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Jan-2022

Global Medical Spa Market Size To Reach USD 25.19 Bn by 2026

The APAC medical span market is expected to be growing at an aggressive CAGR during the forecast period in the global market.

As per our research report, the global medical spa market size is expected to expand at a CAGR of 13.22% from 2021 to 2026 and be worth USD 25.19 billion by 2026.

The lockdowns and restrictions imposed in different countries and the postponement of elective procedures have negatively impacted several markets, including the medical spa market. In the United States, many operators were forced to temporarily shut down their operations to comply with the CDC regulations. According to the American Society of Plastic Surgeons, the number of minimally invasive procedures went down 17% from the onset of the COVID-19 pandemic. However, people are getting used to virtual teleconsultations and online services. As a result, the customer base for minimally invasive cosmetic procedures will likely increase, with many people opting for skincare services.

The growth of the global medical spa market can be attributed to factors such as increased consumer awareness of the beauty and anti-aging services coupled with the rapid expansion of medical spas. As a result, there has been a high demand for minimally invasive treatments like chemical peels, body sculpting, non-surgical skin tightening, and tattoo removal for the past several years, based on the American Med Spa Association data. In addition, wellness packages offered in hotels are creating an ever-increasing demand for wellness-themed vacations.

The ever-changing demands of customers have shaped the medical spa with massive popularity on social networks, the notoriety of anti-aging solutions is on the rise. Therefore, medical spas provide innovative and efficient services to cater to the enormous demand for anti-aging skincare solutions. According to the plastic surgery statistics from the American Society of Plastic Surgeons, people between the ages of 30-39 accounted for over 44% of cosmetic surgeries in the United States, with a total of 6.14 million cosmetic procedures, including 685,000 surgeries and 5.42 million minimally invasive surgeries. In addition, the World Health Organization (WHO) estimates that skin diseases are among the most widely recognized human well-being problems, affecting nearly 1.25 billion people worldwide. The most common skin infections described below are pyoderma, scabies, acne, dermatitis, moles, etc.

The rapid growth of the medical spa market is forecasted to create potential growth opportunities by offering unique collaboration between different business areas like hospitality, beauty, fitness, and travel with premium package options. Moreover, with the increasing adoption of dermal fillers, laser hair removal, rejuvenation procedures are likely to drive the market growth. Furthermore, in emerging countries, companies are offering personalized beauty treatments to justify higher prices, thus helping develop the market in the respective countries. In addition, technological advancements and reductions in the prices of the devices are projected to offer lucrative growth opportunities.

However, the high cost of spa devices and lack of reimbursement policies may create obstacles for the growth of the medical spa market during the forecast period.

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KEY MARKET INSIGHTS:

Based on service, the facial treatment segment is projected to be the most lucrative due to increased awareness of improving personal appearance. Various facials are offered in the medical spa, such as hydrafacial, natural facial, derma wave, oxygen facial, and dermaplaning, growing in popularity. Hence, an increase in new procedures is projected to improve this segment. However, the body contouring and shaping segment are anticipated to experience the fastest growth during the given period. According to the American Med Spa Association's report, 55% of medical spas in the United States offer body contouring services. In addition, advances in minimally invasive devices will open up new opportunities for cosmetic beauty.
Based on end-user, the male segment will experience lucrative growth relative to women due to the growing grooming trend among men during the analysis period. Several companies are creating centers dedicated to male customers, offering massages and facials specially curated for male customers.
Based on region, North America is projected to hold a significant share of the global medical spa market during the forecast period. The key factors driving the market growth in the region are increased awareness of medical spa treatment benefits, high disposable income, and a well-established healthcare infrastructure coupled with the rapid adoption of new techniques of medical spa treatment. In 2021, the medical spa market in the United States had a net worth of over US $ 4.2 billion; meanwhile, the regional market in Canada will grow at a CAGR of 10.89% during the analysis period. Additionally, government support for ongoing clinical research has enabled the United States to dominate the North American market.
The presence of prominent players, the increased investment in research and development will drive the APAC medical spa market. China is projected to reach a market size of USD 7 billion by 2026, with a rate of 16.15%, and Japan is predicted to grow at a CAGR of 8.9% over the forecast period.
A few notable companies operating in the global medical spa market profiled in this report are Lanserhof Tegernsee, ‎Chic La Vie, SHA Wellness Clinic, Dermani Medspa, Crown Aesthetics, Willow Medspa, Allure MedSpa, Cienega Med Spa, Inc., and Clinique La Prairie.

The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/medical-spa-market/customization

MARKET SEGMENTATION:

By Service: