The United States is set to dominate the Medical Spa Industry, projected to contribute over US$ 25 billion by the year 2032. This substantial growth is backed by an impressive 13.4% Compound Annual Growth Rate (CAGR) recorded from 2017 to 2021.
In 2021, the United States accounted for nearly 40% of the market share, solidifying its position as the largest market in the industry. An intriguing aspect is that approximately 10% of international visitors specifically come to the USA to avail themselves of medical spa services, as reported by the International Society of Aesthetic Plastic Surgery (ISAPS).
The demographic landscape in the United States is undergoing a significant shift. Every day, more than 12,000 Americans reach the age of 50, and this trend is expected to persist for the next two decades. Studies indicate that in the upcoming 20 years, the population of Americans aged 55 and above will witness a remarkable 60.0% increase.
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The demand for a wide range of treatments, including Botox and collagen injections, cellulite treatments, chemical peels, eyelid surgery, facial rejuvenation, hair restoration, laser therapy, liposuction, and vein treatments, remains robust. The American Society endorses this information for Dermatologic Surgery.
The United States is experiencing a thriving market for cosmetic procedures, with a significant growth potential. Presently, there are approximately 700 medical spas operating in the country, and only 206 of them are listed in the American Yellow Pages under the Standard Industrial Classification (SIC). However, this landscape is expected to change significantly, with an anticipated opening of around 10,000 new medical spas in the next seven to ten years. This growth is attributed to the surging consumer demand for cutting-edge beauty and wellness services.
The Global Medical Spa Market Soars from US$ 16.7 Billion in 2022 to a Projected US$ 70.3 Billion by 2032, Boasting an Impressive 15.6% CAGR Over the Decade. With consumers turning out to be all the more tech-savvy, the awareness regarding anti-aging solutions is on an exponential rise. Thus, growing demand for anti-aging skincare solutions stays the key driver for medical spa industry.
The 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 the 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 is expected to restrain the medical spa industry going forward. The American Med Spa Association’s Supplement to Modern Aesthetics states that 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 its team of analysts and consultants to execute using bottom-up approach in its primary, secondary, and tertiary modes of research.
“With 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.
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Key Takeaways from 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 in the near future.
- Europe holds the second-largest market share with The Netherlands, the UK, France, Germany, Belgium, Switzerland, Spain, Italy, Russia, Turkey leading from the front.
- The Asia-Pacific is expected to grow at the fastest rate in the medical spa industry and the scenario is expected to remain unchanged even going forward with India, China, Singapore, Malaysia, Thailand dominating.
Competitive Analysis
- Longevity Health & Wellness Hotel, in August 2019, did expand 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.
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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.
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
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Key Segments Covered in Medical Spa Industry Survey:
Medical Spa Market by Service:
- Body Shaping & Contouring
- Facial Treatment
- Hair Removal
- Scar Revision
- Tattoo Removal
- Other services
Medical Spa Industry by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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