Svitlana Hulko
Users of GLP-1 drugs such as Ozempic, Wegovy and Zepbound are more inclined to undergo aesthetic procedures, which could boost demand for skin-tightening devices and wrinkle treatments, according to a new survey by Needham.
In a survey of aesthetics patients and their spending plans, 62% of respondents who reported taking GLP-1s indicated the drugs have made them more inclined to seek out aesthetics procedures.
The growing popularity of GLP-1 weight-loss drugs doesn’t appear to be fueling demand for dermatological fillers to treat so-called “Ozempic face,” however, although procedures for wrinkle treatments and body sculpting are on the rise.
Of those surveyed, 11% said they were currently taking a GPL-1 drug, with another 6% planning to take one in the next 6 to 12 months if their insurance covered it and an additional 5% planning to do so but paying out-of-pocket. Another 7% reported having taken a GLP-1 drug in the past, while 18% said they were interested in taking one in the future.
One downside of GLP-1s such as Ozempic is that they can lead to sagging skin due to rapid weight loss, especially in people over 50. The phenomenon can be particularly noticeable in the face, where loss of volume can make people look gaunt and older, with more pronounced wrinkles.
Dermatological fillers, such as Restylane, which is marketed by privately held Galderma, or Juvederm, which is marketed by AbbVie’s (NYSE:ABBV) Allergan unit, can help restore volume to the face. However, some dermatologists have pointed out that restoring volume due to weight loss often requires high doses of fillers and that patients might be better served by undergoing other procedures instead.
“Ozempic body” can also be an issue, where substantial weight loss can lead to sagging skin on arms, thighs, stomach, breasts and backside.
Ozempic is the brand name for the Novo Nordisk (NVO) GLP-1 drug semaglutide, 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.
Needham’s survey found that despite the GLP-1 craze, demand for injectable facial fillers appears to be slipping. The survey showed 8.1% of respondents planned to get injectable fillers in the next 6 to 12 months, down from 9.9% in its Q3 2023 aesthetics survey.
Meanwhile, demand for wrinkle treatments like Botox has increased, with 9.6% expecting to get 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 has forecasted global 2024 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 accelerating growth “as the market returns to its usual high-single digit growth rate.”
Respondents appeared to be particularly keen on longer-acting neurotoxins, with around 47% saying they were interested in the products. Examples of longer-acting neurotoxins are Revance’s (RVNC) Daxxify and Evolus’s Jeuveau, which Needham notes has shown extended duration at higher doses.
The survey indicated that non-invasive body contouring and liposuction was also likely to see increased demand over the next 6 to 12 months. Results showed 8.4% of respondents were planning to undergo such a procedure in the next 6 to 12 months, compared with 6.4% in its Q3 2023 survey. Major players in the body contouring market are InMode, which offers FaceTite and BodyTite, and Allergan, which markets CoolSculpting.
Based on the survey’s overall results, Needham said that it sees InMode (NASDAQ:INMD), in particular, benefitting from current trends. In addition to body contouring products, the company also markets the radiofrequency skin-tightening system Morpheus8.
As for overall spend, the survey found that respondents planned to fork out an average of $776 on procedures over the next 6 to 12 months, compared with Q3 2023, when the average anticipated spend was $644. The average aesthetic spend per respondent was $1,117 over the past 6 to 12 months, up substantially from $869 in the Q3 survey.
Needham said 334 women aged 30 to 70 participated in the latest survey, of which 52% were aged 30 to 44. The average household income was $73K.