising consciousness toward physical appearance, the reclaiming of disposable incomes, development in less invasive treatments and continuous advancement in healthcare facilities will continue to drive the growth of the aesthetic medicine market which is expected to be valued at $124.7billion (USD) by 2024.
The take out from this? It seems that not even a global pandemic can halt the growth of an industry that supports people in achieving their aesthetic goals.