U.S. aesthetics industry growth driven by demand for semaglutides and neurotoxins, plus expanding consumer base
NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Guidepoint Qsight, a leading provider of data and analytics solutions for the medical aesthetics sector, and Skytale Group, a leading healthcare investment banking and management consulting firm, have released a new report on the state of the aesthetics industry, highlighting the continued expansion of the U.S. market. Combined non-surgical revenues increased by 9% in the first half of 2024 compared to 2023.
Despite a challenging economic environment, 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, an astounding 236% increase from the previous year.
“This exponential growth has provided a unique opportunity for manufacturers to drive innovation and expand their offerings,” said Erik Haines, managing director of Guidepoint Qsight. “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. 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.”
To download the full report, click here.
About Guidepoint Qsight
Built on a foundation of proprietary healthcare data, Guidepoint Qsight is dedicated to providing unparalleled data and analytics solutions that empower businesses in the aesthetics, medical technology and medical device industries to make strategic, data-driven decisions. By combining comprehensive market intelligence with innovative technology, Qsight delivers reliable and consistent industry insights. This data intelligence enables clients to optimize their sales and marketing strategies, proactively prepare for and respond to ever-evolving market dynamics and achieve their business goals.
About Skytale Group
Skytale Group is an investment banking and management consulting firm based in Dallas, Texas. Skytale offers tailored and comprehensive strategic and financial advisory services to healthcare businesses looking to thrive, grow, scale, sell, or understand the value of their business. Skytale’s highly experienced team relies on the vast knowledge of dental, medical aesthetics and other healthcare industries they serve to guide clients in making decisions that move their businesses forward. Skytale also offers private capital funding through the service line Skytale Capital. Certain principals of Skytale Group are licensed Investment Banking agents registered with Burch & Company, Inc., 4151 N. Mulberry Dr, Ste 235, Kansas City, MO 64116, member FINRA/SiPC. Services involving securities shall be performed by Burch. Skytale Group and Burch are unaffiliated entities.
Guidepoint Qsight Media Contact
Katie Jewett
UPRAISE Marketing + PR for Guidepoint Qsight
415-397-7600
qsight@upraisepr.com
Skytale Group Media Contact
Morgen Buck
Head of Marketing for Skytale Group
520-891-3766
