#010 Unveiling the True Potential of the Aesthetic Market
Written by Dr Bachun Cheema and Dr Kavin Kugan
Is the aesthetic market saturated? A common perception persists that the market is overfilled with clinicians and options. However, in a recent interview with Dr. James Olding he opened my eyes to the idea that this might not be the case. Additionally, we discussed strategies for clinicians to stand out in a seemingly crowded arena.
The Perception of Saturation
Dr. Olding immediately challenges the prevailing notion of market saturation. He argues, "There is certainly more competition, but I’m not sure that I agree that it's saturated." Contrary to popular belief, he suggests that extensive market research indicates a surge in demand for aesthetic treatments. The concern, according to Dr. Olding, lies in whether there will be enough injectors to meet this rising demand. In 2021 the Aesthetic Medicine Market was valued at USD 62.8 Billion with a forecast to exhibit a compound annual growth rate of 9.3% to reach a value of USD 107 Billion by 2028.
He notes, "The trend of men getting injectables is just going up and up." This suggests a widening demographic and growing acceptance of aesthetic procedures. The key, Dr. Olding emphasises, is to streamline the market and eradicate substandard practices. The challenge is to remove the taboo surrounding injectables, especially among groups like men.
Setting Yourself Apart
Addressing the second point, Dr. Olding provides valuable insights on how clinicians can distinguish themselves. He underscores the importance of early exposure, recommending initiatives like the Junior Trainee Mentorship Scheme. "Starting early is key," he emphasises, advocating for a clear training pathway, such as Level 7 in aesthetic medicine.
Dr. Olding warns against succumbing to the allure of quick success within the aesthetics industry. "Stay on the correct path," he advises, cautioning against associating with any company out of desperation. The key is to carefully choose collaborations, even if it takes years to find the right fit. Networking is crucial, but the emphasis is on making informed decisions about who to collaborate with for long-term success.
Think Long-Term
Dr. Olding's overarching advice is to think in terms of 5 or 10 years, not just the immediate future. "If you really see the potential of this industry and your career in it," he says, "think about what you will be doing in 10 years time." This strategic mindset involves contemplating the steps required to reach long-term goals, akin to choosing a medical specialty.
He concludes with a powerful piece of advice: "Find someone, even just one person, who you can go to for genuine advice." This mentorship, he asserts, was crucial at the beginning of his career, offering a compass in an industry where the path to success might seem complex.
In essence, Dr. James Olding sheds light on the untapped potential of the aesthetic market. Rather than succumbing to the belief that it's oversaturated, clinicians can carve a niche by focusing on quality, early education, strategic collaborations, and a forward-thinking mindset. As the industry evolves, those who follow these principles may find themselves not lost in the crowd but standing out on the main stage in Paris or Monaco in the years to come.
Closing Thoughts
We hope that you have enjoyed reading this issue of Harley Weekly. Over the coming weeks we will continue to be interviewing industry leaders within the aesthetic industry as well as providing you summaries of interesting research.
If you have any questions, comments or recommendations do not hesitate to comment on this post.
Warm regards,
Dr Bachun Cheema and Dr Kavin Kugan