The overall global medical aesthetics market is projected to exceed $15.9 billion by 2025, which is good news for both new and established med spas and clinics. In this competitive industry, the pressure to innovate and expand is constant. Staying up to date with the latest in technology, marketing know-how, and consumer trends is essential to keeping your business in the black. Expanding your product and service offerings is one way to boost clinic revenue, but it’s important to do so wisely so you don’t sink your funds into something that won’t give you a good return on investment. Read on to find out how to expand your offerings to make your clinic more profitable, the right way.
Overwhelmingly, more and more medical aesthetic consumers are showing a mounting preference for non-invasive and minimally invasive procedures. Projections estimate that the energy-based non-invasive aesthetic treatment market is poised to grow by $1.21 billion during 2020-2024. In the last few years, there has been a remarkable growth in the demand for non-invasive and minimally invasive aesthetic practices, while the inclination towards conventional surgical procedures has reduced. In particular, minimally invasive face treatments with anti-aging results are experiencing an uptick in growth. According to the International Society of Aesthetic Plastic Surgery 2019 report, around 276,069 procedures of facial rejuvenation were performed in 2019 in the United States alone, and this segment can expect growth of $2.57 billion over the next four years. Clinics can capitalize on this growing market by advertising their facial treatment offering and highlighting the non-invasive benefits of all of their aesthetic services.
Like non-invasive procedures, time-saving procedures that can deliver results without a prolonged recovery time are growing in popularity as well. With the growing availability of low- and no-downtime options, clients are becoming less inclined to give up weeks at a time on recovery. Therefore, aesthetic treatments that boast minimal downtime should be a part of your clinic offerings. As one example, Venus Concept’s Venus Bliss™ fat treatments use non-invasive lipolysis, a process that utilizes laser energy to gently heat and dissolve hard-to-budge fat cells that tend to accumulate in the flanks, abdomen, and other areas. Matching the most sought-after treatments, like circumferential reduction, with low- to no-downtime solutions is one of the best ways to boost your clinic’s potential revenue.
Like all things, the popularity of certain treatments comes and goes in trends. It’s important that you’re offering and advertising the treatments and procedures that people want most. Many “trending” treatments on social media, however, are actually perennially popular. Unsurprisingly, these tend to be nonsurgical aesthetic treatments with no downtime, such as hair removal, photorejuvenation, skin resurfacing, non-surgical lipolysis, skin tightening, and injectables. These treatments attract a high amount of interest because they promise consumers an improvement in their appearance over a lunch break. Expanding your clinic menu with body treatments is also an excellent way to harness a larger clientele, and to keep your current clients from straying to another business to have all their needs met.
Like in every other facet of life, patients now expect to get more bang for their buck by combining aesthetic treatments for the best results. Staying true to the maxim that time is money, they also want to combine treatments to get the maximum benefits from their aesthetic visits in the least amount of time. For that reason, multi-application devices like Venus Versa™, and treatments that combine modalities like TriBella™, are going to be essential to your clinic offerings in 2021.
Selecting aesthetic treatments devices with a solid track record of return on investment is one of the best things you can do to secure your clinic’s success. Health Point Laser Clinic, a Venus Concept clinical partner, is an excellent example of that. When founder Scott Fader (BHK, CSCS) was looking for a device for non-surgical fat reduction* and skin tightening*, he chose Venus Bliss™. Even though the clinic is outside of a major urban center in Kelowna, which has a population of only 132,000, interest in Venus Bliss™ treatments is strong. Within four months of acquiring the device they had sold over $87,000 worth of Venus Bliss™ treatments, and are now on track to break-even on the device in less than a year. This case is not an anomaly; clinics with Venus Bliss™ all over North America are showing high usage, meaning the patient demand is there. That demand has been strong despite the pandemic, and Fader is confident their strong sales will continue to grow. “This is an industry that has been outpacing the economy every year.”
Expanding your clinic offerings is a direct route to maximizing ROI, and this course of action doesn’t have to be unmanageable. Our Subscription Plan allows you to introduce our powerful technology to your clinic on an affordable payment model. We also offer a comprehensive suite of business support services, tools, and one-on-one attention to help your practice flourish. Speak to one of our experts one-on-one today.
*Indication approved outside of the U.S.