Observations
Facial injectables market sees less steep decline in recession
Product launches may help sector recover
Non-invasive treatments have proved to be a worthy adversary for surgical procedures as consumers seek a low-risk, low-cost way of improving their appearance. Despite the increased interest, areas of the international non-surgical market have been affected by the recession.
According to the Millennium Research Group (MRG), the global facial injectable market declined by nearly 5% in 2008, as patients wishing to save money during the crisis delayed or forewent treatment. But the $1.2bn market, it predicts, will begin to recover in 2010 and will "return to the strong pre-recession growth rates of over 15% by 2014."
The report finds many manufacturers are strengthening product portfolios in anticipation of economic recovery. Aesthetic products were launched in 2009—including Azzalure and product additions such as Restylane Lidocaine and Belotero Intense—and others are already planned for this year.
Although the products have been released into a tough market, it is hoped that the interest generated will position the firms favourably as the economy improves. Adoption of these products by practitioners and patients will help to secure the market’s recovery.
Lisa Shantz, analyst at MRG, says the media has played an important role: "The launch of these new products has generated a lot of media attention, owing in part to the extensive marketing campaigns and promotional activities that manufacturers are engaging in. Although these newly introduced products will have greater impact when the market begins to recover in 2010, many physicians and patients are now much more aware of the different types of brands and products at their disposal."
