The medical aesthetics industry has demonstrated consistent resilience over the past two decades. Its performance has tracked the S&P 500’s and even stayed steady during the 2008 financial crisis. The only marked blip was in 2020, when patients had challenges accessing treatment during the pandemic lockdowns. In more promising news, recent proprietary research by L.E.K Consulting, a global strategy and insights firm, indicates the medical aesthetics industry will remain resilient through the current climate.  

Fuelling this exponential growth are several key factors, including the influence of social media, the rise of remote work, and an evolving cultural emphasis on self-care and personal wellness. These trends have converged to create a perfect storm of demand for medical aesthetics treatments, prompting a flurry of investments and mergers & acquisitions (M&A) activity across the sector.

Drawing upon extensive research and analysis, L.E.K. Consulting has identified five pivotal trends that are driving the continued expansion of the medical aesthetics industry:

Rising consumer interest: The global medical aesthetics market is projected to reach unprecedented heights, thanks to a growing consumer appetite for aesthetic enhancements. As societal taboos surrounding cosmetic medicine treatments fade away, individuals of all ages are increasingly turning to medical aesthetics to address a myriad of concerns, from signs of ageing to preventive skincare. The “Zoom boom” phenomenon, stemming from the widespread adoption of remote work and video conferencing during the pandemic, has further accelerated this trend.

Innovative treatment options: Breakthroughs in technology and devices have revolutionised treatment options—from EMFACE and Profhilo to the liquid facelift—offering consumers a diverse array of nonsurgical alternatives to invasive procedures. From advanced neurotoxin injections to skin boosters and fat-targeting therapies, these innovations cater to a wide spectrum of aesthetic needs and demographic preferences. Moreover, the off-label use of pharmaceuticals for aesthetic purposes underscores the industry’s agility and commitment to meeting evolving consumer demands.

Read: Our Review of the Revolutionary Needle-Free Treatment EMFACE

Expansion of medi spas and aesthetics clinics: Medi spas have emerged as popular destinations for medical aesthetics treatments, offering consumers a holistic approach to beauty and wellness. These establishments, which blend medical expertise with luxury amenities, have become increasingly popular among consumers seeking a comprehensive array of services. Moreover, the rise of medi spa franchises and the adoption of membership models—like those of Caci and Laser Clinics New Zealand—have further democratised access to medical aesthetics treatments, driving sustained growth across the industry.

Regulatory developments: Regulatory changes, particularly in Europe, are reshaping the landscape of the medical aesthetics industry, favouring established players with robust compliance frameworks. The implementation of stringent requirements for clinical evidence and post-market oversight has raised the bar for market entry, creating both challenges and opportunities for manufacturers and service providers alike. Additionally, the introduction of licensing regimes for nonsurgical cosmetic procedures underscores a growing commitment to consumer safety and quality standards. More recently, Australia’s TGA announced further restrictions on advertising cosmetic injectables, highlighting the increased uptake and need for increased regulation.

Opportunities for investment and consolidation: The medical aesthetics industry is ripe for investment, with ample opportunities for growth and M&A activity. Providers are increasingly focused on offering integrated treatment solutions and expanding their service offerings to capitalise on consumer demand. The rise of medi spa franchises and the consolidation of independent clinics signal a broader trend towards industry consolidation, driven by a desire to achieve economies of scale and enhance market competitiveness.