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Medical Spa Market Is Projected To Grow At A CAGR Of 13.8% By 2027 Owing To Increasing Number Of Aesthetic Treatment Alternatives

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Medical Spa Market Is Projected To Grow At A CAGR Of 13.8% By 2027 Owing To Increasing Number Of Aesthetic Treatment Alternatives

January 11
16:14 2021
Medical Spa Market Is Projected To Grow At A CAGR Of 13.8% By 2027 Owing To Increasing Number Of Aesthetic Treatment Alternatives

Grand View Research, Inc. – Market Research And Consulting.
As per a report published by Grand View Research, the global medical spa industry has witnessed very attractive growth in recent years, on account of the burgeoning medical tourism industry, coupled with the growing consumer awareness regarding self-care. The industry witnessed hardships during the COVID-19 pandemic, but is expected to recover well once the situation returns to normal.

The global medical spa market size is expected to reach USD 33.9 billion by 2026, registering a CAGR of 13.8% during the forecast period. Medical spas, also known as medspas or medi-spas, offer some common medical procedures performed by doctors, in the setting of a day spa. The increasing number of aesthetic treatment alternatives is expected to be a major market driver. Additionally, integration of business areas like travel, hospitality, cosmetics, fitness, etc. with wellness tourism, and more so in economies such as the U.S., India, China, and Thailand, is expected to propel the industry growth. The growing consumer disposable income, coupled with the increasing popularity of the wellness tourism industry, is also expected to create a positive environment for industry growth.

 In 2017, an international wellness tourist spent an average of around USD 1,528 per trip, which was 53% more than a typical international tourist. Additionally, estimates state that the domestic wellness tourists spend 178% more premium than any other domestic tourist. According to the American Med Spa Association, the total number of new medical spas opened in the US in 2018 was 5,431, while the average industry revenue showed an increase of 9% over 2017. The current outbreak of the COVID-19 pandemic led to massive losses in revenue for the medical spa industry, on account of social distancing norms and lockdown measures implemented by governments around the globe. However, the market has recovered slowly, with the establishments expected to follow government regulations such as social distancing, sanitation, and one-time use of various equipment.

The medical spa market is broadly segmented on the basis of the service provided. These include facial treatment, body shaping and contouring, scar revision, tattoo removal, and hair removal, among others. The facial treatment segment accounts for a substantial share of the market revenue, while the body shaping and contouring service segment is projected to show fastest growth in the near future. Some of the major industry competitors include Clinique La Prairie, The Orchard Wellness Resort, Kurotel – Longevity Medical Center and Spa, Chic la Vie Med Spa, BIOVITAL Med Spa LLC, Longevity Wellness Worldwide, Lanserhof Lans, and Allure MedSpa.

U.S. medical spa market size, by service, 2015 - 2026 (USD Billion)

Medical Spa Market Report Highlights

·Technological advancements, such as laser systems, have increased the cost of medical spa procedures. For instance, in 2016, the average cost of a laser skin resurfacing procedure increased by approximately 15%.

·As per data by ASDS, in 2017, the US saw around 445,000 procedures related to laser hair removal, while scars and tattoo removal saw 151,000 and 85,000 procedures being performed.

·The facial treatment service segment dominated the market in 2018 and is expected to maintain its position through 2027, owing to the increasing demand for minimally invasive aesthetic treatment procedures

·North America dominated the medical spa market in 2018 on the basis of revenue, on account of innovative technological advancements, coupled with the increasing number of new entrants in the industry; on the other hand, Asia Pacific is anticipated to be the fastest-growing regional market through 2025 due to the presence of a well-established beauty market

·Asian spas are traditionally focused on the beauty aspect of wellness; however, in the past few years, such spas are expanding their services to meet the increasing demand for cosmetic alteration with procedures, such as body contouring, nonsurgical skin tightening, and scar revision

·Major industry competitors are looking towards geographical expansions and launch in order to have a greater share in the market. For example, Clinique La Prairie inaugurated the Clinique La Prairie Aesthetics Medical & Spa at the St. Regis Bangkok, making it their first facility based out of Europe.

·Similarly, in October 2020, Lanserhof Group announced the imminent opening of a new health resort on the Sylt island, located in northern Germany, in 2021.

“Would you Like/Try a Sample Report” Click the link below:https://www.grandviewresearch.com/industry-analysis/medical-spa-market/request/rs1

Medical Spa Market Segmentation

Grand View Research has segmented the global medical spa market on the basis of service and region:

Medical Spa Service Outlook (Revenue, USD Million, 2015 – 2026)

  • Facial Treatment

  • Body Shaping & Contouring

  • Hair Removal

  • Scar Revision

  • Tattoo Removal

  • Others

Medical Spa Regional Outlook (Revenue, USD Million, 2015 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Thailand

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa

List of Key Players of Medical Spa Market
• 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.

Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/6108/ibb

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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Company Name: Grand View Research, Inc.
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