Roberto Speroni on the main trends and weaknesses of the aesthetic medicine market

Роберто Сперони об основных тенденциях и слабых местах рынка эстетической медицины

Modern aesthetic medicine is developing rapidly. New technologies are being introduced, modern drugs are emerging that are highly effective and safe. The needs of customers are also changing, becoming more and more demanding. Despite the rapid pace of development, the aesthetic medicine market has its weaknesses, which were discussed in more detail for estet-portal.com by Roberto Speroni, an international business consultant in the aesthetic medicine industry.

What are the main needs of clients in the field of aesthetic medicine at the moment?

This is a very good question in the sense that customer needs are constantly changing and growing. If you look at the market, you can see that customers want to get the maximum result in the shortest possible time, without the risk of side effects, and at a low price. Because the price is a very big problem when you offer your clients new treatments, and especially with the use of new technologies. While they are only developing, their price is very high, and only over time it will decrease. Also, of course, clients want to get the longest possible effect without any consequences. But the needs are changing, and clients are becoming much more demanding and more informed about the treatment and the expected effect. Their goal is not just the pursuit of results, it is the pursuit of the most natural results, that will give them the opportunity to look and feel like themselves. At this stage, clients do not want to change the shape of the face or body, but want to look fresh and healthy for their age. Another important point — customers want to feel unique. When they go to the doctor they want a personal touch.

One of the main trends in the market over the past 3 years is a personalized approach to treatment.

It is important for people that the doctor prepares the treatment exclusively for them. This makes them feel special, unique.

What are the main weaknesses of the modern aesthetic medicine market?

To discuss this issue, we must touch on several aspects at once. The first concerns the registration process for medical products and equipment. I travel a lot for work, and having visited 38 countries, I can say that the registration process is one of the main problems that companies and manufacturers have to face. But Ukraine is considered "good" market for medical device registration, as the procedure only takes 6 months. For comparison – in the Russian or Asian market, the registration process takes about two and a half years under the most favorable circumstances. It's easy to imagine what it means for a manufacturer to start the registration process now, and only be able to sell two and a half years later. Furthermore, In Europe and the CIS countries, it is planned to register injectable drugs and medical equipment as pharmaceutical products in the future. If this happens, the registration process will become much more complicated, and will take from 3 to 4 years. Another problem – a huge number of fakes on the market, as well as similar products that create confusion in the minds of the patient and the doctor. Because the doctor may also not always understand the message of what this product is intended for and how it differs from others. Another weak point of the modern market is the education and training of doctors. This is due to the fact that, often, companies want to speed up the process of product implementation, and do not invest enough time in training specialists. Therefore, sometimes it happens that the client knows the product better than the doctor. Before admission, patients receive a huge amount of information from the Internet, social networks and magazines. And if the doctor is not savvy enough in this matter, he simply cannot justify his decision or the choice of a particular product.

Is there any way to counter these market weaknesses?

In fact, to resist these weaknesses – really difficult. Regarding the issues of regulation and registration of products, there is nothing we can do. Now there is a problem of overcrowding of the market. A huge number of products come to the Ukrainian market from Asia and Europe. Therefore, now the Ministry of Health is trying to raise barriers to limit the entry of products to the market. To be honest, I can understand this policy. Otherwise, confusion will increase, fake products and poor quality products will fill the entire market. Such risks are unacceptable. We do not sell ice cream, but we work with health and beauty products, as well as products for injectables. So from a management standpoint, I don't see anything we can do. I agree with the idea of raising barriers to avoid the influx of these so-called "fast food" products. As far as education and training of specialists is concerned, I think some companies are already doing very well in this direction. In Ukraine, doctors are very demanding in terms of education and training, because it is important for them to be "in the know." I see that companies are investing in the education and training of doctors, and these investments are 10-15% of their budget. This is done not only by manufacturers, but also by local distributors, which is very important. Also, I think congresses can be very helpful in terms of education. They provide an opportunity to get acquainted with new products, new technologies, as well as teach doctors to understand the product well before using it.

to avoid the influx of these so-called "fast food" products. As far as education and training of specialists is concerned, I think some companies are already doing very well in this direction. In Ukraine, doctors are very demanding in terms of education and training, because it is important for them to be "in the know." I see that companies are investing in the education and training of doctors, and these investments are 10-15% of their budget. This is done not only by manufacturers, but also by local distributors, which is very important. Also, I think congresses can be very helpful in terms of education. They provide an opportunity to get acquainted with new products, new technologies, as well as teach doctors to understand the product well before using it.

to avoid the influx of these so-called "fast food" products. As far as education and training of specialists is concerned, I think some companies are already doing very well in this direction. In Ukraine, doctors are very demanding in terms of education and training, because it is important for them to be "in the know." I see that companies are investing in the education and training of doctors, and these investments are 10-15% of their budget. This is done not only by manufacturers, but also by local distributors, which is very important. Also, I think congresses can be very helpful in terms of education. They provide an opportunity to get acquainted with new products, new technologies, as well as teach doctors to understand the product well before using it.

