The medical aesthetics market is composed of pharmaceuticals and devices generally utilized for elective conditions and consequently, not covered by third-party providers for reimbursement. Therefore, the market is exceptionally susceptible to recessionary economic conditions and vulnerable to the contraction of credit. In 2012, the European economic continues to slump following the recession of 2008 and 2009, a number of key products have weathered the decline and have retained a healthy growth rate. Significant demand and name-brand recognition have been able to drive sales through this period, providing a more cost-efficient alternative to more expensive treatments, leading to a general marketing trend focused on affordability and minimally invasive products, rather than more dramatic and expensive surgical substitutes.
Medical aesthetic devices are generally used for conditions that are elective and, consequently, are not reimbursed by third-party providers. This has resulted in a market that is vulnerable to decline during recessionary economic conditions. However,
a number of key products have significant demand and brand name recognition, which has driven sales through this period. The medical devices and pharmaceuticals discussed in this report span a wide range of indications and target consumers; this provides a number of alternative treatments at various price points for consumers to choose from. During the recession of 2008 and 2009, the more affordable procedures generally fared better than more expensive treatments. The same was also true for treatments that were minimally invasive compared to surgical alternatives. Medical aesthetic treatments are varied and the products evolve at a faster pace than what is typically seen in other medical device markets.