Medical Spa Market Forecast Suggests CAGR of 14.7%, Value to Reach USD 63.4 Billion in 2032
Acumen Research and Consulting recently published report titled “Medical Spa Market Forecast, 2023 – 2032”
LOS ANGELES, Sept. 18, 2023 (GLOBE NEWSWIRE) — The Global Medical Spa Market Size accounted for USD 16.3 Billion in 2022 and is projected to achieve a market size of USD 63.4 Billion by 2032 growing at a CAGR of 14.7% from 2023 to 2032.
The Medical Spa Industry, a harmonious blend of medical clinics and traditional day spas, has seen a remarkable surge in popularity over the past few years. These establishments, often referred to as med spas, provide a unique combination of medical treatments and spa services, all under the supervision of licensed healthcare professionals. As the demand for non-invasive cosmetic procedures grows, medical spas have emerged as a preferred choice for many.
Medical Spa Market Stats and Highlights:
- The Global Medical Spa Market size was valued at USD 16.3 billion in 2022 and is expected to reach USD 63.4 billion by 2032, registering a CAGR of 14.7% from 2023 to 2032.
- North America had the largest share of the medical spa market in 2022, accounting for more than 39% of the total market.
- The Asia-Pacific medical spa market is expected to grow at a compound annual growth rate (CAGR) of 15.4% from 2023 to 2032.
- The facial treatment segment is the market leader, accounting for over 45% of the market share in 2022.
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Medical Spa Market Report Coverage:
|Market||Medical Spa Market|
|Medical Spa Market Size 2022||USD 16.3 Billion|
|Medical Spa Market Forecast 2032||USD 63.4 Billion|
|Medical Spa Market CAGR During 2023 – 2032||14.7%|
|Medical Spa Market Analysis Period||2020 – 2032|
|Medical Spa Market Base Year||2022|
|Medical Spa Market Forecast Data||2023 – 2032|
|Segments Covered||By Service, By Gender, By Age Group, By Service Provider, And By Geography|
|Medical Spa Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BIOVITAL MEDSPA, Chic la Vie Med Spa, Westchase Medsap, LLC, Aesthetics Medispa, Lanserhof, Sha Wellness Clinic, Serenity Medspa, Brenners Park-Hotel & Spa, Bijoux Medi-Spa, Cocoona, Canyon Ranch, and Lily’s Medi Spa|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Medical Spa Market Size and Growth Analysis:
The Global Medical Spa Market has been experiencing a steady rise, with current valuations indicating a multi-billion-dollar industry. This growth is attributed to a combination of factors, including the increasing demand for aesthetic treatments, advancements in cosmetic procedures, and a rise in disposable income among consumers. Projections suggest that the industry could see exponential growth in the next decade.
Industry Trends and Drivers:
- Several trends and drivers are shaping the trajectory of the medical spa market:
- Rising Demand for Non-Invasive Procedures: With advancements in technology, non-invasive treatments have become more effective and sought-after.
- Wellness and Self-Care: The increasing emphasis on wellness and self-care has driven many towards treatments that not only enhance appearance but also promote overall well-being.
- Impact of Social Media: Platforms like Instagram and TikTok have amplified the desire for aesthetic treatments, with influencers showcasing the benefits of various procedures.
Consumer Behavior and Preferences
Consumer preferences in the medical spa industry vary based on several factors:
Age Groups: While older individuals might lean towards anti-aging treatments, younger clients often seek acne treatments and preventive care.
Gender: While women have traditionally been the primary clientele, there’s a noticeable increase in men seeking med spa services.
COVID-19 Impact and Future Outlook:
The COVID-19 pandemic brought about several challenges for the medical spa industry, from temporary closures to reduced client footfall due to safety concerns. However, as the world adapts to the new normal, the industry is poised for a resurgence. The future outlook seems promising, with an increasing number of individuals seeking treatments to enhance their appearance and well-being post-lockdown.
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Medical Spa Market Segmentation:
Based on the Service
- Hair Removal
- Facial Treatment
- Scar Revision
- Tattoo Removal
- Body Shaping & Contouring
Based on the Gender
Based on the Age Group
Based on the Service Provider
- Single Ownership
- Medical Practice Associated Spas
- Group Ownership
Medical Spa Market Regional Analysis:
Different regions have showcased varied growth dynamics:
North America: With high disposable incomes and a cultural acceptance of cosmetic treatments, North America leads the market.
Asia-Pacific: Countries like South Korea and China are rapidly emerging as significant players due to their growing middle class and cultural shifts towards aesthetic treatments.
Europe: The European market is driven by a combination of advanced healthcare infrastructure and a high demand for wellness-focused treatments.
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Competitive Landscape and Key Players
The Medical Spa Market is fiercely competitive, with key players vying for a larger market share. Hyatt Corporation, Allure Medspa, Biovital Medspa, Canyon Ranch, Inc., Chiva Som, Clinique La Prairie and Sciton.
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