ID: MRFR/HC/9714-HCR | 120 Pages | Published By Rahul Gotadki on July 2023
The medical spa market size is projected to be worth USD 45,827.31 million by 2030, registering a CAGR of 13.8% during the forecast period (2022 - 2030). Medical spas, also known as medi-spas or med spas, involve medical technology and expertise along with the relaxing experience of a spa. It provides overall skin care services, including fitness guidance and nutrition. It can treat and help with a variety of problems, such as acne, cellulite, and even sun damage. The market has been segmented based on service, age, and gender. Factors driving the market include the increasing use of cosmetic treatments, rising demand for minimally invasive solutions, and a rise in per capita income. However, the prohibitive cost of the procedures and the lack of skilled professionals are the major market growth restraints.
The pandemic has raised awareness regarding health & wellness and nutrition among people who used to overlook their health. However, at the same time, due to the pandemic, the lockdown and temporary ban happened. As per the American Society of Plastic Surgeons (ASPS), in 2020 there was a 16% decline in minimally invasive cosmetic procedures compared to 2019. Furthermore, the market experts were forced to close the medical spa offices during the pandemic due to the decrease in cosmetic treatments, minimally invasive procedures, and a substantial reduction in revenue. Additionally, according to the American Med Spa Association (AmSpa) in its 2020 Medical Spa Industry Short Survey-COVID-19 impact, there was a 43.0% loss in revenue in the US. Hence, COVID-19 has significantly affected the overall market growth of the global medical spa market.
Value Chain Analysis
The global medical spa market is projected to exhibit significant growth over the forecast period, which can be attributed to factors like the rising prevalence of skin diseases and increased awareness of personal appearance. The value chain analysis for the market comprises five major components, which start with research & product development, followed by the manufacturing of the products, distribution & sales, and ends with post-marketing surveillance.
The medi-facial, also known as medical facial or medical-grade facial, is focused on treating skin conditions that are safe and effective for all types of skin. It is performed under the supervision of certified and experienced dermatologists using a variety of devices such as microcurrents, dermaplaning, photo rejuvenation, and others. It provides advantages such as helping to tighten skin, moisturizing skin, reducing ageing signs, as well as possessing anti-inflammatory and anti-bacterial properties. Furthermore, in 2021, the segment accounted for the largest market share due to factors including the rising prevalence of beauty consciousness in urban areas and growth in disposable income.
Body Shaping & Contouring
Body shaping, also known as body sculpting and contouring, is a type of plastic surgery procedure used to improve the appearance and reshape the body. It is done through surgical and non-surgical methods, which covers the body's face, neck, upper arms, breasts, and others. Furthermore, factors supporting the segment’s growth include increasing cases of obesity worldwide and rising awareness regarding cosmetic surgeries.
Hair removal is a medical procedure that can only be done by an experienced person. The hair removal process is done through procedures including medications and laser treatments that focus on removing the hair and stopping the growth of the hair. Moreover, factors including advanced technology concerning aesthetic laser products and increasing concern related to facial hair are fueling the segment’s growth.
Scarring is the damage to skin that is composed of fibrous tissue and happens due to infections, inflammation in the tissue, surgery, and injuries. There are diverse types of scars, including sunken, lumpy, flat, and colored. Scar revision is a procedure that changes the appearance of the scar and makes the skin cleaner and clearer. A wide variety of treatments for scar revision, such as keloid scar and scar tissue removal, steroid injection, and cryotherapy, are used for the removal of the same.
Tattoo removal is a procedure that is usually performed under expert supervision to remove the undesired tattoo from the dermis layer using techniques such as laser surgery, surgical removal, and dermabrasion. Furthermore, factors supporting the segment are the tattoo trend, provoking designs, and rising demand for non-invasive procedures.
Other services include microdermabrasion and skin rejuvenation. Microdermabrasion is used to treat the dead skin cells at the end of the winter season and beginning of summer.
Adolescent age group populations are more prone to having pimples, acne scars, and other skin-related issues, which have a negative impact on one’s social and emotional well-being. The rise in the trend of self-care, the use of social media among teenagers, the increase in marketing and branding to raise awareness are boosting the growth of the segment.
