Medical spas continue to be at the forefront of the wellness and beauty industry, with several notable trends shaping their offerings. Integrating technology, medical expertise, and relaxation, medical spas are expanding their services to include cutting-edge treatments like non-surgical cosmetic procedures, regenerative therapies, and personalized wellness programs. According to the report, the global medical spa market was estimated at $12.43 billion in 2020, and is anticipated to hit $29.54 billion by 2030, registering a CAGR of 9.0% from 2021 to 2030.
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Covid-19 scenario-
- The outbreak of the pandemic led to the closure of most of the medical spa facilities across the world, especially during the initial phase of the pandemic, which impacted the global medical spa market negatively.
- However, the market is projected to get back on track soon.
Drivers, restraints, and opportunities -
Rise in incidence of skin damage, changes in lifestyle, increase in the adoption of non-invasive procedures, surge in demand for aesthetic enhancement procedures drive the growth of the global medical spa market. On the other hand, low penetration in the developed & underdeveloped countries and high cost of skilled therapy professionals restrain the growth to some extent. However, technological advancements in medical treatments conducted in medi-spas such as laser technology, dermal fillers, ultra-therapy, and others are anticipated to create numerous opportunities in the industry.
Key players in the industry-
- Canyon Ranch
- Chiva Som
- Clinique La Prairie
- Allure Medspa
- Westchase Medspa
- Biovital Medspa
- Cocoon Medical Spa
- Hyatt Corporation
- True Skin Care Center
- Vilalara Longevity Thalassa & Medical Spa
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However, lack of trained professionals and high cost associated with the procedures as well as its complications impede the market growth. Conversely, high market potential in the untapped emerging economies, rise in various product launches, partnerships, and collaborations among the key players, and development of high technology-based procedures are expected to provide many opportunities for medical spa market growth during the forecast period.
By service, the market is segmented into body shaping, hair removal, facial treatment, tattoo removal, scars & striae, and others. The facial treatment segment generated maximum revenue in 2020, accounting $4,050.55 million and is expected to witness highest CAGR of 10.3% during the forecast period.
North America accounted for a majority of the global medical spa market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in rise in awareness regarding self-appearance and significant increase in the baby boomer population, adoption of technologically advanced treatments and rise healthcare expenditure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to its high aging population base, increase in disposable incomes, and development of large number of spas offering varied medical treatments.
Key Findings of The Study
- By service, facial treatments segment was the highest contributor to the medical spa market in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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The burgeoning popularity of surgical-free procedures for treating diverse type of diseases and disorders brings medical spas to the forefront.
Hence, all these factors turn out to be great growth generators for the medical spa market.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=48492These spas offer superior-quality cosmetic environments in a calm and tranquil environment which is medically recommended and supervised.
Medical spa also offers personalized health care and skin care solutions; for example, exercise advices, nutrition tips, etc.
Nearly all medical spa patients pay for the services from their own pockets, which is why customer service is an important aspect of the medical spa industry.The global medical spa market is estimated to grow rapidly in the next few years.
Some of the factors behind this are technological advancement in skincare devices, rise in the number of skin-related diseases, growth in aging population, and increase in demand of better medical spa services.
Additionally, growth of medical tourism in developing countries, for example, China, Singapore, Brazil, and India, is projected to generate lucrative opportunities for the global medical spa market.
