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Aug-2022

Medical Spa Market Size To Reach USD 25.19 Bn By 2027, Says Market Data Forecast

North America occupied major share of the global medical spa market in 2021.

As per the report published by MarketDataForecast, the global medical spa market has been valued at USD 13.54 billion in 2022 and is predicted to grow to USD 25.19 billion by 2027 at a CAGR of 13.22% during the forecast period.

Medical spas, also known as Medi-spas. It is the combination of some medical procedures performed by doctors. Medical spa treatments can include methods for treating lines and wrinkles, laser hair removal treatments, and sunspots. In addition, medical spa services include weight loss and stress-reduction programs, check-ups, and beauty treatments. A medical spa is both for men and women. Medical spas are an easy way to achieve non-surgical cosmetic improvements with the comfort of a trained professional. These services take less than an hour and require limited recovery time after services are completed.

Covid-19 has affected every industry in the world. Many initiatives focus on vaccine development and devices related to the COVID-19 pandemic. COVID-19 has increased public understanding of the importance of health and wellness, but at the same time, the pandemic caused the closing of spas and wellness centers. As a result, supply and demand have changed in recent years. After the removal of lockdowns, many of the country's medical spas or med spas are looking to capitalize on a trend toward beauty procedures.

Increasing anti-aging treatments is one of the drivers driving the medical spa market forward.

Aging is caused by the skin naturally becoming less elastic and more fragile, and decreased production of natural oils dries your skin and makes it appear more wrinkled. The most common signs of aging skin are wrinkles and fine lines. Anti-aging treatments are designed to brighten dull skin and give it a more youthful look. Anti-aging facials can also be a great way to improve complexion and reduce the appearance of wrinkles.

Increasing cosmetic treatment and cosmetic medicines are further anticipated to boost the medical spa market.

Medical spas combine medicine and aesthetics to provide cosmetic treatments in a spa environment. Treatments such as acne therapy, botox injections, and laser treatments are types of cosmetic treatments. These therapies are meant to enhance an individual's appearance. In addition, the World Health Organization (WHO) has published a training manual that intends to simplify medical professionals' recognition of the visual symptoms and indicators of neglected tropical diseases of the skin and other common skin conditions. Nearly 900 million people throughout the world are currently affected by skin disorders.

Growing new technologies offer chances for commercial expansion of the medical spa market.

The employment of cutting-edge technology in medical spa treatments has increased its appeal to consumers. Businesses in the medical spa industry have automated parts of their business processes using machine learning and artificial intelligence (AI) (ML). For example, some companies have developed booking software enabling customers to identify available appointment times independently. Medical spas can improve customer satisfaction, increase customer service effectiveness, and reduce error rates with the help of AI. Employees can create client accounts on smart desk apps and save essential customer data like contact information, medical history, and payment details. Medical spas are designed to treat more clients with fewer devices and simultaneously address several skincare issues. Spending power belongs to the younger and middle-aged generations. The International Society of Aesthetic Plastic Surgery reported in 2019 that they had a higher propensity to view medical spas as a chance for "digital detox."

On the other hand, the key obstacle to the market's growth is the high cost of treatments. Since equipment costs are high and technology constantly evolves, ongoing upgrades are necessary. In addition, the lack of skilled professionals and low pay salaries are the challenges faced by the market.

ANALYSIS OF VARIOUS SEGMENTS INVOLVED IN THE MEDICAL SPA MARKET:

The facial treatment segment has the highest market share based on the services. Dermaplaning is a simple technique that is frequently used. This treatment helps regenerate the skin's top layers. In addition, it removes accumulated dead skin, dirt, and makeup. Another fantastic technology that allows for manually exfoliating dead skin is microdermabrasion. The latest technology, such as Advanced Serum Infusion Facial and RF Microneedling for Skin Tightening & Rejuvenation, are advanced facial treatments.

Based on the end-user, the women's segment had the most significant global medical spa market share in 2021. Medical spas can treat and help various problems, such as acne, cellulite, sun damage, non-surgical skin tightening, body sculpting, and tattoo removal. In addition, laser hair removal is one of the main treatments women undergo in a medical spa.

GEOGRAPHICAL ANALYSIS:

North America led the medical spa market worldwide in 2021, owing to the presence of key players and increasing government funding. The United States dominated the North American market. The most popular minimally invasive cosmetic procedure performed in the US has been Botox. Up to 50 million Americans have acne each year, making it the country's most prevalent skin ailment. Many teenagers and young adults suffer from acne, which often starts during menstruation. Between 12 and 24, 85 percent of persons develop at least moderate acne. The American Med Spa Association (AmSpa), the only group in the United States that offers legal and commercial resources to medical spas and aesthetic services, in 2018.

The Asia-Pacific region is expected to have the fastest growing CAGR during the forecast period because of medical tourism, rising wellness tourism expenditure, and rising wellness tourism expenditure. 2021 will see Clinique La Prairie's Bangkok flagship upgrade with new mediwellness technology and procedures. These treatments complement the existing beauty and wellness solutions already available, such as signature healing therapies and cellular high-tech face and body treatments. India is a highly populated country. The growing influence of social media increases attention to self-improvement in the ket. Therefore, the need for medical spas is expected to increase as the Indian population's focus on fitness and wellness grows.

Key Market Participants In The Medical Spa Market: