Medical Spa Market Rapidly Integrating Innovative Solutions and Services to Enhance the Business Functions by Key Players: Allure Medspa, Biovital Medspa, Canyon Ranch, Chiva Som and More
According to a new report published by Allied Market Research, titled, Medical Spa Market by Service: Global Opportunity Analysis and Industry Forecast, 2017-2025," the global medical spa market was valued at $11,063 million in 2017, and is projected to reach $27,566 million by 2025, growing at a CAGR of 12.2% from 2018 to 2025. The facial treatment segment accounted for one-third share of the global market revenue in 2017.
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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.
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.
Medical spas or medispas uniquely blend medicine and aesthetics to provide quality cosmetic treatments in a relaxed ambience. Anti-wrinkle injections, Botox injections, fine-line reduction, acne therapy, and fillers are some of the various treatments included in medical spas.
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Increasing use of aesthetic medicine and cosmetic treatment options for beauty enhancement and growing wellness trends among the developed countries drive the market. However, the medical spa procedures are very expensive, which restricts the market growth, especially in the developing economies. Moreover, the expansion of medical tourism in developing countries, such as India, China, and Brazil, creates lucrative opportunities for key market players.
Among the service category, the body shaping segment accounted for one-fifth revenue share of the global market in 2017. This has been owing to the recent advances in body shaping, which include various non-invasive techniques that enable lesser hospitalization and faster recovery. Thus, such advances in the body shaping segment are anticipated to augment the market growth.
Additionally, the hair removal segment accounted for one-sixth share in 2017 of the global market revenue. This growth is attributed to the innovations in the laser technology, owing to which permanent hair removal is now feasible. This also supplements the market growth.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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