Medical Spa Market by Services (Body Shaping, Facial Treatment, Hair Removal, Scars & Striae, Tattoo Removal, Others) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Market Definition:

The Global Medical Spa Market size was valued at USD 13.82 billion in 2019 and is predicted to reach USD 47.14 billion by 2030, with a CAGR of 11.8% from 2020-2030.

Medical Spa is an amalgamation of medical clinics and traditional spas, offering soothing, relaxing, therapeutic, and luxurious spa experience along with specialized medical treatments. It involves skin care, nutrition, exercising advice, cosmetic procedures, facial treatments, light & laser treatments, and chemical peels among many other services.

This is a unique form of treatment and care therapy that involves healthcare professionals from different fields. Medical spa is a healing treatment that aids in the improvement and preservation of health, along with fortifying development in immune system.

The upsurge in the demand for minimally invasive medical treatments such as body sculpting, injectables like Restalyne, Juvederm, and Botox, chemical peels, tattoo removal and others; supplements the growth of medical spa market.

Market Dynamics and Trends:

The rising pollution levels, stressful lifestyles, adulteration of food products, maleficent farming techniques, use of hormones and biological substrates in dairy products, as well as exposure of skin to harmful chemicals; are leading humans to the modern-age problems like premature hair-loss, early aging, skin problems, obesity, hormonal issues, and other such physical, mental, and emotional ordeals. Consequently, the growing trend of health & fitness culture, changing lifestyles, as well as higher adoption of skin care solutions and facial treatments, are expected to proliferate the growth of global medical spa market.

Furthermore, rising level of stress, difficult work-life balance, and machine-like lifestyles of individuals, generates a need for vacations, in-order to rejuvenate the body & mind, and bounce back to normal. This scenario, coupled with wellness packages offered by hotels & resorts, tend to propel the growth of global medical spa market.

However, high cost associated with the procedure and lack of skilled healthcare professionals in this field is expected to impede the growth of medical spa market.

Moreover, factors such as upsurge in medical tourism, increase in per-capita disposable income, and expansion of present infrastructures by the major market players, are anticipated to create several lucrative opportunities for growth in the global medical spa market.

Market Segmentations and Scope of the Study:

The global medical spa market share is analyzed based on service, end user and geography.

Based on service, the market is segmented into body shaping, hair removal, facial treatments, tattoo removal, scars & striae, and others. Based on end user, the market is divided into men and women. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America is expected to hold the major market share maintaining its dominance in the global medical spa market throughout the forecast period, owing to higher adoption of medical spa treatments in this region. Furthermore, factors such as presence of developed healthcare infrastructure, increased awareness regarding the benefits of medical spa treatments, as well as expansion and development of new medical spa centers by the prominent market players are expected to supplement the growth of medical spa market in this region.

Asia Pacific is expected to demonstrate a substantial growth in global medical spa market, holding the highest CAGR values throughout the forecast period. Factors driving the growth of the medical spa market are, growing demand of cosmetic & beauty enhancement procedures, increasing fitness trend, higher inclination towards healthy lifestyles and increasing medical tourism in this region.

Competitive Landscape:

The medical spa market is highly competitive and consists of various market players. Some of the major market players include Biovital Medspa, Allure Medspa, Chiva Som, Canyon Ranch, Inc., Hyatt Corporation, Clinique La Prairie, True Skin Care Center, Sciton, Inc., Westchase Medspa, Vilalara Longevity Thalassa & Medical Spa, Lumenis Ltd., Cynosure, Inc., Spa Vitoria, Lanserhof and Syneron Medical Ltd., among others.

The prominent players have adopted product launches and collaborations as their key strategies to gain substantial share in the medical spa market.

For instance, in January 2020, Hyatt Hotels Corporation, the ruling player of the medical spa market, announced a collaboration between Hyatt and Headspace, with an objective to bring mindfulness exercises, guided meditations and sleep content to millions of employees, corporate customers and guests.

Furthermore, in March 2020, the giants of medical spa market, Hyatt Hotels Corporation, Terra Group, and Turnberry, announced a collaboration with a plan to open a new 800-rooms Grand Hyatt hotel on the Miami Beach, by 2023. Managed by Hyatt, this 17-story hotel located in the heart of the city shall enhance Miami Beach Convention Center with luxurious aesthetics, new public spaces, privately funded infrastructures, improved connectivity, and resiliency upgrades.

KEY BENEFITS:

• The medical spa market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the medical spa market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the medical spa market is provided in the report.

• The competitive analysis of the market players along with their market share in the global medical spa market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study of the medical spa market.

• Value chain analysis in the medical spa market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Service

• Body Shaping

• Hair Removal

• Facial Treatments

• Tattoo Removal

• Scars & Striae

• Others

By Geography

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • Australia

  • Korea

  • Rest of Asia-Pacific

• RoW

  • Turkey

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining countries

REPORT SCOPE AND SEGMENTATION: