Medical Spa Market is Expected to Reach USD 22.85 billion by 2030
The global surge in demand for non-invasive cosmetics and the growing popularity of wellness and self-care among individuals are driving the growth of the medical spa industry.
According to a new research report by Next Move Strategy Consulting, the Medical SPA Market was valued at USD 8.00 billion in 2022, and is expected to reach USD 22.85 billion by 2030, with a CAGR of 13.9% during the forecast period.
The rising demand for non-invasive cosmetic procedures is transforming the medical spa industry. With their affordability, reduced risks, and convenience, these procedures attract a wide range of individuals seeking to enhance their looks without requiring invasive surgery or lengthy recovery periods. According to a recent report by the Aesthetic Society Statistics, the number of individuals opting for non-invasive cosmetic procedures is quite substantial. In 2021 alone, approximately 7,774,106 women and 351,098 men underwent such procedures. This indicates that both genders embrace the benefits of non-invasive treatments to enhance their appearance.
Moreover, the medical spa market benefits from the growing popularity of wellness and self-care. Individuals today are focused on maintaining a healthy lifestyle and seek non-invasive cosmetic treatments to enhance their appearance and promote relaxation. Medical spas offer a variety of pampering treatments such as massage therapy and body wraps, catering to individuals' desire to feel refreshed. Additionally, there is increased awareness about skin care for aesthetics and overall skin health. Medical spas provide treatments and products such as chemical peels and medical-grade skincare, which improve appearance and skin health. This, in turn, drives the growth of the market.
Moreover, the rise in the prevalence of skin-related diseases propels advancements of new treatments and technologies in the medical spa market. Companies are investing in research and development activities to create innovative solutions that are more effective and lesser invasive than traditional treatments. For instance, in October 2021, Crown Aesthetics launched its micro-needling technology, SkinPen Precision Ambassador Program, in conjunction with National Micro Needling Day. SkinPen Precision is the world's first micro-needling system cleared by the U.S. Food and Drug Administration (FDA), establishing the benchmark for effectively and safely treating facial acne scars in patients aged 22 and above. It also offers an expanded indication for treating neck wrinkles.
On the contrary, the high cost of spa equipment and procedure expenses restrain the medical spa market. Advanced technologies such as lasers and light therapy devices have a significant financial burden, including maintenance and upgrades. These costs limit the number of medical spas and restrict access to advanced treatments for a smaller market segment. Moreover, the high expenses directly impact procedure prices, making certain medicines unaffordable for many people, thus hindering the market growth.
However, the increasing adoption of advanced technologies in the medical spa industry is revolutionizing the field of non-invasive beauty devices. These technologies, such as advanced serum infusion facial and radio frequency micro-needling techniques, offer a safer and gentler approach to cosmetic treatments. By minimizing pain and the risk of infection, these innovative procedures ensure a positive experience for individuals seeking beauty enhancements.
Not only do these advanced technologies provide a safer alternative but also deliver effective cosmetic treatments. They contribute to rejuvenation, helping individuals achieve their desired aesthetic outcomes. This combination of safety and effectiveness is expected to create abundant growth opportunities for key players in the medical spa market.
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According to the report, leading players operating in the medical spa market include Canyon Ranch, Chiva Som, Cocoon Medical Spa, Clinique La Prairie, Hilton, Marriott International, Four Seasons Hotels and Resorts, Radisson Hotels International, Inc., Hyatt Corporation, Wyndham Destinations, Shangri-La Asia Limited, Mandarin Oriental International Limited, Chic La Vie Med Spa, Cocoona Clinics, and Lanserhof Lans.
Key Insights from the Medical Spa Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the medical spa market is provided in the report.
The value chain analysis in the market study provides a clear picture of the role of each stakeholder.
The market share of the players in the global medical spa market along with their competitive analysis are provided in the report.