Svitlana Hulkó
Users of GLP-1 drugs such as Ozempic, Wegovy and Zepbound are more likely to undergo cosmetic procedures, which could increase demand for skin-tightening devices and anti-wrinkle treatments, according to a new survey by Needham.
In a survey of aesthetic patients. and their spending plans, 62% of respondents who reported taking GLP-1 indicated that the medications had made them more likely to seek cosmetic procedures.
However, the growing popularity of weight-loss drugs GLP-1 does not appear to be fueling demand for dermatological fillers to treat the so-called “Ozempic face,” although procedures for wrinkle treatments and body sculpting are on the rise.
Of those surveyed, 11% said they were currently taking a GPL-1 medication, another 6% plan to take one in the next 6 to 12 months if their insurance covers it, and an additional 5% plan to do so but pay. pocket-size. Another 7% reported taking a GLP-1 medication in the past, while 18% said they were interested in taking one in the future.
A disadvantage of GLP-1s like Ozempic is that they can cause sagging skin due to rapid weight loss, especially in people over 50 years of age. The phenomenon can be particularly noticeable on the face, where loss of volume can make people appear haggard and older. , with more pronounced wrinkles.
Dermatological fillers, such as Restylane, marketed by the private company Galderma, or Juvederm, marketed by AbbVie (New York Stock Exchange: ABBV) Allergan Unit, can help restore facial volume. However, some dermatologists have noted that restoring volume due to weight loss often requires high doses of fillers and that patients may benefit better from undergoing other procedures.
The “ozempic body” can also be a problem, as substantial weight loss can cause sagging skin on your arms, thighs, stomach, breasts, and butt.
Ozempic is the brand name for Novo Nordisk's (NVO) semaglutide GLP-1 drug, which is marketed for diabetes as Ozempic and for weight loss as Wegovy. Semaglutide's main competitor is Eli Lilly's (LLY) tirzepatide, which is marketed for diabetes as Mounjaro and for weight loss as Zepbound.
The Needham survey found that despite the GLP-1 craze, demand for injectable facial fillers appears to be declining. The survey showed that 8.1% of respondents planned to receive injectable fillers in the next 6 to 12 months, up from 9.9% in its Q3 2023 aesthetics survey.
Meanwhile, demand for anti-wrinkle treatments like Botox has increased, with 9.6% expecting to receive a treatment in the next 6 to 12 months, up from 9% in the Q3 2023 survey.
Needham noted that the results reflect sales trends reported by Botox maker Allergan, which forecast 2024 global sales growth of 8% year-over-year for cosmetic use of the product. Needham added that neurotoxin makers Evolus (NASDAQ:EOLS) and Revance Therapeutics (NASDAQ:RVNC) should also see accelerated growth “as the market returns to its usual single-digit growth rate.”
Respondents seemed to be particularly interested in long-acting neurotoxins: About 47% said they were interested in the products. Examples of longer-acting neurotoxins are Revance's Daxxify (RVNC) and Evolus' Jeuveau, which Needham says have shown prolonged duration at higher doses.
The survey indicated that non-invasive body contouring and liposuction are also likely to see increased demand in the next 6 to 12 months. The results showed that 8.4% of respondents planned to undergo such a procedure in the next 6 to 12 months, compared to 6.4% in their survey in the third quarter of 2023. The main players in the body contouring market are InMode, which offers FaceTite and BodyTite, and Allergan, which markets CoolSculpting.
Based on the overall survey results, Needham said he sees InMode (NASDAQ:INMD), in particular, benefiting from current trends. In addition to body contouring products, the company also markets the Morpheus8 radiofrequency skin tightening system.
As for overall spending, the survey found that respondents planned to spend an average of $776 on procedures over the next 6 to 12 months, compared to the third quarter of 2023, when the average expected spend was $644. The average cosmetic expense per respondent was $1,117 over the past 6 to 12 months, substantially more than $869 in the third quarter survey.
Needham said 334 women aged 30 to 70 took part in the latest survey, of whom 52% were aged 30 to 44. The median family income was $73,000.
