New York, Feb. 07, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the Global Medical Spa Market size is projected to surpass around the USD 59.4 Billion by 2033, and it is poised to reach a CAGR of 13.2% from 2024 to 2033.
The global medical spa market was worth the US$ 17.2 billion in 2023. Also known as medical aesthetic spa or med spa, it has the facility offering various cosmetic and medical procedures under supervision of licensed medical professionals. In addition to this, medical spa also offers non surgical cosmetic treatments like dermal fillers and laser treatments being less invasive. The other crucial services provided are massage therapy, nutritional counseling and acupuncture. An increase in demand for non invasive cosmetic procedure drives the growth of medical spa market.
To Gain greater insights, Request a sample report @ https://market.us/report/medical-spa-market/request-sample/
Key Takeaway
- The demand for medical spa has risen among consumers wanting cosmetic intensification but unwilling to undergo surgery.
- Awareness of well, selfcare and technology are the important parameters to drive the market growth.
- The medical spa procedures has to work in compliance with the regulatory standards, hence can impede the market in near future.
- By service analysis, facial treatment segment dominated the market with a considerable market share.
- The adult population is mostly involved into medical spa treatments, hence grabbing a larger market share.
- By gender analysis, female segment is anticipated to dominate the market in the foreseeable days.
Factors affecting the growth of the Medical Spa Market
Several factors can affect the growth of the medical spa market. Some of these factors include:
- Growing Demand for Affordable Medical services: The services provided in spas seems to be affordable compared to the same medical services operated in clinics, thus fueling the market growth.
- Increased demand for non invasive treatments: There are variety of spa treatments which are non invasive such as dermal fillers, laser treatments, etc, hence being more preferred by the consumers.
- Escalating Market Competition: The pursuit of cost-effective medical services has spurred intense competition among major companies. To gain a competitive edge, these companies are implementing diverse strategies, driving the growth of the global medical spa market. This heightened competition benefits consumers by fostering innovation and affordability in the industry.
Top Trends in Global Medical Spa Market
The constant evolution of medical spas led to the development of highly standard trends fostering the global medical spa industry. One of the most preferred treatment by the consumers is natural and organic treatment, done using natural ingredients in order to achive the desired results. Another most preferred trend is the rise of medically supervised spas, containing medical professionals performing cosmeceutical therapies. The next prominent advancement in the field of medical spa is the usage of virtual consultation and online services, especially during COVID 19 pandemic phase.
Market Growth
The escalating demand for affordable medical services has prompted numerous companies to enter the market, but the intricate technology integration often hinders cost reduction. To secure a significant market share, many firms are forming partnerships with outsourcing companies. This heightened competition is driving positive growth in the global medical spa market. Additionally, the implementation of diverse regulations by global regulatory authorities has compelled manufacturing firms to collaborate with outsourcing partners to ensure compliance with these stringent regulations and guidelines, further fueling the market's expansion.
Regional Analysis
More than 44.7% of the market share is captured by the North America region, commanding the medical spa market in 2023. United States and Canada are leveraged with various products and services to carry out variety of aesthetic procedures, anticipating the upswing of the market. In addition to this, high expenditure on wellness tourism(domestic traffic and international traffic) in the region, forwards a passionate drive for the medical spa market growth.
Moreover, the augmenting popularity of wellness tourism and the related rising expenditure, further leads Asia-Pacific region to encircle a fastest growing medical spa market.
Explore the strategic advantages our report holds for your business. Request a brochure to find out more https://market.us/report/medical-spa-market/#inquiry
Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 17.2 Billion |
| Forecast Revenue 2033 | USD 59.4 Billion |
| CAGR (2024 to 2033) | 13.2% |
| North America Revenue Share | 44.7% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
The rapidly increasing demand for non invasive cosmetic procedure is one of the important factor driving the growth of the medical spa market. Nowadays, many campaigns are brought into existence in order to make people aware of wellness, self care and the related technology. Thus, this initiative has tremendously provided benefitting results in bolstering the medical spa treatments among consumers. The medical spa market is further fueled by the growing elderly population seeking for medical treatments for youthful appearance. The marketing of these spa treatments had made easy with the aid of social media, thus prospering the shares of medical spa market.
Market Restraints
Traditional spas and salon always remains the utmost option for many consumers worldwide. This leads a competition between traditional cosmetology procedures and the professional medical spa procedure. Hence, this can restrain the growth of the market at a considerable rate. In addition to this, some of the medical spa treatments are highly expensive, which cannot be afforded by the low income families, thus impeding the market expansion.
Furthermore, the medical spa oerators has to work in compliance with the strict regulatory standards, leading to an increase in the cost and complexity of the medical spa, further hampering the market size.
Opportunities
With the quick lifestyle, people are likely to adopt the less painful and less time consuming procedures. This has given rise to minimal invasive cosmetic treatment such as laser and injectable treatments. Thus, this offers significant opportunities for the medical spa industries to gain benefits and reach to a higher level of revenue share. The spa procedures such as massage therapy, acupuncture and nutritional counseling forms a cherry on the cake advantage for the people seeking overall relaxing time. In addition to this, the growing geriatric population has also provided lucrative opportunities for the medical spa industries, as the aging population seek treatments to maintain a youthful appearance.
