DUBLIN--(BUSINESS WIRE)--The "Medical Spa Market by Service: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global medical spa market was valued at $12,438 million in 2020, and is estimated to reach $29,542.33 million by 2030, growing at a CAGR of 9% from 2021 to 2030.
Medical spas, also known as medispas, are a distinct combination of medicine and aesthetics. They provide medically recommended and supervised quality cosmetic treatments in a relaxing environment. Botox injections, wide range of dermal fillers, anti-wrinkle & fine line reduction treatments, acne therapy, facial treatments, and the laser procedures are all available at a medical spa.
All of these approved therapies are cosmetic in nature, with the goal of rejuvenating or enhancing an individual's appearance. Furthermore, anti-aging and non-surgical lifts that were previously only available in a physician's clinic are now widely available in medispas. Furthermore, these are gaining popularity as consumers increasingly prefer cosmetic or spa treatments that are medically supervised and also more reliable.
The major factors driving the growth of the medical spa market are an increase in the incidence of skin damage, changes in lifestyle, an increase in the adoption of noninvasive procedures, an increase in demand for the aesthetic industry, and cost effective procedures. Furthermore, an increase in disposable incomes in developing economies, as well as an increase in medical tourism in developing countries with lucrative service, drive the market growth.
In addition, rise in obesity among the global population due to increase in consumption of carbohydrate based food, packaged food, poor eating habits, and unhealthy lifestyle among young generation as well adults; thus leading to weight gain and further obesity.
Furthermore, according to the World Obesity Federation if the current trends continue, it is estimated that approximately 2.7 billion adults will be overweight, over 1 billion affected by obesity, and 177 million adults severely affected by obesity by 2025. Thus, surge in obesity population is expected to boost the body shaping service and further contribute toward growth of the medical spa market.
However, low penetration in developed and developing countries as well as high cost of skilled therapy professionals, limit market growth. On the contrary, technological advancements in medispa-based medical treatments such as laser technology, dermal fillers, ultra-therapy, and others are expected to provide lucrative opportunities in the near future.
According to the annual audit report in 2019 of The British Association of Aesthetic Plastic Surgeons (BAAPS) organization that is solely dedicated to advancing safety, innovation and excellence in cosmetic surgery, over 28,000 procedures took place in 2018 and the biggest increase was from women for liposuction, which increased by 12%. Approximately 2,286 liposuctions in females and 232 in males were performed. Similarly, abdominoplasty treatment in women increased by 5% as compared to the previous year.
For instance, in August 2021, Hyatt Hotels Corporation announced that it is buying luxury resorts operator Apple Leisure Group (ALG) for $2.7 billion. ALG is one of the largest portfolio of luxury all-inclusive resorts in the Americas, with well-known high-end brands Secrets Resorts & Spa, Dreams Resorts & Spas, Breathless Resorts & Spas and Zoetry Wellness & Spa Resorts as well as Alua Hotels & Resorts, which is expanding quickly in Europe as well. Thus, such strategy by the company is further expected to boost the medical spa market.
Market players have invested in offering various technologically advanced procedures for consumers. For instance, Canyon Ranch a global health and wellness company that owns and operates resorts and luxury spas offers Clear + Brilliant Laser treatment, Aquagold, Botox, Microneedling, Juvederm Dermal Filler and facial treatments.
Cocoon Medical Spa an international medical spa offers cosmetic, slimming, laser and detox treatments. These wide range of service offering by market players have further increased the accessibility of for aesthetic enhancement across different regions, fueling the market growth.
For instance, according to the Plastic Surgery Statistics Report in 2020, by the American Society of Plastic Surgeons approximately 21,349 cosmetic surgical procedure of liposuctions among individuals of the age of 20-29 years and 54,994 among the age group of 30-39 years took place. Thus, rise in such cosmetic surgical and non-surgical treatments among young and middle aged population is a great opportunity for the key players to invest and is anticipated to drive the growth of the market.
Furthermore, presence of a plethora of products in the pipeline and high market potential in untapped emerging economies are anticipated to serve as attractive opportunities for market growth during the forecast period. Moreover, growth in medical tourism in developing economies, increasing consumer awareness for body shaping and aesthetic enhancement significantly propels the growth of the market.
KEY MARKET PLAYERS
- Allure Medspa
- Biovital Medspa
- Canyon Ranch
- Chiva Som
- Cocoon Medical Spa
- Clinique La Prairie
- Hyatt Corporation
- True Skin Care Center
- Vilalara Longevity Thalassa & Medical Spa
- Westchase Medspa
KEY MARKET SEGMENTS
By Service
- Body Shaping
- Hair Removal
- Facial Treatment
- Tattoo Removal
- Scars & Striae
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Turkey
- Saudi Arabia
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/urapx7
