The medical spa market has grown rapidly, increasing from $16.69 billion in 2023 to $19.04 billion in 2024, with a compound annual growth rate (CAGR) of 14.1%. This growth is attributed to rising wellness and self-care trends, aging population demands, celebrity endorsements, shifting consumer preferences, and increased disposable income. The market is projected to grow to $32.13 billion by 2028, maintaining a CAGR of 14.0%. Key growth drivers include changing consumer demands, growing popularity of wellness and self-care, innovations in treatment modalities, health and beauty influencer impact, and economic factors. Major trends include wellness integration in treatments, a focus on regenerative therapies, personalized experiences, preventative treatments, and ethical and sustainable practices.
Major Driver In The Medical Spa Market
The surge in demand for aesthetic procedures is anticipated to drive growth within the medical spa market. Aesthetic procedures, aimed at enhancing facial and body appearances, reflect a growing societal emphasis on beauty and self-expression. Data from The American Society for Aesthetic Plastic Surgery indicated a significant uptick in facial and body procedures in 2021 compared to the previous year, signifying the increasing popularity of aesthetic enhancements. This burgeoning demand underscores the pivotal role of medical spas in catering to consumer preferences for aesthetic treatments. In 2023, the market size of the medical spa sector experienced a notable upswing, poised to sustain its growth trajectory in 2024 and 2028.
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Medical Spa Market Competitive Landscape
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
Key Medical Spa Market Trend
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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Medical Spa Market Segmentation
The medical spa market covered in this report is segmented –
1) By Service: Skin Rejuvenation, Facial Injectable, Body Shaping, Hair Removal, Other Services
2) By Age: Adolescent, Adult, Geriatric
3) By User: Women, Men
By Geography:The regions covered in the medical spa market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the medica spa market in 2023.
The Medical Spa Global Market Report 2024 furnishes information about the global medical spa market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
