USD 16.39 billion
Report ID:
SQMIG35A2526 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
119 |
Figures:
77
Global Medical Spa Market size was valued at around USD 16.39 billion in 2022 and is expected to rise from USD 18.84 billion in 2023 to reach a value of USD 57.52 Billion by 2031, at a CAGR of 14.97% over the forecast period (2024–2031).
The increasing consumer interest in self-care and anti-aging products, as well as the swift growth of the wellness tourism sector, are some of the factors driving the global medical spa market. The American Med Spa Association (AMSA) claims that there is a significant demand for non-invasive skin tightening, chemical peels, body contouring, and tattoo removal.Additionally, the popularity of wellness-themed vacations is rapidly increasing owing to hotel wellness packages.
The continually changing demands of the client have shaped the medical spa. As users of social media become more savvy, anti-aging solutions are becoming more and more well-liked. The increased demand for anti-aging skincare products remains the main driver of this industry. With 6.1 million operations, including 684,000 surgical procedures and 5.4 million minimally invasive procedures, people between the ages of 30 and 39 accounted for 45% of all cosmetic surgeries carried out in the US in 2022.
The rise in consumer discretionary income, especially in emerging economies, and the expansion of the tourism sector are other factors driving demand for these services. Important companies offer customized beauty services to justify high expenses and benefit from their position. A recent innovation in the field is the integration of wellness architecture and biophilic design into the entire structural design of the building.
The rapid growth of the wellness tourism market has created exciting prospects for new entrants that provide a distinctive fusion of industrial sectors, including hospitality, travel, beauty treatments, and fitness. The market is also anticipated to grow as more women in their late 20s use dermal fillers and as demand for laser hair removal and cosmetic procedures rises.
US Medical Spa Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.39 billion
Largest Segment
Female
Fastest Growth
Female
Growth Rate
14.97% CAGR
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The global medical spa Market is segmented based on service, age group, gender, service provider, and region. In terms of service, the market is grouped into facial treatment, body shaping & contouring, hair removal, scar revision, tattoo removal, and other services. With respect to age group, the market is classified into adolescent, adult, geriatric. As per classification on gender the market is categorized into male and female. Based on service providers the market is grouped into single ownership, group ownership, free-standing, medical practice associated spas. Based on region the global medical spa Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
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North America held the majority of the market share with an estimated 40% in 2022 due to higher spending on wellness tourism (both domestic and international traffic). The easy availability of a wide range of services and supplies for various aesthetic procedures in the US and Canada is predicted to hasten market expansion even more. However, a fall in cosmetic treatments followed the unexpected start of the COVID-19 pandemic in 2020, which might prevent the industry from growing in the area.
Asia Pacific is anticipated to emerge with the highest CAGR during the forecast period due to increased wellness tourism spending and the industry's expanding popularity and expansion. Increasing desire for travel experiences, in addition to rising ticket and lodging costs, will further fuel the regional market. The presence of numerous big and little companies as well as a growing number of global players are expected to aid in the growth of the market in the Asia Pacific region.
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Medical Spa Market Drivers
Increasing Demand for Non-invasive Cosmetic Procedures
Medical Spa Market Restraints
Lack of Regulation
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The medical spa market is a highly competitive industry with many established players and emerging companies vying for market share. These companies offer a range of medical spa treatments and services, including injectables, laser and light-based treatments, body contouring, skin rejuvenation, and hair removal. The competitive landscape is likely to continue evolving as new companies enter the market and existing players adapt to changing consumer preferences and technological advancements.
Medical Spa Market Top Player’s Company Profiles
Medical Spa Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Medical Spa market is projected to witness significant demand during the coming years owing to the growing consumer awareness about self-care and anti-aging services, as well as the quick development of the wellness tourism industry. Additionally, there is a high demand for minimally invasive procedures including chemical peels and non-invasive skin tightening, as well as for body sculpting and tattoo removal, according to the American Med Spa Association (AMSA). Additionally, the popularity of wellness-themed vacations is rapidly increasing thanks to hotel wellness packages.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 16.39 billion |
Market size value in 2031 | USD 57.52 Billion |
Growth Rate | 14.97% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Medical Spa Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Spa Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Spa Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Spa Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG35A2526