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By Sana Siddiqui Syed, Principal Medtech Consulting; Raghav Tangri, Principal Analyst; Meenu Sankar, Analyst; April Chan-Tsui, Director Medtech Insights; Attusa Kamruddin Chikodi Senior, Analyst; Samantha Chow, Analyst

Prior to COVID-19, the global aesthetic market was rapidly growing
The global aesthetic market was valued at ~USD 12 billion in 2019 with growth of ~8% Y-o-Y over 2018
Note: Our global coverage includes US, Europe, Asia Pacific and Latin America only

Aesthetic firms initially reported among the steepest COVID-19 declines across medtech, however the market is now showing a swift rebound

YoY* 2020 global medtech revenue decline for top 20 manufacturers

YoY* 2020 aesthetic revenue decline

  • In late Q1 and Q2, most aesthetic associations globally recommended postponing elective procedures, such as aesthetic procedures
  • The loosening of these restrictions in late Q2 to early Q3, the increasing focus on self-care, and increasing virtual interactions led most patients to resume aesthetic treatments, particularly maintenance procedures, thus driving robust recovery
Source: DRG Financial Tracker
* YoY corresponds to nine months ended in 2020 vs the same period in 2019

Despite intermittent regional restrictions, the bulk of aesthetic market recovery is expected during 2021 as infection prevention protocols are in place and patient demand has largely been undeterred

Pre-COVID
Global Aesthetics Revenue Forecast,
2019-2023

Post-COVID
Global Aesthetics Revenue Forecast,
2019-2023

Note: Market includes Aesthetic Injectables, Breast Implants, Cosmeceuticals and Energy-Based Devices

Recovery will vary slightly by market segment with more accessible and less invasive procedures set to rebound fastest

Cosmeceuticals

Suitable for self-care at home, with online purchasing options available. As such, this market has seen much less impact due to the pandemic

Low impact
Fast recovery

Aesthetic injectables

Negatively affected by facility closures and other COVID-related restrictions, but will rebound more quickly as a non-hospital procedure

High impact
Moderate recovery

Energy-based Devices

Capital equipment purchases are being cancelled or delayed

Procedures affected by temporary & permanent facility closures

High impact
Slower recovery

Breast implants

Negatively affected by elective procedure deferrals & facility closures in hospitals and ASCs

High impact
Slower recovery