Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) --
Allied Market Research released a report, titled, "Medical Spa Market by Service (Hair Removal, Body Shaping, Scars & Striae, Facial Treatment, Tattoo Removal, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global medical spa industry is projected to gain $29,542.33 million by 2030, having witnessed a value of $12,438 million in 2020, exhibiting a CAGR of 9.0% from 2021 to 2030.
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Prime Factors Influencing the Market Growth:
The global medical spa market growth is attributed to the rise in the prevalence of pores and skin damage, lifestyle changes, an increase in the adoption of non-invasive treatments, and a rise in the use of aesthetic enhancement processes in recent years. However, the lack of penetration in developed and emerging nations and the high cost of skilled therapists impede market growth to some extent. On the other hand, a surge in demand due to advancements in medical treatments, such as laser technology, ultra-therapy, dermal fillers, and others is expected to create remunerative opportunities in the upcoming years.
Recent Trends in the Medical Spa Market
- An increase in developing economy's disposable expenditures and a desire to maintain youth and appearance are contributing factors to the surge in demand for medical spa services.
- Increasing adoption of non-invasive procedures such as the botox, dermal fillers, laser hair removal, and non-surgical body contouring are among the minimally invasive and non-invasive procedures that are in greater demand. Patients sought these types of therapies as there are very minimal side effects and as little downtime as possible.
- In the near future, it is anticipated that technical advancements in medical treatments administered in medispas, such as dermal fillers, ultra-therapy, and laser technology, would present profitable opportunities for the key players.
- The aging population is driving the worldwide medical spa market, particularly in the countries where there is high disposable income as well there is a surge in the majority of baby boomers.
- The promotion of medical spa services has been greatly aided by social media. A lot of medical spas use Instagram and other social media channels to work with influencers and display before-and-after pictures.
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The facial treatments segment to lead the trail during the forecast timeframe-
Based on services, the facial treatments segment accounted for the largest market share in 2020, holding nearly one-third of the global medical spa market revenue, and is expected to lead the trail during the forecast timeframe. The same segment would also exhibit the highest CAGR of 10.3% from 2021 to 2030. This is due to the increasing trend of both men and women engaging in facials to achieve a more youthful and radiant complexion.
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North America to maintain its dominance by 2030-
Based on region, North America held the largest share in 2020, contributing to more than two-fifths of the global medical spa market revenue, and is expected to maintain its dominance throughout the forecast period. The growth of the market is attributed to an increase in consumer perception of looks, the rapid adoption of innovative technologies, and the presence of prominent players in North America. However, the Asia-Pacific region would portray the highest CAGR of 10.7% from 2021 to 2030. This is due to rising disposable income and the proliferation of MedSpa facilities.
Industry Leading Players:
- Biovital Med Spa
- Canyon Ranch
- Chiva Som
- Vilalara Longevity Thalassa & Medical Spa
- True Skin Care Center
- Westchase Med Spa
- Cocoon Medical Spa
- Hyatt Corporation
- Clinique La Prairie
- Allure Med Spa
The report analyzes these key players in the global medical spa market. These players have adopted various strategies such as partnerships, new product launches, geographic expansion, and agreements to increase their market size and strengthen their foothold in the industry. The report helps to determine the business development, top market segments, advancements, and product portfolios of leading market players to emphasize the competitive landscapes.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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