Observations
Lack of regulation discouraging consumers
Visible and effective regulatory system needed, says market report
The recession has inevitably affected the aesthetic market, but the lack of regulation may be turning away potential consumers, according to the Cosmetic Surgery Market Report 2010.
The research, released by market intelligence provider Key Note, showed that the cosmetic surgery market in 2005–2009 grew to £588m. The report notes that, while growth in surgical procedures slowed, the non-surgical sector continued to make gains. The authors say that this may be, in part, due to advances in technology, greater availability of treatment, affordability and reduced downtime.
While facelifts declined, surgical procedures such as liposuction and breast surgery continued to gain popularity. The report shows that the distribution system for the sector is evolving. Traditional surgical providers are now offering non-surgical procedures, as well as cosmetic dentistry, weight-loss surgery, hair transplants and cosmeceuticals.
More small chain operators are providing less-invasive treatments, such as laser treatment, fillers and microdermabrasion, so they may become a significant threat to small non-surgical clinics in the next few years.
The report's authors carried out consumer research, which showed that those in social grade A, or higher managerial professions, would be reluctant to consider aesthetic procedures.
Many consumers were concerned about the lack of industry regulation, echoing concern from industry insiders. The report concludes that a “visible and effective regulatory system could draw more affluent, but currently reluctant, men and women towards treatment.”
