Report: Nonsurgical Aesthetics Revenues Up 9%

Data and analytics solutions provider Guidepoint Qsight and investment banking and management consulting firm Skytale Group released a new report on the state of the aesthetics industry, highlighting the continued expansion of the US market.

Combined nonsurgical revenues increased by 9% in the first half of 2024 compared to 2023, according to the report.

“Despite a challenging economic environment,” the companies said in a press release, “new aesthetics practices continue to open, with medical spas experiencing particularly rapid growth. This expansion is fueled by a broader and more diverse consumer base—with a growing number of younger individuals and men—along with the broader use of neurotoxins and a remarkable surge in demand for semaglutides.”

In 2023, spending on weight loss and dietary lifestyle treatments reached $1.2 billion, a 236% increase from the previous year, according to the release.

“This exponential growth has provided a unique opportunity for manufacturers to drive innovation and expand their offerings,” Erik Haines, managing director of Guidepoint Qsight, said. “As consumer spending rises, there’s significant potential for developing new treatments and cutting-edge technologies. Manufacturers can capitalize on this momentum by exploring other non-surgical solutions to meet the evolving needs of this expanding market.”

Various factors, including lower price points, technological advancements and an expanding consumer base, have fueled the industry’s quick growth, the report said, adding that this development is drawing the attention of private equity groups, prompting practice owners to seek partnerships with capital backers despite challenges in valuing these businesses due to a lack of performance benchmarks. As the industry continues to expand, regulatory oversight is expected to increase.

“Private equity firms have a significant amount of capital available for strategically investing in emerging industries such as medical aesthetics, which has resulted in the ongoing creation of platforms primed for growth for the foreseeable future,” said Ben Hernandez, chief executive officer and managing director of Skytale Group. “As the medical aesthetic market continues to mature and more private equity sponsors build platforms, the focus on data collection and aggregation will be a primary focal point as larger groups look to grow and implement change across their organizations. This continued data collection will be instrumental in enhancing the medical aesthetic industry.”