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Medical Spas: Wellness Meets Luxury in 2024
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According to The Business Research Company's, The medical spa market size has grown rapidly in recent years. It will grow from $16.69 billion in 2023 to $19.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to rise in wellness and self-care trends, aging population demands, celebrity endorsements and influencer marketing, shift in consumer preferences, rise in disposable income.
The medical spa market size is expected to see rapid growth in the next few years. It will grow to $32.13 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to shift in consumer demands, growing popularity of wellness and self-care, innovations in treatment modalities, health and beauty influencer impact, economic factors. Major trends in the forecast period include wellness integration in treatments, focus on regenerative therapies, personalized and customized experiences, popularity of preventative treatments, ethical and sustainable practices.
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Market Drivers and Trends:
The rise in demand for aesthetic procedures is expected to propel the growth of the medical spa market. The aesthetic procedure refers to procedures that improve the face and body appearance. There has been a growing emphasis on the body and beauty for identity and self-expression. According to The American Society for Aesthetic Plastic Surgery, in 2021, facial procedures increased by 54 percent and aesthetic body procedures shot up by 63 percent from 2020. Thus, the rise in demand for aesthetic procedures will drive the medical spa market.
Innovative treatments are a key trend gaining popularity in the medical spa market. Medical spa service providers are moving toward technologically advanced treatments to make the experience for customers more effective. Some of the new technological innovations in medical spas are radiofrequency body contouring, radiofrequency microneedling, BTL aesthetics emsculpt, hydrafacial or dermal infusion toning, and muscle-sculpting treatment. In January 2022, Renew Medical Aesthetics, a Wisconsin-based provider of medical spa services, launched a new range of lip filler aesthetic treatments in two options mini (half syringe) and full syringe.
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Major Key Players of the Market:
Serenity Spa at The Ritz-Carlton Dubai, The Spa at Trump International Hotel and Tower Chicago, Spa at The Resort at Pedregal, Remède Spa at St. Regis Bali, Chic La Vie MedSpa, Spa at Montage Laguna Beach, The Spa at One&Only Royal Mirage, Spa at The Lodge at Pebble Beach, The Spa at Mandarin Oriental Miami, Canyon Ranch, Espa at Mandarin Oriental Bangkok, Mii Amo at Encantado Resort, Spa at Grand Hyatt Kauai Resort and Spa, Spa at Meadowood Napa Valley, Miraval Arizona Resort and Spa, Clinique La Prairie, Spa at The Ranch at Rock Creek, Golden Door Spa at Escondido, The Peninsula Spa, The Spa at Emirates Palace Abu Dhabi, The Spa at Rancho Bernardo Inn, Allure MedSpa, The Spa at Jumeirah Beach Hotel, Spa at The Four Seasons Hotel Istanbul at Sultanahmet, Biovital MedSpa LLC, The Woodhouse Day Spa, La Quinta Essencia Spa at Rosewood San Miguel de Allende, The Spa at Four Seasons Hotel Los Angeles at Beverly Hills, Spa at The Ritz-Carlton Half Moon Bay, Spa Chakra at The Oberoi Udaivilas Udaipur
Medical Spa Market 2024 Key Insights:
• The medical spa market size is expected to see rapid growth in the next few years. It will grow to $32.13 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Surging Demand For Aesthetic Procedures Fuels Growth In The Medical Spa Market
• Innovative Treatments In The Evolving Landscape Of Medical SPAs
• North America was the largest region in the medica spa market in 2023
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