Enhancing Beauty: Exploring Five Investment Trends in Medical Aesthetics (L.E.K. Consulting)

Summary

• The global medical aesthetics market is estimated to reach c.$24 billion in 2027, growing at c.9% annually from 2022 to 2027.p.2
• Low penetration in injectables of c.3% suggests an addressable market size of $70 billion-$80 billion as non-user interest grows.p.2
• In 2023, med spas and aesthetics clinics performed c.40%-45% of treatments in the U.S. and c.50%-55% in the U.K. and Ireland.p.4
• The U.S. med spa market is forecasted to expand at 10%-12% per year from 2022 to 2027 to reach $20-21B.p.6
• In 2021, top players Allergan, Galderma, and Merz represented c.70% of the European dermal filler market and c.90% of the U.S. market.p.9
• Franchise adoption in U.S. med spas expanded from 5% of practitioners in 2011 to 25% in 2021.p.8

Key insights

1. Diminishing social stigma and new remote work habits are creating broader consumer demand across both aging and younger demographics.p.2
2. Innovative product formulations such as longer-acting neurotoxins and tissue regeneration materials are expanding non-surgical treatment options.p.3
3. Med spa membership programs drive customer retention, with members spending approximately 44% more than nonmembers.p.5
4. Injectables represent the largest service segment by value in U.S. med spas at about 40%-50% of the market.p.6
5. Implementation of the Medical Device Regulation in Europe imposes higher clinical evidence standards that favor larger manufacturers.p.7
6. Independent clinics continue to dominate treatment settings across the U.S., U.K., France, and Germany, accounting for c.74% to c.94% of clinics.p.9
7. The aesthetics device market remains more fragmented than dermal fillers, with major players holding c.39% of the U.S. market in 2021.p.9