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M.I.I. DisclaimerInformation in this study has been obtained by Medical Insight, Inc., from sources believed to be reliable. While Medical Insight believes the data provided herein to be accurate, no expressed or implied guarantees regarding accuracy or adequacy are made. Product and corporate data can change very quickly and without notice and Medical Insight continually updates its research products. Because of this, certain figures in Medical Insight reports may differ from corresponding figures in earlier reports, even if those reports were issued relatively recently. Furthermore, current economic conditions are contributing to a highly volatile market, in which actual results often diverge significantly from estimates developed by manufacturers, analysts and others, resulting in a revision of projections. Therefore, while Medical Insight will provide an explanation of figures in any of its reports, only the most recent reports contain Medical Insight’s latest estimates.This study is not intended as a substitute for proper due diligence. Although an attempt has been made to provide thorough coverage of the subject matter of this report, no guarantees regarding completeness or thoroughness are made. Medical Insight is not responsible for any errors, omissions, or results obtained from use of information provided herein. Any use which a reader makes of this report or any reliance on or decisions to be made based on it are the sole responsibility of such reader. Medical Insight accepts no responsibility for damages, if any, suffered by any reader as a result of decisions or actions taken based on this study.Medical Insight, Inc. reserves all rights to this copyrighted document. This study is protected by U.S. Copyright Law; Copyright 2020 Medical Insight, Inc. Unauthorized reproduction is strictly forbidden by law. This report may not be reproduced in part or in whole without written consent of a duly authorized officer of Medical Insight. Multiple copies of this report can be obtained at a nominal cost by contacting the publisher.User Notification: We take the integrity and security of our proprietary market research and related copyrights very seriously; all clients are hereby notified that our market study files contain encrypted codes and digital fingerprints which will be used to prosecute offenders who violate our Terms of Service. Transferring or sharing of our proprietary file triggers security alerts. Thanks for respecting our work product.Medical Insight, Inc.Email: mmoretti@ M.I.I. Professional BiographyMichael MorettiPresidentMedical Insight, Inc.Michael Moretti has served as a medical industry analyst and strategic advisor for more than 25 years. As an industry consultant, Mr. Moretti specializes in strategic business development projects and high-growth, emerging market segments. He provides custom reports and confidential market studies for a variety of clients, including global Fortune 500 medical and pharmaceutical companies.?In 1993, Mr. Moretti founded Medical Insight, Inc., the leader in focused aesthetic market research offering comprehensive data on procedure volume and growth, revenue forecasts and new product introductions. Under Mr. Moretti’s leadership, Medical Insight publishes global market studies and forecasts for major industry sectors such as facial injectables, cosmeceuticals, body shaping procedures, skin rejuvenation technologies and home-use aesthetic products. Medical Insight also sponsors executive business forums to address scientific developments and market trends for the investment community.?Mr. Moretti is the founder and Executive Producer of?Aesthetic TV?, the first and only one-stop online resource for current, reliable information about cosmetic and anti-aging treatments.?Aesthetic TV?offers expert advice for consumers via interviews with the top physicians in the field, and unprecedented access to the latest beauty-enhancing procedures and products created specifically to help people look and feel their absolute best.?Mr. Moretti is also founder of?THE Aesthetic Guide??– a digital and print publication featuring in-depth reports on new products, procedures and trends, reaching physicians, industry executives and investment analyst subscribers.?Mr. Moretti is the Founding Chairman of?THE Aesthetic Show?, the first multidisciplinary annual business to business trade show that brings thousands of the highest profile physicians and medical professionals together in Las Vegas to learn about the newest aesthetic procedures, products and technologies in a dynamic, interactive, educational format. For more information please visit:?Contact Information:Michael MorettiMedical Insight, Inc.Email: mmoretti@Or visit the Medical Insight website at: M.I.I.Table of ContentsDisclaimer2 Professional Biography3Table of Contents4 Table of Exhibits6 1.0Executive Summary8 2.0Background122.1The Knowledgeable Patient202.2Millennial Male Versus Female Patients232.3What Procedures Do Millennials Seek?262.4Targeting the Millennial Consumer312.5Keep the Millennial Customer Satisfied373.0Market Analysis424.0Market Forecasts455.0Manufacturer’s Profiles62M.I.I.Table of ExhibitsTable 1: Age Cohort Ranges44Table 2: North American Projected Dollar Sales Total Aesthetic Market by Age Cohort45Figure 1: North American Aesthetic Market Sales by Age Cohort46Table 3: North American Projected Absolute Growth Total Aesthetic Market by Age Cohort47Figure 2: North American Aesthetic Market Absolute Growth47Table 4: Millennial Portion of North American Projected Dollar Sales of the Aesthetic Market by Category48Figure 3: Millennial Revenue Share of North American Aesthetic Market49Table 5: North American Projected Sales Total Aesthetic Market for Millennial by Category50Figure 4: North American Millennial Aesthetic Market Sales by Category51Table 6: North American Projected