ALISO VIEJO, Calif., April 26 /PRNewswire/ -- While the aesthetic industry was significantly impacted by the economic recession of 2008 and 2009, sales have begun to rebound as consumers and businesses resume spending, according to the new Global Aesthetic Market VIII research report released this week by Medical Insight, the industry's leader in sector and custom market research.
Although aesthetic sales in 2009 are lower than 2008, the five year industry growth rates through 2014 are significantly higher due in part to renewed physician optimism and signs of industry sales improving. Medical Insight reports 2009 total sales of aesthetic products to be $3.8 billion with expansion of 12.3% per year to more than $6.8 billion by the end of the forecast period. The greatest growth and largest market development will be seen in the physician-dispensed eyelash products, neuromodulators and skin tightening/body shaping equipment segments at 38.1%, 17.2% and 15.5%, respectively. Other quickly growing segments include physician-dispensed cosmeceuticals at 13.8% annual growth, dermal fillers at 9.3%, phototherapy systems at 8.5% and breast implants at 7.8%.
"Although the aesthetic industry contracted in 2009 due to a deepening global recession, consumer demand for cost effective treatments that address significant age-related problems represent a highly sustainable long-term market," said Michael Moretti, president of Medical Insight, Inc. and editor of the GAM VIII study. "Eyelash topicals, neuromodulators, skin tightening and body shaping are technologies forecasted to generate break-out growth and help propel the industry's economic resurgence. We already see a rapid return to normal levels of procedure volume in Europe and Asia, while the U.S. is trailing by about six months."
Public companies detailed in this report include Allergan (NYSE: AGN), Cutera (Nasdaq: CUTR), Cynosure (Nasdaq: CYNO), J&J (NYSE: JNJ), Medicis (NYSE: MRX), Obagi (Nasdaq: OMPI), Palomar (Nasdaq: PMTI), Syneron (Nasdaq: ELOS) and Solta Medical (Nasdaq: SLTM). Numerous private companies, including many new ventures, are also profiled.
For information on products and services offered by Medical Insight, Inc., visit www.MiiNews.com.
Medical Insight, Inc.
Medical Insight, a progressive media company specializing in medical aesthetics, produces the leading trade publications, market research reports and live educational events in this sector. THE Aesthetic Guide, published by Medical Insight, is widely considered the most influential journal in the field of medical aesthetics, with over 30,000 readers in the U.S. and Europe.
Founded by Michael Moretti in 1993, Medical Insight, Inc. collects and reports industry data on procedure volume and revenues, product sales, new product introductions, market forecasts and trend analysis. For information on research services offered by Medical Insight, Inc., visit www.MiiNews.com.
Contact: Michael Moretti
Medical Insight, Inc.
SOURCE Medical Insight, Inc.