Cell phones, computers and GPS navigation systems—these items are all commonplace now, but initially, they were expensive niche products that only a certain segment of the population could afford. The first cell phone offered to consumers in 1984 actually cost almost $4,000. More recently, when the first iPhone was released five years ago, it cost approximately $800. Now, it is just a fraction of that price. In many cases, a lower price point will equal higher sales and profits. And this is illustrated by the fact that Apple, maker of the iPhone, has become one of the biggest companies in the world.
These examples are similar to the evolution of the medical esthetics industry. In 2003, medical esthetics was a relatively new concept, and there were far fewer medical spas than there are today. Because of that, treatments were provided at a much higher price point than they are now. In 2003, a small area of laser hair removal—for example, the underarms—would cost between $300–400 for one session. Now, many businesses offer it for a lot less. This lower price point is a great thing for the industry because it allows more clients to enter the marketplace, helping medical esthetics to become a nearly $9 billion industry.