Medical Spa Market Aims for US$70.3 Billion by 2032, Riding a Spectacular 15.6% Growth Trajectory | Says FMI

The global medical spa market was worth US$ 16.7 Billion in the year 2022 and is expected to reach US$ 70.3 Billion by the year 2032 at a staggering CAGR of 15.6% between 2022 and 2032.

The WHO states that the geriatric population will reach 1.4 Billion by the year 2030. As such, the desire to look appealing even at this age is expected to take the medical spa market by storm in the forecast period.

Technological advancements are amongst the major trends gaining traction in the medical spa market. They include radiofrequency body contouring, BTL aesthetics sculpt, micro-needling, dermal or hydra facial infusion toning, and muscle-sculpting treatment. On these grounds, Renew Medical Aesthetics, in January 2022, launched a novel line of lip filler aesthetic treatments in two sizes – full syringe and half (mini) syringe.

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With consumers turning out to be all the more tech-savvy, the awareness regarding anti-aging solutions is on an exponential rise. Thus, the growing demand for anti-aging skincare solutions remains the key driver for the medical spa market.

Skincare products are in great demand due to higher levels of pollution, adulteration in food products, use of biological substrates and hormones in dairy products, and exposure to harmful chemicals. Medical spas help in addressing early aging, premature hair loss, obesity, skin problems, and emotional ordeals caused due to them.

At the same time, higher monetary stakes involved in spa equipment are expected to restrain the medical spa market going forward. The American Med Spa Association’s Supplement to Modern Aesthetics states that the price of laser hair removal in the US increased by more than 50% between 2011 and 2016 alone. The post-Covid era has resulted in an upsurge in these prices; specially to cover up the losses caused during lockdown.

Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Medical Spa Market’. It has its team of analysts and consultants to execute using a bottom-up approach in its primary, secondary, and tertiary modes of research.

“With the geriatric population on the rise, the global medical spa market is slated to grow on an impertinent note going forward”, says an analyst from Future Market Insights.

Key Takeaways from the Medical Spa Market

• North America holds the largest market share with the US witnessing higher spending on wellness tourism (international as well as domestic). The current scenario is such that merely 206 medical spas are listed by the SIC in American Yellow Pages. 10K are expected to open in the near future.
• Europe holds the second-largest market share with The Netherlands, the UK, France, Germany, Belgium, Switzerland, Spain, Italy, Russia, and Turkey leading from the front.
• The Asia-Pacific is expected to grow at the fastest rate in the medical spa market and the scenario is expected to remain unchanged even going forward with India, China, Singapore, Malaysia, and Thailand dominating.

Competitive Analysis

• Longevity Health & Wellness Hotel, in August 2019, expanded its service unit all across Portugal. The spa center is abreast with preventive diagnostics, programs, and therapies, advanced wellness programs, and regenerative and modern integrative medicine.
• Chic La Vie, in November 2021, tabled a Botox skin rejuvenating procedure wherein males could also try their hands at.
• Bliss, in September 2018, floored medical spa services in New York. The company also entered into collaboration with Ideal Image (a provider of aesthetic and laser hair removal services, so as to incorporate aesthetic services all across Manhattan.
• Laser MD Medspa, in 2021, completed the acquisition of Young Medical Spa for an undisclosed sum. The basic objective was to expand the operations in 4 locations at Pennsylvania. The company further aims to expand its footprint in over 15 locations across the Mid-Atlantic and northeastern regions.

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What does the Report say?

• The research study is based on services (body shaping & contouring, facial treatment, hair removal, scar revision, tattoo removal, and other services).
• With rising demand for minimally invasive treatments like non-surgical skin tightening, chemical peels, removal of tattoos, and body sculpting, the global medical spa market is expected to grow on a grand note in the forecast period.

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Key Companies Covered:

• Chic La Vie
• Clinique La Prairie
• Kurotel – Longevity Medical Center and Spa
• Lanserhof Lans
• The Orchard Wellness Resort
• Biovital Medspa
• Allure Medspa
• Longevity Wellness Worldwide
• Serenity Medspa
• Bijoux Medi-Spa
• Vichy Celestins Spa Hotel
• Brenners Park-Hotel & Spa
• Sha Wellness Clinic
• Cocoona Centre of Aesthetic Transformation
• Mezzatorre Resort & Spa
• Aesthetics Medispa
• Lily’s Medi Spa
• Lisse

Key Segments Covered in Medical Spa Market Survey:

Medical Spa Market by Service:

• Body Shaping & Contouring
• Facial Treatment
• Hair Removal
• Scar Revision
• Tattoo Removal
• Other services

Medical Spa Market by Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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