The global medical spa market size is expected to reach USD 49.4 billion by 2030, registering a CAGR of 14.97% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for non-invasive aesthetic treatment is one of the key factors driving the med spa market. Moreover, the high influence of social media among millennials and the rising demand for dermal fillers are propelling the demand for medical spas. Technological advancements, such as laser systems, have resulted in increased costs of medical spa procedures. However, rising disposable income levels will drive the demand for novel procedures.
Medical Spa Market Report Highlights
- Based on service, the facial treatment segment dominated the market in 2022 due to the increasing demand for minimally invasive facial procedures. According to ISAPS, 852,554 rhinoplasties, 419,046 facelifts, 409,054 chemical peels, and 288,306 brow lifts were performed in 2020 globally. This is expected to boost the segment’s growth
- Based on age group, the adult segment dominated the market in 2022. The segment is anticipated to witness lucrative growth during the forecast period owing to high spending capacity and increasing demand for dermal fillers
- In terms of service providers, the single ownership segment held the largest share in 2022 owing to the increasing number of solo proprietors in the medical spa business
- On the basis of gender, the female segment dominated the market in 2022. The high adoption of facial cosmetic procedures is driving the segment. The male segment is anticipated to witness significant growth during the forecast period
- North America accounted for the maximum market share in 2022. Increasing adoption of aesthetic procedures is driving the market in North America
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Medical spas are a unique blend of aesthetic medical centers and a day spa, which provide comprehensive medical and/or wellness care and quality cosmetic treatments in a relaxing and calming environment with the comfort of a trained professional and the ease of a spa. They provide high-quality treatment using medical-grade technology, expertise, and equipment in the luxurious ambiance of a spa. They offer treatments like chemical peels, botox, skin tightening, skin lightening, laser hair removal, microblading, acne treatment, chemical peels or facials, scar removal, and fillers. Most popular services cover a range of different wants and needs. Botox and fillers are the most popular treatments and also the most profitable. Laser hair treatments and laser facials also provide good profit margins and so do chemical peels. Recently services like Crystal Healing Massages, Turkish Bath Massage, Gold Massages, Lymphatic Drainage Facials, Sound Baths, Colonic Hydrotherapy, Salt Sauna, and Ayurveda Massages are in trend.
The rapidly rising global population is increasing the demand for aesthetic cosmetic treatments and minimally invasive solutions. Availability of the best anti-aging treatments, relaxing atmosphere, quality services provided by certified professionals, and innovative and cutting-edge technology are leading to an increase in preference for medical spas. The growing popularity and trend of wellness tourism and rising awareness about aesthetic procedures are anticipated to further expand the market in the forecast period.
The onset of the COVID-19 pandemic resulted in a revenue loss for cosmetic service providers. Aesthetic procedures are considered elective and non-essential and hence were postponed or canceled during the pandemic. On the other hand, the lockdown encouraged people to use video conferencing facilities, which made them more conscious of their looks. This led people to opt for cosmetic treatments as soon as the medical facilities re-opened, providing considerable growth opportunities for the market.
COVID-19 Impacts On Medical Spa Market
According to the American Society of Plastic Surgeons (ASPS), the number of cosmetic minimally invasive procedures witnessed a decline of 16% compared to 2019 due to the COVID-19 pandemic. The restrictions on movement enforced in various countries and the postponement of elective procedures negatively impacted the entire industry. Post-coronavirus pandemic, Vaccination and ease in social restrictions are expected to allow medical spas to resume their treatments with preventive measures. Many medical spas have started offering virtual consultations to patients.
Medical Spa Market Insights By Region
North America dominated the market owing to higher expenditure on wellness tourism (domestic and international traffic) than other regions. The easy availability of different services and products for various aesthetic procedures in the U.S. and Canada is expected to further boost market growth. Asia Pacific is anticipated to register the highest CAGR due to the increasing popularity and growth of the wellness tourism sector and rising wellness tourism expenditure. Increasing interest in experiential travel and the growing affordability of flights and travel options will drive the regional market further.
Competitive Analysis By Major Players
The presence of various large and small players and an increasing presence of global players are anticipated to promote the growth of the market in the Asia Pacific. Product and service development using novel technology, partnerships with other firms, outlet expansion, and business investments are some of the strategies undertaken by these companies to strengthen their market position. Some prominent players in the global medical spa market include:
- Chic La Vie
- Clinique La Prairie
- Kurotel Longevity Medical Center and Spa
- Lanserhof Lans
- The Orchard Wellness Resort
- Biovital Medspa
- Allure Medspa
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Grand View Research has segmented the global medical spa market based on service, age group, gender, service provider, and region:
- Medical Spa Service Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Spa Age Group Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Spa Gender Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Spa Service Provider Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Spa Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players of the Medical Spa Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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