As far as education and training of specialists is concerned, I think some companies are already doing very well in this direction. In Ukraine, doctors are very demanding in terms of education and training, because it is important for them to be "in the know." I see that companies are investing in the education and training of doctors, and these investments are 10-15% of their budget. This is done not only by manufacturers, but also by local distributors, which is very important. Also, I think congresses can be very helpful in terms of education. They provide an opportunity to get acquainted with new products, new technologies, as well as teach doctors to understand the product well before using it.

In Ukraine, doctors are very demanding in terms of education and training, because it is important for them to be "in the know." I see that companies are investing in the education and training of doctors, and these investments are 10-15% of their budget. This is done not only by manufacturers, but also by local distributors, which is very important. Also, I think congresses can be very helpful in terms of education. They provide an opportunity to get acquainted with new products, new technologies, as well as teach doctors to understand the product well before using it.

I think congresses can be very helpful in terms of education. They provide an opportunity to get acquainted with new products, new technologies, as well as teach doctors to understand the product well before using it.

I think congresses can be very helpful in terms of education. They provide an opportunity to get acquainted with new products, new technologies, as well as teach doctors to understand the product well before using it.

What are the main trends in the modern market of aesthetic medicine?

One of the – is that the number of male patients is increasing. If you look at the market 10-15 years ago – it was filled with 95% women, now we are talking about 76% women and 24% men. That's why companies create products designed for men: personalized products, personalized treatments, and even injectable products for men's skin. To be honest, I like this approach because men's skin is really different from women's.

Another trend is related to the development of technology. For example, if we talk about injectables, there are a lot of companies that do not just work with classic ingredients, but combine them. Now there are practically no fillers that contain exclusively cross-linked hyaluronic acid, they contain other additional substances, such as amino acids, polynucleotides and peptides. When it comes to medical equipment and devices, the current trend in this industry is portability.

Doctors want to work with a technique that delivers good results while being portable.

At this stage, micronization of technologies takes place. There are devices that can be folded into a bag, taken with you to another studio, and carried out there, for example, RF therapy or laser therapy. This is a current trend, even despite the increasing cost of devices. Something new appears every 6-8 months. And doctors, due to the constant evolution of technology, want to get something new, but at the same time something that can be easily upgraded. When it comes to cosmetics, the main trend is a personalized treatment approach based on DNA analysis.

The popularity of kosher technologies has also increased greatly in recent years, as people love natural ingredients and natural cosmetics. Halal products are gaining popularity for two reasons, firstly, the number of Muslims is increasing, and there are also more people who refuse animal ingredients. And halal technologies guarantee the production of products of this type.

Speaking of chemical peels, it is important to clarify that now we are not talking only about peels in their pure form. We are talking about a combination of biostimulation, biorevitalization and peeling system. Also, for the last 10 years we have been talking about biostimulation without the use of needles. And now there are special biphasic technologies with which you can get such products, ensuring the protection of the ingredients from the effects of free radicals. Another interesting product – this is a PROFOUND bioamplifier that I personally really like as it is a really great cocktail. Now is the time of the special popularity of DMAE (Dimethylaminoethanol), everyone loves DMAE. Many manufacturers think that by putting DMAE in a product, they will ensure that it works effectively. But this is not enough, because it is necessary to create a really good combination in order for the product to have the desired effect. A PROFOUND – it is really a wonderful combination of several active ingredients.

What are the trends in the injectables market?

I would like to talk more about the injectables market, just because everyone is talking about its overcrowding. And it's true, no one knows how many brands are on the market right now, but we are talking about more than 150 injectables of pure or cross-linked hyaluronic acid. It is true that the market is crowded, but it is also true that people are getting older. I want to say that, nothing can surpass hyaluronic acid, there can only be something completely new. And I did not have enough time to talk about new technologies related to hyaluronic acid, but I can say that this part of the market has a very high potential. We are talking about a market that by 2020 will have a turnover of 11 billion dollars, while in 2015 it had a turnover of 6.5 billion US dollars. This is a 70% increase in turnover in five years.

