Market Overview:
Prevalence of skin diseases is constantly on the rise, globally. This is constructing major health encumbrance on most economies. A healthcare facility that is supervised by a licensed healthcare provider, full time, is termed as a medical spa. The objective of the industry is to offer medical education and care in a setting that includes spa facilities as well as conventional, complementary, and/or alternative therapies and treatments. Botox injections, anti-wrinkle and fine line reduction therapies, acne surgery, and fillers are some of the latest laser procedures offered at medical spas. Facials and massages are provided at conventional spas, but in medical spas, these treatments are performed with highly specialized lasers and instruments to permit for larger penetration of medical-grade skin items.
Worldwide revenue from the medical spa market stands at US$ 31.8 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 15.1% to reach a valuation of US$ 150.3 Bn by the end of 2033.
As assessed by Persistence Market Research, facial injectable services are expected to hold a market value of US$ 67.3 Bn by 2033. Overall, medical spa market sales account for approximately 59.2% revenue share in the global non-invasive aesthetic treatment market, which was valued at around US$ 53.8 Bn in 2022.
Growth Factors :
Medical spa market has been experiencing significant growth, driven by factors such as the increasing emphasis on wellness and aesthetic treatments, advancements in technology, and the growing demand for minimally invasive cosmetic procedures. Medical spas, also known as medspas, combine traditional spa services with medical procedures and treatments supervised by licensed healthcare professionals, offering a range of cosmetic and wellness services.
Key components contributing to the growth of the medical spa market include:
Rising Demand for Aesthetic Treatments: The growing focus on personal appearance and beauty enhancement has led to an increased demand for non-invasive and minimally invasive cosmetic procedures, such as Botox, dermal fillers, laser hair removal, and skin rejuvenation, driving the growth of the medical spa market.
Advancements in Technology: Technological advancements in the field of aesthetic medicine, including the development of advanced laser technologies, non-surgical fat reduction techniques, and minimally invasive cosmetic procedures, have expanded the treatment options available at medical spas, attracting a broader consumer base.
Increasing Awareness of Wellness and Self-Care: The rising awareness of the importance of self-care and wellness, coupled with the growing trend of preventive healthcare, has contributed to the popularity of medical spas as destinations for relaxation, rejuvenation, and aesthetic enhancement.
Aging Population and Disposable Income: The global increase in the aging population, coupled with rising disposable income levels, has led to a higher demand for anti-aging treatments and cosmetic procedures, driving the growth of the medical spa market.
Growing Acceptance of Non-Invasive Procedures: The increasing acceptance and preference for non-invasive and minimally invasive procedures, which offer quicker recovery times and fewer side effects compared to traditional surgical treatments, have bolstered the demand for services offered by medical spas.
Market Challenges:
The medical spa industry, while experiencing significant growth, also faces several challenges that can impact its operations and market expansion. These challenges include:
Regulatory Compliance: Compliance with strict regulations and varying state laws concerning the practice of medical procedures in spa settings can present a challenge for medical spas. Ensuring adherence to regulatory standards while providing a diverse range of services requires ongoing vigilance and expertise.
Qualified Staffing: Recruiting and retaining qualified and licensed healthcare professionals, including physicians, nurses, and aestheticians, who are experienced in administering medical treatments and procedures is essential. However, finding and retaining skilled staff members can be a significant challenge for medical spas, particularly in competitive markets.
Rising Costs and Pricing Pressure: The cost of maintaining advanced equipment, training staff, and ensuring compliance with regulatory standards can put significant financial pressure on medical spas. Balancing these costs with competitive pricing strategies while maintaining profitability can be a challenging task for businesses in the industry.
Safety Concerns: Ensuring patient safety and minimizing the risks associated with medical procedures are critical concerns for medical spas. Managing potential complications and adverse effects, as well as maintaining a safe and sterile environment, requires strict adherence to best practices and stringent safety protocols.
Market Competition: The medical spa industry is becoming increasingly competitive, with the emergence of new players and the expansion of established brands. Differentiating services and maintaining a unique value proposition can be challenging for medical spas, particularly in densely populated or saturated markets.
Consumer Education and Awareness: Educating consumers about the benefits and risks of various aesthetic and wellness treatments is crucial. Building trust and credibility with clients, as well as managing their expectations regarding results and recovery, requires effective communication and transparency from medical spa professionals.
Technology and Treatment Advancements: Staying abreast of the latest technological advancements and treatment modalities is essential for the success of a medical spa. However, the rapid pace of technological innovation can present a challenge for businesses in terms of staying updated, investing in new equipment, and integrating new services into their existing offerings.
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Key Takeaways from Market Study
Facial injectables are expected to contribute more than 45% of the revenue share in the market by 2031, owing to their wide availability intended to achieve one or more goals such as wrinkle reduction and lip augmentation.
The adult age group is expected to account for 40% of the global market share.
Among the service providers, single ownership spas are contributing maximum value share for the market.
North America holds the highest share in the global medical spa industry, owing to the presence of big market players, high healthcare expenditure, and increasing technological advancements and efforts in the country.
“Strong growth in demand for medical spas owing to increasing consumer awareness about self-care and anti-aging services, along with rapid expansion of the wellness tourism sector,” says an analyst of Persistence Market Research.
Increased Marketing & Branding to Promote Services
Exponential growth of cosmetic procedure advertising and marketing poses possible ethical issues as well as patient care concerns. Rising number of cosmetic physicians use blogs and social media networks to promote their practices. Providers strive to gain customers through advertisements and marketing. Traditional print media, radio, television advertisements, “advertorials” (paid editorials usually in magazines), and digital social media advertising and marketing are all used, with the latter being increasingly important. In this industry, celebrity endorsements, whether direct or indirect, are extremely relevant. The med spa industry is quickly expanding and will continue to do so at a rapid pace in the future. With this in mind, every medical spa should focus on its brand image and raising the responsiveness of medical aesthetic procedures, treatments, and specialist products.
Market Segmentation :
Key Segments Covered in Medical Spa Industry Research
By Service:
Skin Rejuvenation
Facial Injectable
Aesthetician Services
Body Shaping & Contouring
Hair Removal
Tattoo Removal
Others
By Age:
Adolescent
Adult
Geriatric
By Service Provider:
Single Ownership Spa
Group Ownership Spa
Free-Standing Spa
Medical Practice associated Spa
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa
About Us:
Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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COMTEX_443233082/2840/2023-11-09T17:13:31
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.