The Medical Spa Market is experiencing a major makeover, driven by a growing focus on self-care and the merging of beauty and medical practices. According to a recent market analysis, the industry is currently valued at a substantial US$36.6 billion in 2024. This trend is expected to take center stage for years to come, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 6.80% over the next decade. By 2034, the market is anticipated to reach a staggering US$70.6 billion, reflecting a significant shift in consumer preferences. This exciting growth highlights a move towards a more holistic approach to wellness, where both beauty and medical treatments are embraced for a complete well-being experience.
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 Market
- 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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Medical Spa Market Competitive Analysis
- 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 (a provider of aesthetic and laser hair removal services, to incorporate aesthetic services all across Manhattan.
- Laser MD Medspa, in 2021, completed the acquisition of Young Medical Spa for an undisclosed sum. The basic objective was to expand the operations in 4 locations in Pennsylvania. The company further aims to expand its footprint in over 15 locations across the Mid-Atlantic and northeastern regions.
What does the Report say?
- The research study is based on services (body shaping & contouring, facial treatment, hair removal, scar revision, tattoo removal, and 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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Medical Spa Market 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
Key Segments Covered in Medical Spa Market Survey:
Medical Spa Market by Service:
- Body Shaping & Contouring
- Facial Treatment
- Hair Removal
- Scar Revision
- Tattoo Removal
- Other services
Medical Spa Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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