Global Medical Spa Market is Expected to Grow at a CAGR of over 14.3% During 2021-2028 - ResearchAndMarkets.com

DUBLIN--()--The "Medical Spa Market Size, Share & Trends Analysis Report by Service (Facial Treatment, Body Shaping & Contouring, Hair Removal, Scar Revision, Tattoo Removal), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global medical spa market size is expected to reach USD 36.8 billion by 2028. The market is expected to expand at a CAGR of 14.3% from 2021 to 2028. Increasing demand for noninvasive aesthetic treatment is one of the key factors driving the market. Moreover, the high influence of social media among millennials and the rising demand for dermal fillers are propelling the demand for medical spas. Technological advancements, such as laser systems, have resulted in increased costs of medical spa procedures. For instance, in 2016, the average cost of laser skin resurfacing procedures increased by around 15.0%. However, rising disposable income levels will drive the demand for novel procedures.

The rapidly rising global population is increasing the demand for aesthetic cosmetic treatments and minimally invasive solutions. Availability of best anti-ageing treatments, relaxing atmosphere, quality services provided by certified professionals and innovative and cutting-edge technology are leading to an increase in preference for medical spas. The growing popularity and trend of wellness tourism and rising awareness about aesthetic procedures are anticipated to further expand the market in the forecast period.

The onset of the COVID-19 pandemic resulted in a revenue loss of cosmetic service providers. Aesthetic procedures are considered elective and non-essential and hence were postponed or canceled during the pandemic. On the other hand, the lockdown encouraged people to use video conferencing facilities, which made them more conscious about their looks. This led people to opt for cosmetic treatments as soon as the medical facilities re-opened, providing considerable growth opportunities for the market.

Medical Spa Market Report Highlights

  • Based on service, the facial treatment segment dominated the market in 2020 due to the increasing demand for minimally invasive facial procedures. According to ISAPS, 821,890 rhinoplasties, 448,485 facelifts, 369,497 chemical peels, and 270,917 brow lifts were performed in 2019 globally. This is expected to boost segment growth
  • On the other hand, the body shaping and contouring segment is anticipated to register remarkable growth during the forecast period. According to ISAPS, non-surgical fat reduction is the fourth leading non-surgical cosmetic procedure in the world. In 2019, a total of 462,769 non-surgical fat reduction surgeries were performed worldwide. This is likely to favor segment growth
  • North America accounted for the maximum revenue share in 2020. According to International Spa Association (ISPA), in the U.S., an average of around 179.0 million people visit spas annually. Increasing adoption of aesthetic procedures is driving the market growth in North America
  • Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028 owing to the presence of a well-established beauty market
  • Asian spas mainly focus on the beauty aspect of skincare and wellness, however, in the past few years; they are expanding their services to meet the rising demand for cosmetic procedures, such as scar revision, body contouring, tattoo removal, and non-surgical skin tightening

Market Dynamics

Market Drivers

  • Increasing Awareness About Self-Care And Antiaging Services
  • Growing Demand For Noninvasive Aesthetic Treatment
  • Growing Potential For Wellness Tourism

Market Restraints

  • Lack of skilled and licensed professionals
  • Risk associated with non-surgical procedures

Companies Mentioned

  • Chic La Vie
  • Clinique La Prairie
  • Kurotel - Longevity Medical Center and Spa
  • Lanserohf Lans
  • The Orchard Wellness Resort
  • Bivotal Medical Spa
  • Allure Medspa
  • Longevity Wellness Worldwide, Inc.
  • Serenity Medspa
  • Bijoux Med Spa
  • Vichy Celestins Spa
  • Brenners Park-Hotel & Spa
  • Sha Wellness Clinic
  • Cocoona Centre of Aesthetic Transformation
  • Mezzatorre Resort
  • Aesthetics Medspa
  • Lily's Medi Spa
  • Lisse
  • The Drx Aesthetics
  • Westchase Medspa
  • Chiva Som
  • Mandarin Oriental¬†

For more information about this report visit https://www.researchandmarkets.com/r/etziy5

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900