Cosmetic surgery is no longer the sole province of the rich. In particular, more and more people of the middle class are using Botox to soften their facial wrinkles. But with the recent economic downturn, many of those people are cutting back on Botox treatments and other luxury purchases. The cosmetic surgery market was once thought to be immune to such money troubles, but as it appeals to a broader range of customers it becomes less resistant to downturns in the economy.
A recent report found that the market for minimally invasive cosmetic treatments like Botox, dermal fillers and cosmetic lasers doubled between 2000 and 2006. But over the past year, the stock prices for the companies that produce those treatments have fallen considerably as many cosmetic surgeons across the country have reported a drop in their practices. Companies are trying to cope by developing new treatments that can provide more long-lasting results.