The aesthetic medicine market - Portugal

1.2 The world market

As the market can be defined in many different ways, depending on which segments we decide to include or not, the size of the overall market varies greatly depending on the sources used. For this study, we will focus on plastic surgery and non-invasive aesthetic medicine (***). Thus, in the market sizes presented, cosmeceuticals are not included unless explicitly stated.

According to a survey by GrandViewResearch, the global cosmetic medicine and plastic surgery market was estimated at US$ **.* billion in **** and is expected to grow at a CAGR of *.*% by ****. Innovation in the field of aesthetic devices during the last decade has led to a growth in the demand for aesthetic treatments. Moreover, the introduction of technologically advanced products such as non-invasive body reshaping systems using controlled cooling technology is expected to create market opportunities in the near future.

Currently, the global market in terms of value is largely dominated by the United States, which has **% of the market share. The most dynamic region is the Asia-Pacific region, which is growing at **% per annum in this market. Latin America, meanwhile, accounted for only *% of the global market by value in **** . That said, in terms of the volume of procedures performed, especially in ...

1.3 The Portuguese market of aesthetic medicine

There are very few official statistics on aesthetic medicine in Portugal. However, we can rely on other countries to make estimates about the Portuguese market. In fact, the main source of statistics on aesthetic medicine is ISAPS(***), it turns out that there are approximately ** plastic surgeons per million inhabitants in Portugal.

Now, let us look at Italy, the country most similar to Portugal among those studied in depth by ISAPS. In Italy there are **** plastic surgeons for a population of **,** million inhabitants (***), which gives **,* plastic surgeons per million inhabitants.

To confirm our hypothesis about the possibility to estimate the size of the Portuguese market using Italian data, we will study the per capita spending in a related market: beauty and personal care products. According to Euromonitor, the evolution of the beauty and personal care products market in Portugal and Italy is as follows:

Per capita expenditure on beauty products Portugal and Italy, ****-****, EUR Source: ****

Thus, the number of cosmetic surgeons and the spending on cosmetics and personal care products are very similar in Portugal and Italy. We can therefore assume that the population adjusted market sizes will also be similar.

Also according to ISAPS, ***,*** aesthetic procedures (***), it is estimated that ...

2.1 Typology of demand

Using the distribution of Italian aesthetic procedures given by ISAPS, we can make estimates for Portugal:

Breakdown of aesthetic medicine procedures Estimate for Portugal, ****, % Source: ****

We can see that non-surgical procedures are in the majority, certainly because they are less expensive and less invasive. Let us now look at the distribution of procedures by each category:

Breakdown of aesthetic surgical procedures Estimate for Portugal, ****, % Source: ****

Procedures on the head, face and chest are in the majority, accounting for more than **% of surgical procedures. We now turn to non-surgical procedures:

Breakdown of non-surgical procedures Estimate for Portugal, ****, % Source: ****

"Injectables" dominate this segment, accounting for **% of non-surgical procedures.

In terms of total volumes, we can also estimate, using the same dataset, the most common procedures:

Source: ****

It is important to remember that these data are based on what is done in Italy, and are therefore estimates. However, we can check the consistency of these data by crossing them with the statements of some Portuguese surgeons.

Luiz Toledo, for example, a renowned surgeon in Brazil and Dubai who moved to Lisbon, states in an interview that the most common operations in his practice are liposuction (***), rhinoplasty and breast augmentation, which is consistent with ...

2.2 Medical tourism

Medical tourism is an increasingly common practice in the world of cosmetic surgery. According to a study conducted by Patients Beyond Borders, medical tourism increased by ** to **% in ****. This phenomenon is mainly related to the difference in prices between countries. In addition, the recognized quality of Brazilian aesthetic medicine and the historical ties between Portugal and Brazil facilitate the acceptance of an invasive procedure in a foreign country. All this is reinforced by the possibility of finding relatively cheap flights between Portugal and Brazil (***).

According to ISAPS, the Portuguese are among the most common foreign patients in Brazil. Note that this phenomenon could be reinforced due to the fall of the Brazilian real: one euro today is worth more than * reals (***).

Here is a price table of the most common procedures in Brazil:

Source: ****

3.1 Production of plastic surgery and aesthetic medicine equipment

The production of equipment for aesthetic purposes includes the manufacture of breast prostheses, injectable products, equipment and finally cosmeceuticals. As the aesthetic market requires high entry costs and advanced technology, most manufacturers are in the production of one of these segments.

As the major players in the market are international groups, most of the production sites are located abroad.

Each product requires its own production line:

Breast prosthesis manufacturing is a process consisting of about ten steps that are difficult to automate ; the work at each step is very meticulous. Most factories are divided into several sections, the first of which is used to process the silicone, which is the main material of the prosthesis (***). The steps are as follows: molds are hand-dipped in silicone, then envelopes are removed from the molds, gel is delivered to the envelope weighed to the nearest gram, and finally the prosthesis is sealed with an occlusion pad. The manufacture of botulinum toxin for aesthetic purposes is strictly regulated. Portugal has no plant manufacturing botulinum toxin Equipment manufacturing concerns energy-based equipment , such as lasers, ultrasound and liposuction devices. Most of the manufacturers are foreign. In the cosmeceuticals market, there are two types of players, namely pharmaceutical ...

3.2 Multi-channel distribution and increased autonomy of final consumers

Clients seeking cosmetic medical treatment may go to hospitals or other practices in the event that the treatment requires professional intervention (***). However, not all treatments fall into this category. There are more and more processes that customers can do independently, not to mention the entire cosmeceutical segment that customers find directly online or in-store.

We are also witnessing a boom in end consumers as direct customers of laboratories, but also of manufacturers of devices for aesthetic purposes. In fact, the emergence of cosmeceuticals and "medecine like" products highlights the growing demand for non-invasive and self-care products. Moreover, distribution to the final consumer through pharmacies and parapharmacies has become a strategic channel, as it is constantly growing.

In addition, there has been an increase in pocket or "home device" beauty devices, inspired by the devices used by aesthetic physicians and dermatology practices. These changes in consumer habits and preferences are therefore putting pressure on companies to adapt their distribution strategy to this empowerment and democratization of aesthetic medicine. This consumer autonomy is also promoted by new technologies that allow for transparency of care. Indeed, the rise of platforms such as Realself.com, the TripAdvisor of aesthetics, allows patients to exchange comments and ...

4.1 Prices

Non-surgical procedures:

Source: ****

Surgical procedures:

5.1 Regulation

Plastic surgery is governed by the laws relating to the Medical Order.

However, the president of the Sociedade Portugesa de Cirurgia Plástica, Reconstrutiva e Estética (***) acknowledges in an interview that many surgeons act without having a degree in aesthetic surgery. This is due to the existence of many short training courses that are not recognized by the State.

6.1 Segmentation

• Allergan plc (Abbvie)
• La Roche-Posay
• Laboratoires Sebbin
• Arion
• Filorga Cosmétiques (Colgate Palmolive)