Dollar Sales Cosmetic Neurotoxins Market by Age Cohort52Figure 5: North American Cosmetic Neurotoxins Market52Table 7: North American Projected Dollar Sales Dermal Facial Fillers Market by Age Cohort53Figure 6: North American Dermal Facial Filler Market Sales by Age Cohort53Table 8: North American Projected Dollar Sales Breast Aesthetic Market by Age Cohort54Figure 7: North American Breast Aesthetic Market Sales by Age Cohort54Table 9: North American Projected Dollar Sales Body Shaping & Skin Tightening Market by Age Cohort55Figure 8: North American Body Shaping & Skin Tightening Market Sales by Age Cohort55Table 10: North American Projected Dollar Sales Energy-Based Devices Market by Age Cohort56Figure 9: North American Energy-Based Devices Market Sales by Age Cohort56Table 11: North American Projected Dollar Sales Energy-Based Feminine Rejuvenation Market by Age Cohort57Figure 10: North American Energy-Based Feminine Rejuvenation Market Sales by Age Cohort57Table 12: North American Projected Dollar Sales Liposuction Market by Age Cohort58Figure 11: North American Liposuction Market Sales by Age Cohort58Table 13: North American Projected Dollar Sales Physician-Dispensed Topicals Market by Age Cohort59Figure 12: North American Physician-Dispensed Topicals Market Sales by Age Cohort59Table 14: North American Projected Dollar Sales Regenerative Medicine Market by Age Cohort60Figure 13: North America Regenerative Medicine Market Sales by Age Cohort60Table 15: North American Projected Dollar Sales Other Aesthetic Market by Age Cohort61Figure 14: North American Other Aesthetic Market Sales by Age Cohort61i. Methodology Sale Representing the second edition on this topic, this report, focused on Millennials was compiled from a wide variety of public and proprietary sources. Information was cross-checked against other data, using Medical Insight’s proprietary forecasting models, and synthesized into both qualitative and quantitative analyses and projections, specifically covering medical aesthetic products and equipment.Public sources that were utilized for this report include: articles in trade publications and medical journals; articles in consumer magazines and newspapers;company news releases, website information, marketing materials and financial filings; information from trade associationsProprietary sources that were utilized include: Medical Insight’s extensive database of industry and product information; recent Medical Insight survey data;industry analyst reports; exclusive interviews with company executives, researchers, sales representatives, physicians, patients, consultants and other industry expertsAdditionally, feedback from Medical Insight product information is continually built back into research products so that reports are updated with the most recent industry and market information on an ongoing basis. SectionExecutive Summary 1The first generation to come of age in the new millennium, the Millennial cohort has become an established and growing force in medical aesthetics. In 2015, the U.S. Census released its most recent numbers concerning Millennials, which reportedly numbered around 83 million representing more than one-quarter of the nation’s population1. Their size exceeds that of Baby Boomers. In addition, Millennials are an ethnically and racially diverse generation, with 19% being Hispanic, 14% African American and 5% Asian2.By 2030 Millennials and younger people will likely account for over 60% of the US workforce. In the context of medical aesthetics, Millennial patients (and eventually Generation Z) will supplant the Baby Boomer generation over time.Also known as Generation Y, Millennials make up the demographic group following Generation X. Behind them, Generation Z is everyone born roughly after 1997. The exact date range of the Millennial generation fluctuates somewhat depending on the source. This report follows the Pew Research Center’s definition of someone born between 1981 and 19963. On the other hand, the U.S. Census considers a Millennial to have been born between 1982 and 2000.The notion that all Millennials fit neatly in a singular demographic is mistaken. As a point of reference, the Millennial cohort represented 22- to 37-year-olds in 2018. Given that the forecast contained in this report runs from 2019 to 2024, Millennials will represent the 23-to-38 age range in 2019 and the 28-to-43 age group in 2024. While younger Millennials are just coming out of school and starting out in the workforce, older Millennials are settling down, starting families, have gained security and status in their careers and have more disposable income. No matter their age, the Millennial demographic is distinctly different from other generations in terms of attitudes and motivations. They are tolerant of cultural and personal differences. Interestingly, stereotypes are becoming outdated when it comes to describing Millennials as this group ages. Are they all narcissistic due to their attachment to smartphones and taking endless selfies that are posted on social media sites, such as Instagram? Are Millennials habitually poor and don’t leave home until later in life compared with other generations? These perceptions have been changing as the Millennial generation grows older, gains maturity and fully integrates into the workforce and society.Notably, Millennials started on a growth path with less stable financial footing than earlier generations. The older Millennial, now in his or her 30s, typically left college with high levels of student debt and missed out on important years of wage growth because of the 2008 economic downturn. Also, compared with other generations at the same point in their lives, people in their 20s and 30s have relatively low levels of home ownership, net worth and real income, according to the Federal Reserve Board of Governors. Despite this, a majority of Millennials are quite self-assured