Relationship Between Market Trends And Cosmetic Case Volume Analyzed in Study
Despite the economic downturn of the early 2000s, cosmetic surgery grew from 2000 to 2012, in large part due to an increasing volume of minimally invasive procedures, including injectables. This growth, though not without appreciable deceleration at the low point of the recession, approximately doubled the volume of cosmetic surgery procedures being performed in the United States.
While overall growth appears to have been unaffected by recent fluctuations in the U.S. financial markets, a decline in major cosmetic procedures, such as face lifts, exposed both vulnerability and opportunities for cosmetic practices, according to a recent 12-year study that will be presented at Plastic Surgery The Meeting, the annual scientific meeting of the American Society of Plastic Surgeons (ASPS), Oct. 10-14, in Chicago.
While minimally invasive procedures (MIP) have shown steady growth each year, major surgical (MS) procedures have declined, decreasing 27 percent between 2006 and 2009, specifically. Researchers note that the increase in MIPs may be a result of an increase in patients who opted for direct payments to private plastic surgery groups. Rather than rely on insurance companies to pick up the cost of MIPs, these patients have followed pre-payment plans and other direct-pay models, as offered by the individual plastic surgery groups.
An analysis of U.S. financial statistics indicated that rates of minimally invasive procedures in individual states can be affected by several factors, including the media, healthcare, real estate, food, unemployment and the overall Gross Domestic Product (GDP), which measures the monetary value of all finished goods and services produced within the United States during specific time periods, usually annually.
Major surgical procedure rates in individual states, on the other hand, were impacted by variables in the financial and legal arenas, as well as trends in the entertainment industry. Fluctuations in the unemployment rate and entrepreneurship also played a role in the decline of major surgical procedures. An awareness of and reaction to fluctuations in these economic arenas may be a useful tool for plastic surgeons to proactively manage a successful cosmetic practice.
The study, “A 12-Year Analysis of the Relationship Between Market Trends and Cosmetic Case Volume,” is was presented by study author Marc Walker, MD, MBA, and a member of the plastic surgery staff at Yale University in New Haven, Connecticut, on Saturday, Oct. 11, at McCormick Place West in Chicago.
This study was originally published by Asps