Impact of COVID-19 on the Global Body Contouring Market
Body Contouring is a procedure that involves the alteration of the body part by improving the appearance. It refers to the removal of excess body fat. The various body contouring procedures available are body lift, bra line back lift, body fat transfer, implants, and abdominal etching. Body lift is the most common method involving the removal of excess skin and fat from the thigh, abdomen, and buttocks. Similarly, body fat transfer is also carried out. Increasing the obese population is the major driving factor for the market.
Increasing expenditure on cosmetic and aesthetic procedures in economies such as Australia and Japan are likely to provide favorable backgrounds for the market to grow. There has been a continuous increase in the expenditure on cosmetic procedures, owing to the rising per capita incomes and changing lifestyle.
The global cosmetic industry (comprising skincare, body contouring, haircare, fragrances, and personal care) has been shocked by the COVID-19 crisis. First-quarter sales have been weak, and there have been widespread store closures worldwide.
According to the Cosmetic Physicians College of Australia in 2015, the Australians spent approximately USD 890 million on minimally invasive or non-invasive cosmetic procedures, exhibiting an increase of 5% as compared to 2014. Moreover, according to the International Trade Administration, in 2014, the per capita cosmetic expenditure in Japan was around USD 174.
The body contouring devices are expected to be the fastest-growing market due to the increased adoption of non-invasive body contouring procedures. For instance, as per the American Society for Aesthetic Plastic Surgery, one of the most promising ways to treat cellulite is through laser treatment and is expected to show an increase in body shaping and skin-tightening procedures by 2022.
Hair removal treatments are non-surgical procedures that continue to gain popularity over time, among men and women. According to data published by the National Laser Institute, in 2016, around 1.1 million hair removal treatments were performed in the US alone. The most established method for skin resurfacing is ablative laser resurfacing which removes or vaporizes damaged tissue.
A Q-switched laser is a non-surgical method for tattoo removal, which uses high temperatures for a short duration of time to disrupt the ink particles. The development of a picosecond pulse laser is one of the advancements in the field of body contouring methods. The technique is characterized by rapid delivery of laser energy, fragmenting the ink into smaller particles, and is faster than its older nanosecond pulse laser counterparts. Skin-lightening procedures are reducing the production of melanin in the skin. Lasers and injectable are effective treatments for skin lightening.
COVID-19 has hugely impacted the supply chain of body contouring devices and has experienced a massive decline. Trade barriers are hugely restraining the demand-supply outlook. The production process is also adversely affected, hindering the overall medical devices market globally. With many economies like India and Italy undergoing prolonged lockdowns, the trade of these devices & services across international borders has been affected. Most of the world’s leading medical device companies have their manufacturing facilities located in China. As China is the epicenter of this outbreak, it has suspended most of the industrial activities. Therefore, timely delivery of these devices has been affected and market trends related to medical devices have been negatively affected.
The industry has responded positively to the crisis, with brands switching their manufacturing to produce hand sanitizers and cleaning agents and offering free beauty services for frontline response workers. At the same time, the industry’s leaders have a responsibility to do their best to ensure that their companies survive.
After the global pandemic scenario, it is evident that there is a shortage of devices. Since several countries depend on imports for medical devices, this can cause a major disruption in the supply chain of devices. Therefore, it is uncertain whether the companies will be able to ensure an adequate supply of products. A possible short-term supply disruption within companies and healthcare provider organizations for select medical aesthetic devices, as a direct result of demand surge, can occur.