in their prospects to proceed, both socially and economically. According to Forbes magazine, Millennials control around $200 billion in annual direct purchasing power and account for $500 billion more in indirect spending through parents or guardians.4 The impact of this fact is astounding.According to ThinkGoogle, over 40% of Millennials are parents5. The Pew Research Center has reported that 88% of Millennials live in metropolitan areas and 34% of Millennials have a bachelor’s degree or higher. By 2020, Millennials spend in the U.S. is expected to grow to $1.4 trillion annually and represent 30% of total retail sales.6 These young consumers are unlike Baby Boomers. They are not waiting until their Golden Years to chase aesthetic procedures with the purpose of reversing the signs of aging. Millennials seek aesthetic procedures as a lifestyle choice, opting instead for holistic and so-called preventive anti-aging treatments that they believe will help them avoid the need for more radical procedures, such as surgical face-lifts, later in life.The overarching behavior among the Millennial patient population is an orientation to self, stated William Kirby, D.O., FACOD, a cosmetic dermatologist and medical director / co-founder of LaserAway (Beverly Hills, California, U.S.), with over 50 locations. “You can put that in a positive or negative light, but it is important to note that when these people were children, and in the educational system at the time, they were taught to focus on themselves and to very much rely on their emotions. If you really acknowledge that behavior as factual, which is the case, then these are people that absolutely feel comfortable spending money to make themselves happier and look better. That's the reason why they do so well as a patient population.”It is also fundamental to remember that this generation encompasses people that are in dissimilar life stages. The aesthetic needs of a 22-year-old Millennial is unlike those of a 38-year-old, noted Z. Paul Lorenc, M.D, F.A.C.S., a plastic surgeon in New York City. “Anatomically, there are distinctly different needs, absolutely, mostly in women patients. Someone who is 37 is already thinking about her brow and eyelids, maybe not so much a facelift but maybe threads and fillers, or a tummy tuck if they’ve had children. The younger Millennial has reached the age where she is just starting to think about minimally invasive procedures,” he said.Considering that Millennials — and Generation Z beyond them — will be a historically large demographic, medical aesthetic physicians that want to serve these groups should develop effective strategies for targeting, acquiring and retaining them. According to Pew Research, more than 90% of Millennials rely on smartphones, and they spend a lot of time interacting with the outside world via these devices. Therefore, aesthetic practitioners must court new Millennial patients as online personalities that are willing to engage them in social media environments in order to build trusting, conversational relationships. Likewise, manufacturers and marketers in the aesthetic space must pursue a similar strategy of engagement, which not only helps them to target Millennial customers but also drives that customer to clinics in order to help sell their anti-aging products and services. Significantly, Millennials do not trust conventional forms of promotion, such as TV and print advertising, but instead react favorably to marketing efforts that create a distinctive, relatable experience, one that is more personalized and better addresses their needs and desires. “Companies can advertise very strategically and precisely to this audience. The most effective way to reach it is through creative media mixes based on when social media is consumed during the day, as well as the types of social media being consumed,” expressed Can Gumus, Vice-President of Marketing, Aesthetics at Merz Aesthetics (Raleigh, North Carolina, U.S.). “It's not the same audience that absorbs media traditionally. Millennials are online at different times of the day, and if you target your media mix exactly at those moments you can be very effective.”Sales of aesthetic products in North America (the United States and Canada) were $5.9B in 2019 and are expected to grow at a 7.3% CAGR to $8.4B in 2024. This includes the anticipated adjustment in 2020 and subsequent impact from the COVID-19 pandemic. Millennials accounted for 19% of the North American medical aesthetic market in 2019 and this portion will increase to 26% by 2024; this cohort will grow from nearly $1.2B of B2B revenues in 2019 at a 14% CAGR to $2.2B in 2024. Millennials will also account for the largest absolute growth among the five defined age cohorts. Cosmetic neuromodulators, breast aesthetics and energy-based devices were the three largest aesthetic categories in 2019 related to Millennials, with these categories producing almost $650 million in B2B sales. The latest edition of this report includes material that covers the following important issues concerning Millennials:– Defining Millennials' attitudes, influences and motivations– What portion of aesthetic patients in aesthetic practices are Millennials, and how they are different from other generations– Differences between younger (early- to-mid 20s) and older (over 30) Millennials– Other than age, in what ways are Millennial male and female patients different?– Understanding how these patients differ across the full Millennial age range– An overview of what procedures this cohort is seeking – How much money are Millennial patients spending on procedures?– Marketing/outreach approaches used by manufacturers and practices to target Millennials?– Insights in Millennial patient loyalty– Approaches aesthetic practices should take to attract and retain Millennials as patients for life ................
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