The Evolution of Medical Aesthetic Data

As a society highly focused on having the perfect selfie and Zoom-ready appearance, it should be no surprise that the demand for Medical Aesthetic treatments continues to grow at an impressive rate. This growth, combined with the cash-based nature of the industry, has great appeal to business owners and entrepreneurs across the globe. Limited barriers to entry have also contributed to the steady increase in independent medical spas as well as larger corporations pivoting into Medical Aesthetics.As more entrepreneurs enter into Medical Aesthetic practice ownership, they are looking for objective ways to measure their success. Companies across other industries have widely embraced the use of analytics to streamline operations and increase profits. Medical Aesthetics is an $8.2 billion industry and, shockingly, access to true analytic data thus far has been extremely limited. Because of the cash-based nature of the industry, all available data is self-reported. Current methodologies rely on surveys, interviews, and manufacturer reported data, each with its own inherent bias.Imagine having access to real-time, objective data from a highly trusted source. Entrepreneurs could better assess market entry and established business owners would have better tools to measure success. Objective analytics would dramatically improve business planning and decision making. Conversion rates would increase if practices made real-time adjustments based on what is most important to patients. Businesses could access post-COVID recovery data from the current month, quarter, or year. Overall, practices would attract more patients by keeping a pulse on what factors are driving market demand right now (like, on this day, at this exact moment), instead of making decisions based on historical survey data.Wouldn't that be great? We think so.Stay tuned...