As with hand sanitizer, self-care products and eyeliner, the demand for cosmetic aesthetics has continued to swell during the pandemic.
In late June, the American Society of Plastic Surgeons (ASPS) reported that 65% of its surgeons said that Botulinum Toxin Type A injections (otherwise known as Botox) were the most commonly sought after treatment during stay-at-home orders. These insights were based on telemedicine appointments. After Botox, breast augmentations followed at 40%, and soft tissue fillers ranked third at 37%.
While Bob Rhatigan, CEO of Merz Aesthetics, described the cosmetic aesthetics business as “falling off of a flat Earth” in March when providers had to close, the back half of May saw Merz’s dermatologist and medispa clients rebound. In July, Rhatigan said Merz Aesthetics saw 50% year-over-year revenue growth. Merz Aesthetics is known for its anti-wrinkle treatment Xeomin, and in late 2019, the cosmetic aesthetics division split off from Merz’s larger pharmaceutical business and relocated from Frankfurt, Germany to Raleigh, North Carolina to have a a greater consumer emphasis on the U.S.
It could be argued that the flood of interest is from existing customers. “It’s reasonable to see some pent up demand from people not being able to get their treatments in March, April and May, but we didn’t want to get too optimistic about that,” said Rhatigan.
“We are hearing broadly from our [dermatologist and medispa] clients that they’re seeing returning patients, but first-time patients are coming in, who are skewing younger, at 30-plus versus 45 or older,” he said. “It’s effectively a result of looking at yourself in the mirror or Zoom for 10-12 hours a day, as well as a big shift toward seeing cosmetic aesthetics as part of a self-care routine for millennials.”
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Though the cosmetic aesthetic market may not be experiencing the painful slowdown of makeup, companies across the space are proactively innovating to ensure the summertime boom of treatments won’t be a fleeting moment of success.