San Francisco, 20 March 2024: The Report Medical Spa Market Size, Share & Trends Analysis Report By Service (Facial Treatment, Body Shaping & Contouring, Hair Removal, Scar Revision, Tattoo Removal), By Age Group, By Gender, By Service Provider, By Region, And Segment Forecasts, 2024 - 2030

The global medical spa market size is anticipated to reach USD 49.4 billion by 2030, expanding at a CAGR of 15.13% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for non-invasive aesthetic treatment is one of the key factors driving the market growth. Moreover, rise in demand for dermal fillers and the high influence of social media among millennials are propelling the demand for medical spas. Technological advancements, such as laser systems, have resulted in increased costs of medical spa procedures. However, increasing disposable income levels are expected to drive the demand for novel procedures.

The demand for aesthetic services is increasing with rising disposable income and growing awareness about cosmetic surgeries. Availability of the best anti-aging treatments, relaxing atmosphere, quality services provided by certified professionals, and innovative and cutting-edge technology are leading to an increase in preference for medical spas. There has been an increase in medical spa clients aged 18 to 30 in recent years due to the high influence of social media, such as Instagram, Snapchat, & TikTok, on teenagers and millennials are anticipated to further expand the market growth in coming year.

The onset of the COVID-19 pandemic resulted in a revenue loss for cosmetic service providers. Aesthetic procedures were considered to be elective and non-essential and hence were postponed or canceled during the pandemic. On the other hand, the lockdowns encouraged people to use video conferencing facilities, which made them more conscious of their looks. This led people to opt for cosmetic treatments as soon as the medical facilities re-opened, providing considerable growth opportunities for the market.

The market growth can be attributed to the rising awareness among consumers about self-care & anti-aging services and the rapid growth of the wellness tourism sector. The American Med Spa Association (AMSA) reports a significant demand for minimally invasive treatments, encompassing procedures such as chemical peels, non-surgical skin tightening, body sculpting, and tattoo removal. In addition, increase in popularity of wellness-themed vacations, often bundled with wellness packages in hotels, contributes to the swift growth in demand for such services.

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The medical spa market has been shaped by constantly changing customer demands. With customers becoming more social media savvy, awareness about anti-aging solutions is on the rise. Increasing demand for anti-aging skincare solutions remains the key growth driver. According to the 2022 plastic surgery statistics by the American Society of Plastic Surgeons, people aged 30 to 39 accounted for 16% of cosmetic surgeries in the U.S., with 3,648,798 total cosmetic procedures, including 362,289 surgical procedures and 3,286,509 minimally invasive surgeries.

Medical Spa Market Report Highlights

• Based on service, the facial treatment segment dominated the market with a revenue share of 54.1% in 2023, due to the increasing demand for minimally invasive facial procedures
• The body shaping and contouring service segment is expected to grow at the fastest CAGR over the forecast period
• Based on gender, the female segment held the largest revenue share in 2023, owing to high adoption of facial cosmetic procedures. The male segment, on the other hand, is anticipated to witness the fastest CAGR from 2024 to 2030
• Based on age group, the adult segment dominated the market in 2023 and is anticipated to witness fastest CAGR over the forecast period, owing to high spending capacity and increasing demand for dermal fillers
• North America dominated the medical spa industry in 2023, owing to an increase in adoption of aesthetic procedures
• In September 2023, Lanserhof revealed plans to inaugurate its fourth health resort in Marbella, Spain, by 2026, with construction commencing mid-2024. To realize the project, Lanserhof collaborated with AltamarCAM and Inbest-GPF, with a joint investment of USD 105.4 million (EUR 100 million or GBP 86.8 million) into development

Rising disposable income, especially in emerging countries, and the expansion of the tourism sector are also boosting the demand for such services. Key companies offer personalized beauty treatments to justify premium prices and aim to leverage their position. An emerging trend in the sector is the incorporation of biophilic design and wellness architecture into the complete structural design of the property.

Rapid growth of the wellness tourism industry is creating potential growth opportunities for new entrants that offer a unique integration of business areas, such as hospitality, travel, beauty treatments, and fitness. Furthermore, the increasing adoption of dermal fillers among women in their late 20s and the rising demand for laser hair removal and facial procedures are likely to fuel the market growth.

The market is also characterized by a low level of merger and acquisition (M&A) activity by the leading players. For instance, in June 2023, Skin Spirit, a KKR portfolio company, acquired Contempo Aesthetics, a California-based medical spa, and expanded its presence to 32 clinics nationwide.

The market is facing heightened regulatory scrutiny as government authorities overseeing licensing, treatment approvals, and facility standards ensure practitioners comply with established qualifications, provide approved treatments, and uphold a hygienic environment. This increased regulatory oversight is contributing to the market's advancement.

Medical Spa Market Report Scope

Service providers are adopting various strategies, such as launch of new innovative services and partnerships to strengthen their market presence. For instance, in November 2020, Chic La Vie started offering botox skin rejuvenation treatments for men. The goal was to start a new trend where skin rejuvenation spa treatments were not just meant for women.

List of Key Players in the Medical Spa Market

• Chic La Vie Med Spa
• Clinique La Prairie
• Kurotel-Longevity Medical Center and Spa
• Lanserhof
• The Orchard Wellness Resort
• Biovital Medspa LLC
• Allure Medspa
• Longevity Wellness Worldwide
• Serenity Medspa
• Vichy Celestins Spa Hotel
• Brenners Park-Hotel & Spa
• SHA Wellness Clinic
• Cocoona Centre Of Aesthetic Transformation
• Mezzatorre Hotel and Thermal SPA
• Aesthetics Medispa