The global medical spa market was valued at $11,063 million in 2017, and is expected to reach $27,566 million by 2025, growing at a CAGR of 12.2% from 2018 to 2025.
The global medical spa market
The medical spa combines medical expertise and technology with a relaxing experience at the spa. The spa also offers comprehensive skin care solutions such as nutrition and exercise advice.
The global medical spa market is segmented as per service and region.
By service, it is divided into body shaping, hair removal, facial treatment, tattoo removal, scars & striae, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and Latin America Middle East and Africa (LAMEA).
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Increasing use of aesthetic medicine and cosmetic treatment options for beauty enhancement and growing wellness trends among the developed countries drive the market. However, the medical spa procedures are very expensive, which restricts the market growth, especially in the developing economies.
Moreover, the expansion of medical tourism in developing countries, such as India, China, and Brazil, creates lucrative opportunities for key market players.
Among the service category, the body shaping segment accounted for one-fifth revenue share of the global market in 2017. This has been owing to the recent advances in body shaping, which include various non-invasive techniques that enable lesser hospitalization and faster recovery.
Thus, such advances in the body shaping segment are anticipated to augment the market growth.
Additionally, the hair removal segment accounted for one-sixth share in 2017 of the global market revenue. This growth is attributed to the innovations in the laser technology, owing to which permanent hair removal is now feasible.
This also supplements the market growth.
The key players operating in the global medical spa market are Allure Medspa, Biovital Medspa, Canyon Ranch, Inc., Chiva Som, Clinique La Prairie, Hyatt Corporation, Sciton, Inc., True Skin Care Center, Vilalara Longevity Thalassa & Medical Spa, and Westchase Medspa. Other players operating in the value chain are Cynosure, Inc., Lumenis, Ltd., Syneron Medical, Ltd., Spa Vitoria, and Lanserhof.
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Key Findings of the Medical Spa Market :
- The tattoo removal segment accounted for about one-seventh revenue share of the total market in 2017, and is expected to register a CAGR of 11.8% from 2018 to 2025.
- U.S. dominated the North America medical spa market and is projected to retain its trend throughout the forecast period.
- India is the fastest-growing country in the Asia-Pacific medical spa market, registering a CAGR of 14.2% during the forecast period.
- Brazil is the fastest-growing country in the LAMEA medical spa market, registering a CAGR of 13.9% during the forecast period.
In 2017, North America was the dominant revenue contributor, owing to the increase in the wellness trend and the early adoption of novel technologies in this sector. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high-populace countries, such as India and China.
In addition, the medical tourism enhancement also fuels the market growth.
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