Unlock Instant Access | Acquire This Premium Research Report https://market.us/purchase-report/?report_id=103718
Impact of Macroeconomic Factors
Inflation has led to an hefty increase in the cost of raw materials used, fees of medical consultants, medical area and the healthcare cost. This rise is directly proportional to the rise of technological advancements. A lot of money is invested in finding new treatments for patients. Modern medical treatments and therapies are likewise more costly as they are developed. Most of the equipment used in top notch medical spas is imported from other nations, leading to an increase in medical cost. In addition to cost of raw materials, import taxes and freight costs has led to an increase in medical inflation substantially. Hence, inflation led to the rising costs of treatments, severely affecting the demand and consumer behavior, thus impacting the global economy.
Report Segmentation of the Medical Spa Market
By Service Analysis
According to the service provided, the medical spa market is fragmented into facial treatment, body shaping & contouring, hair removal, scar revision and tattoo removal services. The facial treatment segment leads the global medical spa market, commanding a huge market share of 53.3%. This prominence is greatly attributed to the growing demand for antiaging treatments like botox and dermal fillers.
Additionally, body contouring and shaping segment is projected to grow fastest during the prophecy period, owing to the provision of noninvasive fat reduction procedures.
By Age Group Analysis
Based on age group, the market is segmented into adolescent, adult and geriatric population. With a noteworthy market share of 59.2%, the adult segment leads the global medical spa market. The adult population is primarily involved in anti-aging and body contouring treatments, for example, in U.S. nealy 26% of women undergoing medspa treatments were between the age of 35 and 54. Also, the adult population are into high spending power between these ages to carry out noninvasive procedures such as dermal fillers.
Moreover, the usage of anti-aging products and treatments is also undertaken by teenage population for beauty enhancement. The fast growing geriatric segment promises the extensive growth of the market during the forecast peiod. The desire to remain young and attractive in old age is a major factor in the growth of this segment.
By Gender Analysis
Based on gender, the market is broadly classified into male and female segments, with female segment leading the global medical spa market. The segment directs a large market share of 89.4%, dominating the market in 2023. There is an hefty adoption of aesthetic treatments among women population in order to boost physical happiness, self esteem and confidence, significantly driving the growth of the market. Approximately 94% of all aesthetic treatments are performed by women, according to Aesthetic society. In addition to this, women are constantly engaged to improve their facial appearance, increasing the number of women visiting for botox or dermal injections.
Want to Know More about Key Market Dynamics, Download a PDF Sample @ https://market.us/report/medical-spa-market/request-sample/
By Service Provider Analysis
With respect to provision of service, the medical spa market is bifurcated into single ownership, group ownership, free-standing and medical practice associated spas. Amongst these, the single ownership segment is accounted to hold an extensive market share of 71.1%, commanding the medical spa market. The global medical spa industry is dominated primarily by small, single location, single owner medical spas pertaining advanced technology. According to American Medspa Association, an approximate of 66% of the medical spas are owned by single persons and employ an average of eight to nine employees. In addition to this, rising in burnout cases and declining reimbursement policies drives more physicians to become medical spa directors, co-owners or owners of the facility.
Recent Development of the Medical Spa Market
- In December 2023, Chic La Vie, took a strategic move, forged a collaboration with a prominent medical technology company. This partnership is geared towards seamlessly integrating cutting-edge aesthetic procedures into their spa services, aiming to enhance the overall client experience.
- In September 2023, Lanserhof Lans, introduced a pioneering regenerative therapy that harnesses the power of stem cell research. This groundbreaking approach addresses a range of age-related health concerns, positioning Lanserhof Lans at the forefront of regenerative medicine advancements.
- In March 2023, Kurotel Longevity Medical Center and Spa underwent a successful merger with a renowned international wellness group. This not only expanded their global footprint but also diversified their portfolio of wellness services, solidifying their position in the industry.
Market Segmentation
By Service
- Facial treatment
- Body shaping & contouring
- Hair removal
- Scar revision
- Tattoo removal services
By Age group
- Adolescent
- Adult
- Geriatic
By Gender
- Male
- Female
By Service provider
- Single ownership
- Group ownership
- Free-standing
- Medical practice associated spas
By Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive landscape
There is a constant provision of non invasive cosmetic services such as laser treatments and injectables by the major market companies to the consumers. The constant development and innovation of the new technologies and services led the industry to have a strong market imprint and stay a step ahead among its competitors.
Market Key Players
- 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
Explore More Life Science Market Research Reports
- Facial Implants Market size is expected to be worth around USD 5.8 Bn by 2033 from USD 2.7 Bn in 2023, at a CAGR of 8.2% from 2024 to 2033.
- Acne Treatment Market size is expected to be worth around USD 16.2 Bn by 2032 growing at a CAGR of 5.4% forecast period from 2022 to 2032.
- Health And Wellness Market size is expected to worth around USD 8,379 BN by 2023 from USD 4,332 BN in 2032, at a CAGR of 7% from 2022 to 2032.
- The wellness tourism market accounted for USD 822.3 billion and is expected to grow to around USD 1922.2 billion in 2032, at a CAGR of 9.1%.
- Histology and Cytology Market was valued at USD 15,341 million in 2021. This is expected to increase at a CAGR of 13% between 2023-2032.
- Global Microcatheter Market Was Worth Usd 2,018.7 Million in 2021. It Is Projected To Grow At A Compound Annual Rate (Cagr Of 3.9%) Between 2023 And 2032.
- Global Electronic Health Records Market size expected to be grow at USD 43.62 billion by 2032 from USD 27.74 billion in 2021
- Global Mortuary Equipment Market Was Worth Usd 1,244.5 Million. The Mortuary Equipment Market Is Expected To Register A Cagr Of 6% From 2023 To 2032.
- Hemodialysis and Peritoneal Dialysis Market was worth USD 84,250 million in 2021 and estimated CAGR of 7.41% between 2023 and 2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn
Our Blog:
