Comparative View of the Adjacent Medical Spa Market
In 2024, the Global Medical Spa Industry is projected to be valued at US$ 36,592.2 million. The growing demand for non-invasive cosmetic operations and relaxation therapies offered by medical spas is a result of consumers’ increased awareness of health and wellness. Through 2034, the demand for medical spas is expected to grow at a CAGR of 6.80%. The demand for cosmetic surgeries and anti-aging therapies is driven by the aging population, especially in developed nations.
The industry’s phenomenal expansion reflects a paradigm shift in the global approach to wellness and beauty, with medical spas emerging as key players in the pursuit of holistic healthcare and aesthetic enhancement. This substantial increase in valuation signals a growing consumer preference for comprehensive, state-of-the-art wellness solutions.
Embracing Aging with Grace: The World Health Organization (WHO) anticipates the geriatric population to reach 1.4 Billion by 2030. This demographic shift is driving a surge in the desire to look and feel appealing even as individuals age. As a result, the medical spa industry is expected to experience a significant upswing in the forecast period.
Pioneering Technological Advancements: Technological innovations are at the forefront of the medical spa market’s major trends. These advancements include state-of-the-art treatments such as radiofrequency body contouring, BTL aesthetics sculpt, microneedling, dermal or hydrafacial infusion toning, and muscle-sculpting treatments. Notably, in January 2022, Renew Medical Aesthetics launched a groundbreaking line of lip filler aesthetic treatments, available in two sizes: full syringe and half (mini) syringe.
The global medical spa industry is not only witnessing unprecedented growth but also evolving to meet the ever-growing demands of a diverse clientele. As individuals seek to maintain their youthful appearance and well-being, the medical spa market is expected to play a pivotal role in helping them achieve their goals.
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With consumers turning out to be all the more tech-savvy, the awareness regarding anti-aging solutions is on an exponential rise. Thus, the growing demand for anti-aging skincare solutions remains the key driver for the medical spa industry.
Skincare products are in great demand due to higher levels of pollution, adulteration in food products, use of biological substrates and hormones in dairy products, and exposure to harmful chemicals. Medical spas help in addressing early aging, premature hair loss, obesity, skin problems, and emotional ordeals caused due to them.
At the same time, higher monetary stakes involved in spa equipment are expected to restrain the medical spa industry going forward. The American Med Spa Association’s Supplement to Modern Aesthetics states that the price of laser hair removal in the US increased by more than 50% between 2011 and 2016 alone. The post-Covid era has resulted in an upsurge in these prices; specially to cover up the losses caused during lockdown.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Medical Spa Market’. It has a team of analysts and consultants to execute using a bottom-up approach in its primary, secondary, and tertiary modes of research.
“With the geriatric population on the rise, the global medical spa industry is slated to grow on an impertinent note going forward”, says an analyst from Future Market Insights.
Key Takeaways from the Medical Spa Industry
North America holds the largest market share with the US witnessing higher spending on wellness tourism (international as well as domestic). The current scenario is such that merely 206 medical spas are listed by the SIC in American Yellow Pages. 10K are expected to open shortly.
Europe holds the second-largest market share with The Netherlands, the UK, France, Germany, Belgium, Switzerland, Spain, Italy, Russia, and Turkey leading from the front.
The Asia-Pacific is expected to grow at the fastest rate in the medical spa market and the scenario is expected to remain unchanged even going forward with India, China, Singapore, Malaysia, and Thailand dominating.
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Competitive Analysis from the Global Medical Spa Industry
Longevity Health & Wellness Hotel, in August 2019, expanded its service unit all across Portugal. The spa center is abreast with preventive diagnostics, programs, and therapies, advanced wellness programs, and regenerative and modern integrative medicine.
Chic La Vie, in November 2021, tabled a Botox skin rejuvenating procedure wherein males could also try their hands at.
Bliss, in September 2018, floored medical spa services in New York. The company also entered into collaboration with Ideal Image (provider of aesthetic and laser hair removal services, so as to incorporate aesthetic services all across Manhattan.
Laser MD Medspa, in 2021, completed acquisition of Young Medical Spa for an undisclosed sum. The basic objective was to expand the operations in 4 locations at Pennsylvania. The company further aims to expand footprint in over 15 locations across Mid-Atlantic and northeastern regions.
What does the Report say?
The research study is based on service (body shaping & contouring, facial treatment, hair removal, scar revision, tattoo removal, and the other services).
With rising demand for minimally invasive treatments like non-surgical skin tightening, chemical peels, removal of tattoos, and body sculpting, the global medical spa industry is expected to grow on a grand note in the forecast period.
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Key Companies Covered:
Chic La Vie
Clinique La Prairie
Kurotel – Longevity Medical Center and Spa
Lanserhof Lans
The Orchard Wellness Resort
Biovital Medspa
Allure Medspa
Longevity Wellness Worldwide
Serenity Medspa
Bijoux Medi-Spa
Vichy Celestins Spa Hotel
Brenners Park-Hotel & Spa
Sha Wellness Clinic
Cocoona Centre of Aesthetic Transformation
Mezzatorre Resort & Spa
Aesthetics Medispa
Lily’s Medi Spa
Lisse
Global Key Segments Covered in Medical Spa Industry Survey:
Global Medical Spa Industry by Service:
Body Shaping & Contouring
Facial Treatment
Hair Removal
Scar Revision
Tattoo Removal
Other services
Global Medical Spa Industry by Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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