NEW YORK, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Prevalence of skin diseases is constantly on the rise, globally. This is constructing major health encumbrance on most economies. A healthcare facility that is supervised by a licensed healthcare provider, full time, is termed as a medical spa. The objective of the industry is to offer medical education and care in a setting that includes spa facilities as well as conventional, complementary, and/or alternative therapies and treatments. Botox injections, anti-wrinkle and fine line reduction therapies, acne surgery, and fillers are some of the latest laser procedures offered at medical spas. Facials and massages are provided at conventional spas, but in medical spas, these treatments are performed with highly specialized lasers and instruments to permit for larger penetration of medical-grade skin items.
According to a report published by Persistence Market Research, the global medical spa market is expected to be valued at US$ 30 Bn in 2021, and is predicted to expand at an impressive CAGR of more than 15% over the forecast period (2021–2031).
Key Takeaways from Market Study
- Facial injectables are expected to contribute more than 45% of the revenue share in the market by 2031, owing to their wide availability intended to achieve one or more goals such as wrinkle reduction and lip augmentation.
- The adult age group is expected to account for 40% of the global market share.
- Among the service providers, single ownership spas are contributing maximum value share for the market.
- North America holds the highest share in the global medical spa industry, owing to the presence of big market players, high healthcare expenditure, and increasing technological advancements and efforts in the country.
- Key players are focused on mergers and acquisitions and increasing technological advancements.
- The market in the U.S. is projected to be the fastest-growing at a CAGR around 18% through 2021-2031. The U.S. holds a big portion of global revenue and accounts for more than 90% share in the North American market.
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“Strong growth in demand for medical spas owing to increasing consumer awareness about self-care and anti-aging services, along with rapid expansion of the wellness tourism sector,” says an analyst of Persistence Market Research.
Increased Marketing & Branding to Promote Services
Exponential growth of cosmetic procedure advertising and marketing poses possible ethical issues as well as patient care concerns. Rising number of cosmetic physicians use blogs and social media networks to promote their practices. Providers strive to gain customers through advertisements and marketing. Traditional print media, radio, television advertisements, “advertorials” (paid editorials usually in magazines), and digital social media advertising and marketing are all used, with the latter being increasingly important. In this industry, celebrity endorsements, whether direct or indirect, are extremely relevant. The med spa industry is quickly expanding and will continue to do so at a rapid pace in the future. With this in mind, every medical spa should focus on its brand image and raising the responsiveness of medical aesthetic procedures, treatments, and specialist products.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the medical spa market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031. The research study is based on service (skin rejuvenation, facial injectable, esthetician services, body shaping & contouring, hair removal, scar revision, and tattoo removal), age (adolescents, adults, and geriatric), and service provider (single ownership spas, group ownership spas, free-standing spas, and medical practice associated spas), across seven key regions of the world.
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