According to a new report published by Allied Market Research, titled, “Medical Spa Market by Service: Global Opportunity Analysis and Industry Forecast, 2021โ2030,” the global medical spa market size was valued at $12,438 million in 2020, and is estimated to reach $29,542.33 million by 2030, growing at a CAGR of 9% from 2021 to 2030.
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The key players operating in the global medical spa market are Allure Medspa, Biovital Medspa, Canyon Ranch, Chiva Som, Cocoon Medical Spa, Clinique La Prairie, Hyatt Corporation, True Skin Care Center, Vilalara Longevity Thalassa & Medical Spa and Westchase Medspa.
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- 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.
The major factors that drive the medical spa market growth are increase in use of aesthetic medicine and cosmetic treatment options for beauty enhancement coupled with growth in wellness trend among the developed countries in women as well as men. Moreover, rise in demand for aesthetic enhancement procedures such as facial treatments, 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, especially in women for beautification is on the rise. According to the American Society of Plastic Surgeons (ASPS) report in 2020, it is estimated that in America 15.6 million of cosmetic procedures were performed among which there were 2.3 million cosmetic surgical procedures and 13.2 million cosmetic minimally-invasive procedures. In addition, approximately $16.7 billion was spent on cosmetic procedures in the U.S.
In addition, advancement in various technology based procedures for tattoo removal, scars & striae removal. Moreover, increase in medical spas focus toward transition from offering aesthetic treatments exclusively to promoting health and wellness. Developed countries are expected to witness an increased growth in medical spa industries over the forecast period. Rise in the aging population, surge in the baby boomer population further drives market. Baby boomer population have more desire to feel empowered and younger. Medical spas offer facilities that conjoin traditional and modern technologies to fulfil their desire to look and feel younger. Most commonly, the baby boomers opt for facial treatments including aromatherapy and anti-aging therapies. Thus, the aforementioned factors are expected to significantly drive the growth of medical spa market in the forecast period.
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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.
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