SAN FRANCISCO – While it might seem like “everybody’s having Botox,” in actuality, only 3 percent of the potential market is currently using injectables. The marketplace is poised for an explosion of growth in the cosmetic sector if companies position themselves and their products correctly and go “mainstream.”
Allergan Medical (NYSE:AGN) President Robert Grant told an audience of more than 150 plastic surgery insiders – including financial analysts and industry representatives – Monday, that of 27 million potential people who might consider injectables, only 1 million are currently using injectables. Grant spoke at the American Society of Plastic Surgeons (ASPS) Industry Forum on Monday, where leaders in the plastic surgery market discussed upcoming product launches, innovations and forecasts of the cosmetic procedures market sector.
Mentor Corporation (NYSE:MNT) CEO Josh Levine echoed Grant’s assessment. He noted that more than $12 billion is spent each year on cosmetic procedures in the domestic market, and while there has been robust growth in the surgical procedures segment of the market, the non-surgical procedures have grown even faster. ASPS statistics support Levine’s claim. Approximately 8.4 million minimally-invasive cosmetic plastic surgery procedures were performed in 2005, up 53 percent since 2000.
Levine noted the typical patient for breast implants today is a college-educated mother of two, who wants to reclaim her shape. He added, should silicone implants once again be approved for use by all women in the United States, they will eventually become the “product of choice.” He noted elsewhere in the world, the silicone implant is used in 90 percent of breast augmentations.
Other speakers included Hani Zeini, industry analyst; Michael Moretti, editor, Aesthetic Buyers Guide; Peter Bye, research analyst, Wachovia; Steve Basta, CEO, Bioform; and Shimon Eckhouse, chairman, Syneron Medical (NASDAQ:ELOS); Miles Graivier, MD, and James Wells, MD, ASPS Member Surgeons.
“ASPS is a solid resource for the business community on cosmetic and reconstructive plastic surgery. Our goal is to gauge the market, identify new trends and adjust forecasts based on data gathered by our industry leaders,” said ASPS President Bruce Cunningham, MD.
Grant cautioned that while the cosmetic sector is one poised for enormous growth, “We have to make sure we do it right. We have to lay the foundation and build the house the right way. We don’t want to make claims about products that cannot be achieved.”
Zeini stressed companies and plastic surgeons need to start tying products to outcomes. Leaders in the industry will be those who have evidence of predictable and reproducible good outcomes, noting that most plastic surgeons are already there. He also predicted that cellulite is the next “Holy Grail” for the cosmetic plastic surgery market.
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