Medical Spa Market Value estimate to reach $27,566 Million by 2025 : Allied Market Research
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The medical spa or Medispets combines a unique blend of medicine and aesthetics to provide a luxurious cosmetic treatment in a relaxed atmosphere. Wrinkle shot, botox injection, fine line reduction, acne treatment and filler.
Increased use of aesthetic medicines and cosmetic treatment options for beauty enhancement and wellness. However, medical spa procedures are very expensive and limit market growth, especially in developing countries. In addition, medical tourism expansion in developing countries such as India, China and Brazil creates opportunities for key market participants.
Among the service categories, the body shaping sector accounts for one-fifth of the global market share of sales in 2017. Recent advances in body shaping include a variety of non-invasive techniques that reduce hospitalization and speed up recovery. Thus, this progress in the field of body building is expected to increase market growth.
In addition, the epilator division accounts for one sixth of global market sales in 2017. This growth is due to innovation in laser technology. Permanent hair removal is now possible. This also complements the market growth.
Key Findings of the Medical Spa Market :
• The tattoo removal segment accounted for about one-seventh revenue share of the total market in 2017, and is expected to register a CAGR of 11.8% from 2018 to 2025.
• U.S. dominated the North America medical spa market and is projected to retain its trend throughout the forecast period.
• India is the fastest-growing country in the Asia-Pacific medical spa market, registering a CAGR of 14.2% during the forecast period.
• Brazil is the fastest-growing country in the LAMEA medical spa market, registering a CAGR of 13.9% during the forecast period.
In 2017, North America was the dominant revenue contributor, owing to the increase in the wellness trend and the early adoption of novel technologies in this sector. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high-populace countries, such as India and China. In addition, the medical tourism enhancement also fuels the market growth.
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The key players operating in the global medical spa market are Allure Medspa, Biovital Medspa, Canyon Ranch, Inc., Chiva Som, Clinique La Prairie, Hyatt Corporation, Sciton, Inc., True Skin Care Center, Vilalara Longevity Thalassa & Medical Spa, and Westchase Medspa. Other players operating in the value chain are Cynosure, Inc., Lumenis, Ltd., Syneron Medical, Ltd., Spa Vitoria, and Lanserhof.
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