The growth of the cosmetic medicine industry has led two Perth entrepreneurs to expand their businesses in order to tap into more of the nation’s $6 billion annual spend.
The growth of the cosmetic medicine industry has led two Perth entrepreneurs to expand their businesses in order to tap into more of the nation’s $6 billion annual spend.
Plastic surgeon Anh Nguyen recently opened a $2.5 million medispa in the CBD that boasts 18 treatment rooms and the capacity to offer treatment to around 100 people each day.
Dr Nguyen’s centre offers services like massage, facials, waxing and makeup, all the way through to intravenous vitamin treatments, laser treatments and plastic surgery.
The centre, which Dr Nguyen said used world-leading treatments and technology, has been designed to capitalise on the growing demand from people looking to improve their overall health, confidence or appearance.
“I’ve wanted to do this for a long time,” Dr Nguyen told Business News.
“I’ve had this belief that today everybody wants to look good. When you look good you feel more confident, and every aspect of your life improves.”
Dr Nguyen said while it was hard to quantify, the potential market was huge, and she expects it only to grow in the near future.
“We know that Australians spend $6 billion a year on non-surgical enhancements and rejuvenation procedures, and we’d like to think that we’re catering for more than just that market, because that doesn’t include the wellness side which is probably the biggest growing area,” she said.
“People are taking vitamins now and they are health conscious, so it’s becoming a cultural shift from going to have a botox injection to actually having a vitamin shot, for example, and getting more energy.”
Perth doctor Dennis Millard has also been growing his business, Utopian Cosmetics, and is in the process of relocating his South Perth clinic to Peppermint Grove to cater to growing demand from clients in the western suburbs.
He is also in negotiations to acquire clinics in rural locations on the east coast, where he was first introduced to the cosmetic medicine market.
Dr Millard offers services for anti-ageing and cosmetic improvements such as botox and 'dermal fillers', to hair loss and treatments for excessive sweating.
“It’s a very busy marketplace, the cosmetic injectable market in itself has grown 35 per cent each year in Australia for the past five years,” Dr Millard told Business News.
He said his business had grown about 50 per cent year on year, with demand coming from both men and women.
“Certainly we’re catching up (with the east coast) and people are aware of what they have access to now,” Dr Millard said.
“Guys are getting a lot more treatment than they used to. Over the last 12 months I’ve seen a massive increase in the number of guys that are coming through.
“My take on it is if you look at guys going to the gym – 10 years ago no guy would go to the gym and most wouldn’t use moisturiser either, this is just an extension of that change in a way.”
Dr Millard has established his business while holding down a job in anaesthetics in the public sector, a role he intends to continue regardless of how busy the Utopian business became.
“The reason I first got into medicine was because I wanted to help people and save lives; I can do that with my day job in anaesthetics while I can use the artistic side of my brain in cosmetics,” he said.