Modern aesthetic medicine is rapidly developing. New technologies are being introduced, appear modern products that have high efficiency and safety. Also the needs of customers are changing, people are becoming more and more demanding. Despite the rapid development, the aesthetic medicine market has its weak points, more about which for estet-portal.com told the international business consultant in the field of aesthetic medicine Roberto Speroni.

What is the main customer needs in the field of aesthetic medicine at the moment?

This is a very good question in the sense that customer needs are constantly changing and improving. If you look at the market, you can see that customers want to get maximum results as quick as possible, without the risk of side effects, no surgical approach if possible and with best price as possible. Because the price is a very big problem when you offer your clients new methods of treatment, especially if supported by the use of new technologies. While they are only developing - their price is very high, and only at the time, it will decrease. Also, customers want to get the longest lasting effect without any consequences. But the needs are changing, and customers are becoming much more demanding and informed about treatments and expected results. Their goal is not just a pursuit of results, it is the pursuit of the most natural results that will make them look and feel natural. Now customers do not want to change the shape and expressiveness of their face or body but want to look fresh and healthy at their age. Another important point is that customers want to feel unique. When they go to the doctor they want an individual approach. One of the main trends in the market for the last 3 years is a “personalized approach”. This is what gives them the opportunity to feel special and unique.

One of the main trends in the market for the last 3 years is a “personalized approach”. This is what gives them the opportunity to feel special and unique.

What are the main weaknesses of the modern market of aesthetic medicine?

To discuss this issue, we must address several aspects at once. The first concerns the process of registration of medical products and equipment. I travel in 38 countries for business, I can say that the registration process is one of the main problems that companies and manufacturers have to face. But Ukraine is considered a "good" market for the registration of medical equipment since the procedure takes only about 6 months. For comparison - in the Russian or Asian market registration process takes about 2 and a half years if everything is fine. It is easy to imagine what it means for a manufacturer to begin the registration process now, and be able to sell only after two and a half years. Moreover, for instance talking about injectable devices, in territories like Middle East and some Asian countries (India for instance) injectable medical devices are already considered as pharmaceutical products and in Europe and Ex Soviet Union countries (Russia for first) this discussion is getting also very common. If so for the future the registration process scenario can become even more complicated than now. If this happens, the registration of injectable medical devices will take from min 3 to 4 years. Another problem is the huge number of fake products on the market, as well as similar products that create confusion in the minds of the patient and the doctors. Because the doctor may also not always understand the message, what this product is intended for, and how it differs from others. Another weakness of the modern market is the lack of adequate training of doctors. This is due to the fact that, often, companies want to speed up the process of selling a product, and do not invest enough time in training specialists before. We invest more in marketing than in education and training actually on the market. Therefore, sometimes it happens that the customer is as familiar with the characteristics of the product as the doctor. Before the doctor visiting, patients receive a huge amount of information from the Internet, social networks and magazines. And if the doctor is not well-versed in this matter, he simply cannot argue his decision in comparison with several other possible similar solutions/products.

We invest more in marketing than in education and training actually on the market. Therefore, sometimes it happens that the customer is as familiar with the characteristics of the product as the doctor. Before the doctor visiting, patients receive a huge amount of information from the Internet, social networks and magazines. And if the doctor is not well-versed in this matter, he simply cannot argue his decision in comparison with several other possible similar solutions/products.

We invest more in marketing than in education and training actually on the market. Therefore, sometimes it happens that the customer is as familiar with the characteristics of the product as the doctor. Before the doctor visiting, patients receive a huge amount of information from the Internet, social networks and magazines. And if the doctor is not well-versed in this matter, he simply cannot argue his decision in comparison with several other possible similar solutions/products.

Is it possible to do something with these weaknesses of the market?

