Medical Spa Market Size is set to register significant growth from 2022 to 2028, as a result of the increasing awareness among consumers about self-care and wellness. Medical spas, also known as medspas or medi-spas, are facilities that combine medical and aesthetic treatments in relaxing environments, under the supervision of medical directors like dermatologists, doctors or plastic surgeons. Medical spas offer treatments ranging from laser therapies, hair removal, facial peels, fillers, injections and more, designed for various cosmetic purposes.
One of the major trends propelling market expansion during the forecast timeline is the escalating use of cosmetic treatments and aesthetic medicine for beauty enhancement. Aesthetic medicine has become increasingly accessible in recent years, with the broadening range and availability of cosmetic treatments offered by healthcare providers. According to estimates from The Aesthetic Society, over $9.3 billion was spent on aesthetic procedures in 2020, with nearly $3 billion spent on nonsurgical therapies. Factors such as these could create a significant upsurge in demand for medical spas with advanced cosmetic and aesthetic treatments.
Based on service type, the market will amass significant gains from the hair removal segment by 2028. This is credited mainly to rapid advancements in laser technology and the growing propensity towards permanent hair removal solutions. For instance, in January 2020, Lumenis Ltd. introduced its LightSheer Quattro platform, as a flagship diode laser hair removal solution and the latest addition to the Lumenis LightSheer family.
North America is poised to emerge as a major revenue source for the medical spa market by 2028, on account of the growing prevalence of skin conditions like acne in the region, which have exacerbated the need for targeted medical solutions. Based on American Academy of Dermatology reports, over 50 million Americans are affected by acne each year. This will in turn increase demand for medical spas that offer curative solutions for these skin ailments.
Additionally, support for clinical research related to cosmetic procedures is also growing rapidly, further contributing to industry growth. To illustrate, in January 2021, Allergan Aesthetics and Cypris Medical entered into a warrant agreement, which included the initiation of a clinical trial designed to optimize the efficacy and safety of Cypris Medical’s Xact device in neck lifts as well as for treatment of midface descent.
Major players operating in the industry include Chiva Som, Cocoon Medical Spa, Sciton, Inc., Biovital Medspa, Westchase Medspa, Canyon Ranch Inc., Lapinha, Clinique La Prairie, Allure Medspa, Vilalara Longevity Thalassa & Medical Spa, Hyatt Corporation and Obagi MediSpa. Strategies implemented by these contenders include services portfolio expansions and other marketing strategies to enhance their presence in the global industry. In January 2021, Clinique La Prairie introduced the Clinique La Prairie Aesthetics Medical Spa at The St. Regis Bangkok, representing its first facility outside Europe, offering a range of anti-aging therapies as well as Swiss Perfection, its cellular skincare solutions.
The onset of the novel coronavirus pandemic forced several businesses across the industrial spectrum to refocus their value propositions and realign their operations to comply with the new normal. The effects of the pandemic were particularly severe on industries reliant on in-person delivery of services, including medical spas to some extent, as a result of lockdowns and social distancing protocols.
However, the industry has been recovering significantly faster than other affected domains, mainly due to the rise in demand caused by escalating stress levels over the past year. The emotional toll of the pandemic and its associated effects have triggered many consumers to focus on beauty, wellness and aesthetic treatments as a form of relaxation. According to dermatologists, the coronavirus pandemic has created a burgeoning interest among consumers in experimentation with injectables as well as in treatments for various skincare concerns, which could present lucrative opportunities for industry growth during the forecast timeframe.
Market, by Service Type
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