New Study Reports: Medical Spa Market on eye to reach $27.56 Billion by 2025, Globally
The global medical spa market was valued at $11,063 million in 2017, and is expected to reach $27,566 million by 2025 at a CAGR of 12.2% during the forecast period.
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The rising number of aesthetic medicine and cosmetic treatment options for beauty enhancement coupled with the growth in wellness trends among developed nations drives the market growth. However, the dearth of skilled professionals and the high cost associated with the procedures impede the market growth. Moreover, the rise in medical tourism in developing economies, such as India, China, and Brazil, is anticipated to create lucrative opportunities in the market.
The global medical spa market is segmented as per service and region. By service, it is divided into body shaping, hair removal, facial treatment, tattoo removal, scars & striae, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and Latin America Middle East and Africa (LAMEA).
Services category review
In the services category, the facial treatment segment is expected to be the most lucrative, owing to the trend and increased awareness for improving self-appearance. In addition, various facial treatments are provided in the medical spa, such as HydraFacial MD, nature signature facial, derma wave and dermaplaning, oxygen facial, ultrasonic fountain, and others. Thus, such an increase in novel techniques and procedures is expected to augment the market growth.
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.
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.
• The study provides an in-depth analysis with the current trends and future estimations of the global medical spa market to elucidate the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the market growth is provided.
• The quantitative analysis of the industry from 2017 to 2025 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
• An extensive analysis of key segments of the industry is provided to understand the profitability of the various types of global medical spas.
• The key players and their strategies are analyzed to understand the competitive outlook of the market.
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