In fact, it is really difficult to resist these weaknesses. Regarding the issues of regulation and registration of products, we cannot do anything. Now there is the problem of overcrowding in the market. A huge number of products come to the Ukrainian market from the countries of Asia and Europe. Therefore, now the Ministry of Health is trying to raise barriers to limit the registration and the supply of products to the market. To be honest, I can understand this policy in order to protect the market and customers. Otherwise, confusion will increase, fake products and low-quality products will fill the entire market. Such risks are unacceptable. We do not sell ice cream, but we work with products created for health and beauty, as well with injectable products. Therefore, from the point of view of management, I don't see anything that we can do. I agree with the idea of increasing barriers to avoid the influx of these so-called "fast food" products. As for the training of specialists, I see some companies are already working very well in this direction. In Ukraine, doctors are very demanding in matters of education and training, because it is important for them to be "in the subject". I see that companies are more and more interested in investing in the education and training of doctors, and these investments make up 10-15% of their budget. This is done not only by manufacturers but also by local distributors, which is also very important. Also, I think that congresses can be very useful in terms of training in info for doctors. They provide an opportunity to show new products, new technologies,
What are the main trends of the modern market of aesthetic medicine?

One of the trends is that the number of male patients increases. If you look at the market 10-15 years ago - it was filled with 95% of women, now, we are talking about 76% of women and 24% of men. Therefore, companies create products customized for men: personalized products, personalized treatment, and even injectable products for men's skin. Honestly, I like this approach, because the male skin is really different from the female one. Another trend is related to the development of technology. For example, if we talk about injections, then there are a lot of companies that do not just work with classical ingredients but combine them. Now there are practically no fillers that contain exclusively cross-linked hyaluronic acids, they contain other substances, such as amino acids, polynucleotides, peptides and so on. One more important trend is injection to dissolve fat in localized adiposities face and body areas. With this treatment, the patient can avoid surgical treatment getting very good results and getting back to normal life immediately and if the patient can keep weight stable results are permanent. As for medical devices machines, a modern trend is a portability. Doctors want to work with technology that gives good results, and at the same time is portable. There are devices that can be folded into a bag, take to another studio, and conduct there, for example, RF-therapy, laser or plasma therapy. This is a trend, even despite the increasing cost of standard devices. Something new appears every 6-8 months. And doctors, in connection with the constant evolution of technology, want to get something new, but at the same time something that can easily be upgraded with a reasonable benefit for customer. As for cosmetics, the main trend is a personalized approach to treatment preceded by DNA analysis. Also in recent years, the popularity of halal technologies has increased very much. Because people love natural ingredients and natural cosmetics. Halal products are gaining popularity for two reasons, firstly, the number of Muslims increases, and there are also more people who are refusing animal ingredients. And halal technologists guarantee the receipt of products of this type. Speaking about chemical peelings, it is important to clarify that now it is no longer only about peelings effect in pure form. We are talking about a combination of biostimulation, revitalization and peeling effects. Also, for the last 10 years, we have been talking about biostimulation without needles. And now there are special biphasic technologies with which you can get such products improving results and protecting active ingredients from oxidation or degeneration. And, I think, we will see them in the near future. Another interesting product is the bio-amplifier PROFOUND, which I personally like very much since it is really a wonderful cocktail. Now the time of special popularity of DMAE (Dimethylaminoethanol), everyone loves DMAE. Many manufacturers think that by placing DMAE in the product, they will ensure its efficacy. But this is not enough, because it is necessary to create a really good combination so that the product has the necessary effect. And PROFOUND, represented by the company ORKA - is really a perfect combination of several active ingredients. What are the trends in the market of injectable products? I would like to talk more about the market of injectable products because everyone is talking about its overcrowding. And it's true, no one knows how many brands are on the market, but we are talking about more than 150 injectable products of pure or cross-linked hyaluronic acid. It's true that the market is full and mature in most of key countries, but it's also true that people are getting older and want to look fresh and young, there are emerging markets (Asia), and that in the last 4 years we experienced a global growth of about 35% with a CAGR of 9%. I want to say that, despite of other old or new raw materials used in the aesthetic medicine, nothing until now was able to replace or surpassing hyaluronic acid, maybe only something completely new in the future. And I did not have time to talk about new technologies related and combined to hyaluronic acid, but I can say that this part of the market has a very high potential. We are talking about a market that by 2020 will have a turnover of 11 billion US dollars, while in 2015 it had a turnover of 6.5 billion US dollars. This is an increase in turnover by 70% in six years. These data show that the market of injectable products is at a very high level, healthy and has still a good unexpressed potential. I can just mention that new trends are related to the way to combine raw materials, manufacturing process technologies, injection techniques, delivery mechanism of action of active ingredients, customized protocols, specific products for micro or macro areas, pre and post injection product packages.