Newark, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 17.38 Billion in 2022 medical spa market will reach USD 70.74 Billion by 2032. There's a big demand for less intrusive procedures like chemical peels and non-surgical skin tightening, in addition to body sculpting and tattoo removal. Also, because of hotel wellness packages, demand for wellbeing-focused vacations is rising quickly.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 17.38 Billion |
| Market Size in 2032 | USD 70.74 Billion |
| CAGR | 15.07% |
| No. of Pages in Report | 235 |
| Segments Covered | Age Group, Gender, Regions |
| Drivers | Increase in the elderly population |
| Opportunities | An increase in minimally invasive operations |
Key Insight of the Medical Spa Market
Asia Pacific is anticipated to expand at the highest CAGR of 17.52% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 17.52% over the forecast period. It is driven by the sector's growing popularity, expansion, and rising costs associated with wellness tourism. The regional market will continue to be driven by rising interest in experience travel and falling costs for flights and other travel-related services. The Asia Pacific market is expected to increase as a result of the existence of numerous big and small businesses as well as an increasing number of international players.
The geriatric segment is expected to register the highest CAGR of 18.73% over the projected period in the medical spa market.
The geriatric segment is anticipated to grow at the highest CAGR of 18.73% in the medical spa market. The geriatric segment is growing because people want to look good and youthful even in old age. The number of medspa visits rises as a result of people over 60's increased interest in keeping up a healthy lifestyle.
Over the projected period, the male segment is expected to register the highest CAGR of 18.35% in the medical spa market.
Over the forecasted period, the male segment is anticipated to grow at the highest CAGR of 18.35% in the medical spa market. Men are increasingly using medical spa services as they become aware of how healthful and calming these procedures are. Consequently, the market is creating services and products targeted to males for skin care. Segment growth is expected to be aided by an increase in the number of male consumers and the creation of tailored marketing techniques for men.
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Market Dynamics
Driver: Increase in the elderly population
The number of elderly people will probably rise significantly throughout the course of the anticipated period. The geriatric market is growing because of the ageing population's desire to look attractive and youthful. Over 60s have a greater desire to lead a healthy lifestyle, which increases medspa visits. Technology advancement is one important trend that is becoming more and more popular in the medical spa market. Advanced technology processes are being adopted by medical spa service providers in an attempt to improve client pleasure. Radiofrequency body contouring, radiofrequency microneedling, BTL aesthetics emsculpt, hydrafacial or dermal infusion toning, and muscle-sculpting procedures are some of the most recent technological developments in medical spas.
Opportunity: An increase in minimally invasive operations
Minimally invasive procedures including chemical peels, non-surgical skin tightening, tattoo removal, and body sculpting are in high demand. The trend of medical spas is becoming more and more profitable as the demand for beauty and self-improvement therapies grows worldwide. Over the estimated period, more opportunities for market expansion are anticipated as a result. Premature hair loss, early ageing, and other physical, mental, and emotional difficulties are caused by a variety of factors, including the use of hormones and biological substrates in dairy products, stressful lifestyles, adulteration of food products, harmful chemical exposure to the skin, early ageing, skin problems, obesity, and hormonal issues. Throughout the forecast period, the growing trend of health and fitness culture, changing lifestyles, and rising use of skincare products and facial treatments are all likely to fuel growth in the global medical spa market.
Some of the major players operating in the medical spa market are:
• Chic La Vie
• Clinique La Prairie
• Kurotel Longevity Medical Center and Spa
• Lanserhof Lans
• The Orchard Wellness Resort
• Biovital Medspa
• Allure Medspa
• Longevity Wellness Worldwide
• Serenity Medspa
• Vichy Celestins Spa Hotel
• Brenners Park-Hotel & Spa
• Sha Wellness Clinic
• Cocoona Centre of Aesthetic Transformation
• Mezzatorre
• Aesthetics Medispa
• Lily's Medi Spa
• Lisse
• DRX Clinic
• Westchase Medspa
• Chiva Som
• Mandarin Oriental Hotel Group Limited
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Key Segments cover in the market:
By Age Group:
• Adult
• Adolescent
• Geriatric
By Gender:
• Female
• Male
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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