PUBLISHER: The Business Research Company | PRODUCT CODE: 1436475
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436475
A medical spa is a facility that combines medical procedures with cosmetic treatments in a relaxing environment. These treatments are supervised by medical professionals and are aimed at enhancing a person's appearance.
In the medical spa industry, the main services offered include skin rejuvenation, facial injectables, body shaping, hair removal, and other aesthetic treatments. Skin rejuvenation treatments aim to restore the skin from dullness, damage, and sun exposure under the supervision of licensed and well-trained staff. Medical spa services cater to both men and women across different age groups, including adolescents, adults, and the geriatric population.
The medical spa market research report is one of a series of new reports from The Business Research Company that provides medical spa market statistics, including medical spa industry global market size, regional shares, competitors with a medical spa market share, detailed medical spa market segments, market trends and opportunities, and any further data you may need to thrive in the medical spa industry. This medical spa market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medical spa market size has grown rapidly in recent years. It will grow from $16.69 billion in 2023 to $19.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth during the historical period can be attributed to the increase in wellness and self-care trends, the demands of an aging population, the influence of celebrity endorsements and influencer marketing, shifts in consumer preferences, and the rise in disposable income among consumers.
The medical spa market size is expected to see rapid growth in the next few years. It will grow to $32.13 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The anticipated growth in the forecast period stems from various factors: changes in consumer demands, the increasing popularity of wellness and self-care trends, ongoing innovations in treatment methods, the influence of health and beauty influencers, and economic considerations. Key trends expected during this period encompass the integration of wellness concepts into treatments, a focus on regenerative therapies, the delivery of personalized and customized experiences, the rising popularity of preventative treatments, and a heightened emphasis on ethical and sustainable practices within the health and beauty industry.
The increasing demand for aesthetic treatments is anticipated to drive the expansion of the medical spa industry. Aesthetic procedures encompass treatments that enhance the appearance of the face and body. There has been a growing focus on physical appearance and beauty as a means of self-identification and expression. As per data from The American Society for Aesthetic Plastic Surgery, facial procedures saw a 54 percent increase, while aesthetic body procedures experienced a 63 percent surge from 2020 to 2021. Consequently, the escalating demand for aesthetic procedures is poised to fuel growth in the medical spa market.
The increasing elderly population is set to drive the expansion of the medical spa sector in the future. As the term suggests, the aging population denotes a growing segment of older individuals in a community, typically characterized by a higher median age. Medical spas offer cosmetic and wellness treatments designed to address age-related issues and enhance overall health. For instance, in October 2022, the World Health Organization, a Switzerland-based Intergovernmental organization, forecasted that by 2030, 1 in every 6 people globally would be 60 years old or older. During this period, the percentage of the population aged 60 and above is expected to increase from 1 billion in 2020 to 1.4 billion. Additionally, the worldwide number of individuals aged 60 and over is projected to double, reaching 2.1 billion by 2050. Therefore, the growing aging population is fueling the growth of the medical spa market.
Innovative treatments are gaining traction as a significant trend in the medical spa market. Service providers in this industry are increasingly incorporating technologically advanced treatments to enhance the effectiveness of their services. Some of the new technological innovations being adopted by medical spas include radiofrequency body contouring, radiofrequency microneedling, BTL aesthetics emsculpt, hydrafacial or dermal infusion toning, and muscle-sculpting treatments. For example, in January 2022, Renew Medical Aesthetics, a Wisconsin-based provider of medical spa services, introduced a new range of lip filler aesthetic treatments. These treatments are available in two options: mini (half syringe) and full syringe, offering customers a variety of choices to suit their individual needs. This initiative demonstrates the industry's commitment to providing innovative and customizable treatments to enhance the overall customer experience in medical spas.
Major companies in the medical spa market are concentrating on developing innovative platforms, such as end-to-end software solutions, to improve efficiency and maximize profits. An end-to-end software solution is a comprehensive and integrated software system that covers the entire workflow or process from start to finish. For example, in August 2023, Nextech, a US-based provider of healthcare technology solutions, introduced Nextech Med Spa, the industry's first end-to-end software solution tailored for med spas. This platform aims to transform med spa operations by streamlining workflows, enhancing client experiences, and driving business growth. Nextech Med Spa addresses the specific challenges faced by med spa owners by offering a comprehensive platform that provides visibility and management capabilities from the front desk to exam room consultations. It includes features such as rapid charting and photo management, a centralized check-in/out hub, and an integrated point-of-sale and membership management system. These tools empower med spa owners to optimize their operations and deliver exceptional experiences to their clients.
In October 2021, Laser MD Medspa, a premier US-based medical spa services company, acquired Young Medical Spa for an undisclosed sum. This acquisition is part of Laser MD Medspa's strategy to expand its presence, particularly in Pennsylvania, where it plans to operate in four locations. Additionally, the company aims to further extend its business footprint to encompass over 15 locations in the northeastern and Mid-Atlantic regions of the USA. Young Medical Spa, based in the USA, is known for providing medical spa services.
Major companies operating in the medical spa market report are Serenity Spa at The Ritz-Carlton Dubai, The Spa at Trump International Hotel and Tower Chicago, Spa at The Resort at Pedregal, Remede Spa at St. Regis Bali, Chic La Vie MedSpa, Spa at Montage Laguna Beach, The Spa at One&Only Royal Mirage, Spa at The Lodge at Pebble Beach, The Spa at Mandarin Oriental Miami, Canyon Ranch, Espa at Mandarin Oriental Bangkok, Mii Amo at Encantado Resort, Spa at Grand Hyatt Kauai Resort and Spa, Spa at Meadowood Napa Valley, Miraval Arizona Resort and Spa, Clinique La Prairie, Spa at The Ranch at Rock Creek, Golden Door Spa at Escondido, The Peninsula Spa, The Spa at Emirates Palace Abu Dhabi, The Spa at Rancho Bernardo Inn, Allure MedSpa, The Spa at Jumeirah Beach Hotel, Spa at The Four Seasons Hotel Istanbul at Sultanahmet, Biovital MedSpa LLC, The Woodhouse Day Spa, La Quinta Essencia Spa at Rosewood San Miguel de Allende, The Spa at Four Seasons Hotel Los Angeles at Beverly Hills, Spa at The Ritz-Carlton Half Moon Bay, Spa Chakra at The Oberoi Udaivilas Udaipur
North America was the largest region in the medica spa market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical spa market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical spa market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical spa market includes revenues earned by entities by botulinum toxin injections, injectable dermal fillers, nonsurgical fat reduction, laser hair removal, microdermabrasion, laser skin resurfacing and tattoo removal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Spa Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical spa market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical spa ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical spa market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.