We are living in a very exciting time for innovation and advancement, we have come farther technologically in the last decade than ever before and there looks to be no end in sight on where we can go. With tech start-ups flourishing and the cross-pollination of industries and ideas it’s easy to see why technology will play a key role in our futures, and while most of us think of cool apps, robots, and autonomous vehicles when we think of current technological innovation, we often overlook how important technology is to medical research and development especially when it comes to medical aesthetics.
Technology has been the key driver for medical aesthetics since its inception —think laser hair removal—and continues to push the sector forward. When people ask me: “Hey Jeff Nourse, why did you get involved in the medical spa business?” I usually tell them that the return on investment is large, it is one of the few industries where you get to not only offer services people want, you also get to help people feel better about themselves, and there is always something new and exciting coming to market or in the works. So, it’s a win, win, and win in my books!
Jeff Nourse says that In the two decades, I have been building medical aesthetic companies I have seen the sector change dramatically. Thanks in part, to the constant innovation brought about the increasing global demand for preventative and anti-aging treatments and services.
One example that comes to mind is skin resurfacing a treatment designed to enhance collagen and elastin while also refining the texture, color, and tone of the skin. While the original laser resurfacing treatment was very intense and removed a deep layer of the outer skin which left the skin susceptible to infection if not cared for properly and required a lengthy recovery period while the new outer layer was formed. A few years later a less invasive laser resurfacing came to market that offered the same results but didn’t target the layer of skin so deeply, allowing for a reduced recovery period and fewer post-treatment complications. Today we now have nano-fractional resurfacing which causes a much more superficial injury and minimal to no recovery time, it also doesn’t target the whole surface and instead uses carefully placed needles to penetrate the skin and create the collagen and elastin enhancement.
This is a great example of how technology has continued to help the medical aesthetic spa treatment industry grow and service a wider range of clients.
Speaking of clients there has been a year over year increase in client demand in the last decade with 2015 seeing more than 20 million non-invasive medical aesthetic treatments performed globally. Most of the growth can be attributed to younger patients wanting less invasive procedures than plastic surgery.
“The global non-surgical cosmetic procedures market is growing at a steady rate, due to the rising demand for appearance enhancement and the shift in consumer preference for minimally and non-invasive procedures,” points out Amber Chourasia, an analyst specializing in research on health and wellness sector. Non-surgical treatments are also more affordable than their surgical counterparts, allowing more patients more access as well as letting patients have the option of trying a variety of treatments for the same cost as one cosmetic surgery procedure.
“There is an increase in the number of non-surgical cosmetic procedures when compared with surgical cosmetic procedures due to the limited side-effects and lower risk of post-surgery complications associated with non-surgical cosmetic procedures,” notes a market trend press release from earlier this year. “The adoption of BOTOX has increased due to an increase in the number of non-surgical cosmetic procedures.”
Increased client demand, paired with enhanced technologies has allowed medical aesthetic spas to offer more services than ever before. On average a fully functioning med spa can offer anywhere between 20-40 services, literally something for everyone. With better services comes even more demand and in the last two years, we have seen steady growth in the numbers of men that are seeking preventative and anti-aging treatments.
According to Jeff Nourse, global growth is increasing so fast it is estimated to surpass $19.4 billion by 2023 that is a projected growth rate of 12 percent annually from the $8.6 billion the sector made in 2016. All of these factors coupled together prove that the medical aesthetic sector is a new investor’s golden ticket to long-term success and return on investment.