Global Medical Spa Market - 2022-2029

Global Medical Spa Market - 2022-2029

Market Overview

The global medical spa market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Medical spas, often known as medispas, are a special combination of medicine and beauty. They offer exceptional cosmetic procedures that are medically approved and overseen in a comfortable setting. These therapies are provided under the supervision of medical directors such as dermatologists, doctors, plastic surgeons, and licensed aestheticians' doctors and wellness coaches.

Market Dynamics

The rise in demand for aesthetic enhancement procedures such as cryolipolysis, laser lipolysis, liposuction, tummy tuck, also known as abdominoplasty, ultrasound, injectable treatments, red light therapy, and others, owing to self-consciousness among the population, particularly women, for beautification, is driving the growth of the medical spa market. As a result, cosmetic enhancement is the primary driver driving the growth of the medical spa market.

An increase in preference for keeping youthfulness and self-appearance will drive the market growth

The medical spa sector has grown at an incredible rate in recent years, and this trend is projected to continue. Significantly, customers favor therapies that give quicker results, positive outcomes, and the greatest procedural comfort. Furthermore, an increase in preference for keeping youthfulness and self-appearance and an increase in disposable expenditures in developing nations are key factors leading to the surge in demand for aesthetic medicine. Furthermore, from body sculpting to fat-melting, noninvasive technique developments are expected to provide patients with a plethora of alternatives that suit their need for self-improvement, driving the medical spa market expansion.

Furthermore, medical spas are shifting their focus from solely providing beauty treatments to promoting health and wellness. However, poor penetration in developed and developing nations and the high cost of competent therapy specialists limit the market growth. On the contrary, technical advancements in medispa-based medical treatments such as laser technology, dermal fillers, ultra-therapy, and others will soon provide lucrative opportunities. Customers' ever-changing expectations have formed the medical spa, which has gained tremendous popularity on social media, and the popularity of anti-aging remedies is growing. As a result, medical spas offer new and effective treatments to meet the massive demand for anti-aging skincare solutions. According to the American Society of Plastic Surgeons' plastic surgery statistics, people aged 30-39 accounted for more than 44 percent of cosmetic surgeries in the United States, with 6.14 million cosmetic procedures, including 685,000 and 5.42 million minimally invasive surgeries. Furthermore, according to the World Health Organization (WHO), skin diseases are among the most frequently known human well-being issues, affecting nearly 1.25 billion people globally. The quick expansion of the medical spa market is expected to produce significant growth prospects by providing unique collaboration between multiple industry areas such as hospitality, beauty, fitness, and travel with premium package options. Furthermore, the market is expected to grow with the increased use of dermal fillers, laser hair removal, and rejuvenation operations. Furthermore, in emerging markets, corporations are giving tailored beauty treatments to justify higher charges, hence assisting in developing the respective markets.

Absence of trained specialists is likely to hamper the market growth

There are issues with the absence of trained specialists for procedures. Only a few cosmetologists are trained to use these less intrusive procedures. Furthermore, the high cost of these operations is projected to stifle overall market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic is expected to negatively influence the medical spa industry. Many clinics and hospitals around the world were reconfigured to boost hospital capacity for COVID-19 patients. Non-essential procedures faced a potential backlog due to the substantial increase of COVID-19 cases. Manufacturing and shipping of healthcare needs were disrupted due to the shutdown. During the epidemic, medical spas were closed, and visitation and procedures decreased considerably. An increase in vaccination rates, on the other hand, is projected to stabilize the market.

Segment Analysis

The facial treatment segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Due to growing awareness of the importance of personal appearance, the facial treatment category is expected to be the most profitable in terms of service. The medical spa offers a variety of facials, including hydrafacials, natural facials, derma wave, oxygen facials, and dermaplaning, which are becoming increasingly popular. As a result, a growth in novel methods is anticipated to boost this area. However, the body contouring and shaping market is expected to develop the fastest during the forecast period. According to a research published by the American Med Spa Association, 55 percent of medical spas in the United States provide body contouring services. Furthermore, improvements in minimally invasive technology will open up new avenues for cosmetic beauty.

Geographical Analysis

North America region holds the largest market share of the global medical spa market

The increasing frequency of skin illnesses and the widespread usage of medical spas as a curative strategy is driving up demand for medical spas in the United States. The United States is primarily concerned with branded medical spa service providers interested in launching novel items to comply with revised regulatory criteria. Furthermore, government funding for continuous clinical research has enabled the United States to dominate the worldwide medical spa service market. The presence of several important players, such as Chic la Vie, Dermani Medspa, and other North American enterprises, has resulted in exceptional returns for the country. For example, Allergan Aesthetics, a subsidiary of AbbVie Inc. (US), gained FDA approval for JUVÉDERM VOLUMATM XC in June 2020 for the expansion of the chin region in people over the age of 21. Moreover, In 2019, the FDA authorized Jeuveau, a treatment similar to Botox but available at a lesser cost. The product is effective at reducing wrinkles.

Competitive Landscape

The Medical Spa market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Allure Medspa, Biovital Medspa, Chiva Som, Cocoon Medical Spa, Clinique La Prairie, Hyatt Corporation, True Skin Care Center, Vilalara Longevity Thalassa & Medical Spa, Lanserhof Tigernsu, Chic LaVI, SHA Wellness Clinic, Dermani Medspa, Crown Aesthetics, Willow Medspa, Cienega Med Spa Inc , among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the medical spa market globally. For instance, In November 2020, Chic La Vie debuted a Botox skin rejuvenation process for men in the hopes of sparking a new revolution in which skin rejuvenation spa procedures are no longer limited to women only. Longevity Health & Wellness Hotel expanded its service unit in Portugal in August 2019. The spa center has advanced wellness and preventative diagnostics, therapies and programs, and modern integrative and regenerative medicine.

Chic La VieTM

Overview:

Chic La VieTM is a world-class medical spa located only minutes from the Las Vegas Strip in Las Vegas, Nevada. Chic La Vie is a medical spa and laser center specializing in non-invasive cosmetic operations to restore youth, beauty, and weight loss.

Product Portfolio:

Microdermabrasion: Chic la Vie Med Spa's microdermabrasion treatments are minimally invasive procedures to rejuvenate overall skin tone and texture. They can help to reduce the appearance of sun damage, wrinkles, fine lines, age spots, acne scarring, melasma, and other skin issues and conditions. While some individuals may require chemical peeling and laser resurfacing procedures, many might benefit from DT2 skin resurfacing, a next-generation microdermabrasion therapy.

Why Purchase the Report?

Visualize the composition of the global medical spa market segmentation by sevice, age, Service Provider, and region highlighting the key commercial assets and players.

Identify commercial opportunities in the global medical spa market by analyzing trends and co-development deals.

Excel data sheet with thousands of data points of global medical spa market-level 4/5 segmentation.

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Product mapping in excel for the key product of all major market players

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Medical Spa Market– By Service

Body Shaping

Hair Removal

Facial Treatment

Tattoo Removal

Scars & Striae

Others

Global Medical Spa Market- By Age

Adolescent

Adult

Geriatric

Global Medical Spa Market– By Service Provider

Single Ownership Medical Spas

Group Ownership Medical Spas

Free Standing Medical Spas

Medical Practice Associated Spas

Others

Global Medical Spa Market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America