Adults have started to lean towards self-care owing to living longer and healthier lives. They are striving more to look the same as they used to during their early years. Overall, they just want to retain their youthful appearance. Moreover, factors supporting the segment's growth are the trend of being healthy and influence via social media.
The geriatric population is more prone to having eczematous dermatitis, fungal infections, pruritus, and bacterial and viral infections. Several skin conditions are the reasons that proliferate the segments' growth. Furthermore, factors including decreased immune surveillance, decreases in personal care, epidermal turnover, and scrutinizing immunological functions that are responsible for fungal infections support the segment's growth.
Men have been taking care of their health and skin in recent years, especially those who are in the spotlight. They use botox for smoothing purposes, deep wrinkles below the eyes, and forehead areas, as well as seek injectable treatment for the crow’s feet and wrinkles. Additionally, willingness to delay ageing, increasing adoption of massage, and a rising trend in grooming are fueling the segment's growth.
The women use the same common spa services as the men, including massaging, facials, and skin treatments such as laser hair removal and skin tightening. The med-spas provide a wide range of cosmetic treatments and services such as wrinkle relaxers, microdermabrasion, and others. For instance, wrinkle relaxers are cosmetic injectables used to remove wrinkles along with facial lines and frown lines include botox, disport, and others. Hence, the aforementioned treatments and services are fostering the segment's growth. Additionally, the women segment held the largest market share in 2021.
The medical spa market based on the region has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
The rise in the number of minimally invasive and invasive procedures along with the presence of advanced technology are anticipated to drive the market growth in the region.
The Asia-Pacific region is expected to show the highest CAGR during the forecast period. This is due to factors including rapid advancement of technology, demand for both minimally and invasive treatments, and an increasing senior population. Furthermore, companies are launching new products aiding in regional market growth. For instance, in June 2021, Clinique La Prairie (US) launched a new medical menu at its Bangkok Medical Spa & Aesthetics destination through its partnership with St. Regis, Bangkok. This partnership that expanded the company's presence in Asia-Pacific. Such initiatives boost the market growth in the region.
Market experts are improving business through planning and adopting new strategies to increase their market presence. Moreover, they are adopting several strategic initiatives with regard to medical spa devices, such as new product launches, contractual agreements, mergers, and acquisitions, increasing investments, and partnering with other players to enlarge the medical spa field across the globe.
Chic La Vie (US) is one of the key market players, founded in 2010. It is a medical spa & laser institute that offers non-invasive cosmetic procedures and expertise in restoring youth, weight loss, and beauty. They possess a varied product portfolio of medical spa and consumables, including injectables, skin treatments, cool sculpting, and Venus’s freeze. In November 2021, it launched the botox rejuvenating procedures for men and women.
List of companies covered in this report:
The study covers the existing short-term and long-term market effects. It helps decision-makers to draw up short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the rest of the world. The report analyses market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.
Global Medical Spa Market, By Service
Global Medical Spa Market, By Age
Global Medical Spa Market, By Gender
Global Medical Spa Market, By Region
|Market Size||2030: USD 45,827.31 million|
|Historical Data||2018 to 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service, Age, and Gender|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World|
|Key Vendors||Chic La Vie (US), Sciton, Inc (US), Longevity Wellness Worldwide (US), Alma Lasers, Ltd. (Israel), Lumenis Ltd (Israel), Soliton (Japan), Allergan (Ireland), Antares Pharma (US), Superdrug (UK), Clinique La Prairie (US)|
|Key Market Opportunities||Excessive cost of spa devices and lack of reimbursement Rapid growth of the medical spa market due to collaboration|
|Key Market Drivers||High demand for minimally invasive procedures Rising per capita income Increasing prevalence of skin diseases|
The medical spa market size is projected to grow at CAGR of 13.8% during the forecast period (2022 - 2030)
The medical spa market size is projected to be worth USD 45,827.31 million by 2030
The Asia-Pacific region is expected to show the highest CAGR during the forecast period.
Chic La Vie (US), Sciton, Inc (US), Longevity Wellness Worldwide (US), Alma Lasers, Ltd. (Israel), Lumenis Ltd (Israel), Soliton (Japan), Allergan (Ireland), Antares Pharma (US), Superdrug (UK), Clinique La Prairie (US) are the key players in the market.
High demand for minimally invasive procedures and Increasing prevalence of skin diseases