Trusted Business Insights presents the Latest Study on Medical Spa Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
The global medical spa market size was valued at around USD 12 billion in 2018 and is expected to register a CAGR of 13.8% over the forecast period. The market growth can be attributed to factors, such as increasing consumer awareness about self-care and anti-aging services along with rapid expansion of the wellness tourism sector.
According to the American Med Spa Association (AMSA), there is a high demand for minimally invasive treatments, such as chemical peels and non-surgical skin tightening, along with body sculpting and tattoo removal. Moreover, wellness packages offered in hotels create a fast growing demand for wellness-themed vacation.
Moreover, rising consumer disposable income, especially in emerging countries, and expansion of tourism sector are also boosting the demand for such services. Key companies offer personalized medical spa treatments and aim to strengthen their market position to justify premium prices. An emerging trend in the sector is the incorporation of biophilic design, wellness architecture into the complete structural design of the property.
Rapid growth in the wellness tourism market is creating potential growth opportunities for new entrants that offer a unique integration of business areas, such as hospitality, travel, spa, and fitness. North America was the dominant regional market in 2018 due to technological advancements and increasing number of new entrants in the medical spa industry. However, Asia Pacific is anticipated to witness the fastest CAGR from 2019 to 2025 owing to the presence of well-established beauty market.
Service Market Segmentation Outlook (Revenue, USD Million, 2014 – 2026)
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Based on service, the medical spa market is segmented into facial treatment, body shaping contouring, hair removal, scar revision, tattoo removal, and others. Facial treatment led the market in 2018. However, body shaping and contouring is anticipated to witness the fastest CAGR over the forecast period. Medical spa includes high revenue-generating treatment services, the cost of which continue to rise.
For instance, according to the Supplement to Modern Aesthetics by the American Med Spa Association, the average price of laser hair removal in U.S. rose by around 51% in 2016 than in 2011 whereas the cost of tattoo removal increased by 42%. This trend is supported by increasing out of pocket expenditure worldwide, thereby propelling the market growth.
North America led the overall market in 2018 owing to higher expenditure on wellness tourism (domestic and international traffic) than other regions. Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period due to the popularity and growth of spa tourism sector and rising wellness tourism expenditure.
Increasing interest in experiential travel and growing affordability of flights and travel options will drive the regional market further. Moreover, aesthetic procedure market is expanding with the rising demand for Botox and collagen injections, chemical peels, cellulite treatments, hair removal, facial rejuvenation, and liposuction, thereby boosting market development.
Medical Spa Market Share Insights
Some of the major companies in the global market are Chic La Vie; Clinique La Prairie; Kurotel – Longevity Medical Center and Spa; Lanserhof Lans; The Orchard Wellness Resort; BIOVITAL MPA; Allure Mpa; and Longevity Wellness Worldwide. Some of the strategies undertaken by these companies are product and service development using novel technology, partnerships with other firms, outlet expansion, and business investments.
For instance, Longevity Health Wellness Hotel expanded its service unit in Portugal. The spa center is equipped with advanced wellness and preventative diagnostics, therapies and programs, and modern integrative and regenerative medicine.In December 2016, private equity firms, DW Healthcare Partners, and Linden Capital Partners jointly acquired Edge Systems, a manufacturer of non-invasive equipment consumables for aesthetic skin treatment.
In September 2018, Bliss, a manufacturer of spa and beauty products, launched Medical spa services in their New York locations. Bliss collaborated with Ideal Image, a provider of laser hair removal and aesthetic services, to further incorporate aesthetic services in their Manhattan locations. In addition, in July 2017, Hyatt Hotels acquired Miraval for USD 215 million to target the wellness tourism sector.
Key Insights Covered: Global Medical Spa Market
1. North America, Europe, Asia Pacific, Middle East Africa, Latin America market size (sales, revenue and growth rate) of Medical Spa industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Medical Spa industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Medical Spa industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment Industry chain analysis of Medical Spa industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Medical Spa industry.
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
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