GLOBAL MEDICAL SPA MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global medical spa market is expected to reach US$ 36.66 Bn by 2030, from US$ 14.53 Bn in 2023, exhibiting a CAGR of 14.1% during the forecast period.

The medical spa industry offers various aesthetic and wellness treatments aimed at improving the skin, body and overall appearance of customers. Some of the main products and services include skin treatments, cosmetic procedures and therapies. Skin treatments involve services like chemical peels, laser hair removal, intense pulsed light therapy and microdermabrasion which exfoliate and rejuvenate the skin. These are highly effective at reducing acne, fine lines, hyperpigmentation and other skin issues. Cosmetic procedures comprise nonsurgical treatments like Botox, fillers and hyaluronic acid injections. These diminish wrinkles, plump up lips and restore volume in the face.

Global Medical Spa Market- Regional Insights

• North America is expected to be the largest market for medical spa during the forecast period, accounting for over 35.7% of the market share in 2023. North America has been dominating the global medical spa market for past few years. The U.S., in particular, accounts for the largest share of the market in the region. This can be attributed to rising disposable incomes, increasing healthcare costs, and growing prominence of wellness and preventive care among consumers. Medical spas have found widespread acceptance as an affordable alternative to medical treatments for conditions like stress, minor skin issues, and weight
• Asia Pacific is expected to be the second-largest market for medical spa, accounting for over 25.2% of the market share in 2023. Asia Pacific displays enormous market potential and is emerging as the fastest expanding market for medical spas. Countries like China, India, Thailand, and South Korea. Rising health awareness, growing middle-class population with increased spending, and availability of skilled professionals are some factors fueling the Asia Pacific market. The traditional wellness practices of various countries are also attracting international clientele to the region.
• Europe is expected to be the fastest-growing market for medical spa, with a share of 19% during the forecast period. The growth of the market in Europe is attributed to increasing partnership strategies in the region.

Analyst View: The global medical spa market has significant growth potential driven by rising consumer incomes, growing medical tourism industry and increasing awareness about various anti-aging treatments. The demand for non-surgical aesthetic procedures is increasing rapidly as these are considered less invasive options. Asia Pacific region is expected to dominate the market owing to growing medical tourism and lower treatment costs in countries like Thailand, Singapore and India.

Figure 1. Global Medical Spa Market Share (%), By Region, 2023

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Global Medical Spa Market- Drivers

• Rising Awareness about Medical Aesthetics: As people's disposable income increases globally, more importance is being given to physical appearance and looking youthful. With the endless supply of professionally edited photos on social media, individuals aspire to look and feel like celebrities and influencers. This unrealistic portrayal of beauty standards has made people more conscious about signs of aging like wrinkles, dull skin, fat deposits, and others at an early age. At the same time, medical science has advanced significantly and made various non-surgical and minimally invasive procedures accessible that can enhance physical features. People want to try these procedures but do not want to undergo extensive surgeries. This boosts demand for medical spas that offer treatments like Botox, fillers, facials, body sculpting, and others to refresh one's look without going under surgical procedure. Customers want to visibly see results immediately after visiting a medical spa without having to take prolonged recovery time off from work and daily chores. People are more open to trying aesthetic improvements gradually through low risk spa therapies to look and feel younger.
• Growing Acceptance of Cosmetic Medical Procedures: Earlier, undergoing any cosmetic procedure used to attract negative social stigma but now things have changed considerably. People have become increasingly comfortable about aesthetic enhancements and normalizing the discussion around these treatments. Normalization is driven by celeb culture that endorses the use of various minimally invasive treatments. Medical dramas and reality shows also showcase cosmetic adjustments in a positive light which impacts public perception. More customers are accepting these treatments as an extension of selfcare rather than vanity. These people want to preserve their youthfulness and combat signs of natural aging by visiting medical spas. The procedures are also getting demystified and presented as routine wellness options to the masses rather than something meant for superficial reasons. This growing social acceptance of cosmetic enhancements have emboldened individuals to utilize medical spa services for their non-surgical rejuvenation and remodelling needs without second thoughts.
• Rising Consumer Interest in Wellness Services: The growing consumer interest in wellness treatments and preventive healthcare procedures is driving more people to visit medical spas. People are becoming increasingly health conscious and wanting to take proactive steps to look and feel their best. Medical spas offer services like non-invasive cosmetic treatments, weight loss programs, and anti-aging services that allow consumers to enhance their appearance and boost their confidence and self-esteem. Procedures like Botox injections, laser hair removal, and skin resurfacing are becoming mainstream as these help people stay competitive in their professional and personal lives. Medical spas cater to this demand by providing holistic health and wellness services ranging from skincare, body shaping, and relaxation therapies all under one roof. Their integrated approach aiming to achieve both inner and outer wellness makes them an attractive option for consumers. Moreover, busy lifestyles leave little time for separate salon visits or workouts at the gym. Medical spas offer a convenient one-stop solution fulfilling consumer needs for self-care and beauty maintenance.

Global Medical Spa Market- Opportunities

• Demand for relaxation and rejuvenation: Skincare procedures such as facials, peels and microdermabrasion allow customers to manage skin concerns and signs of aging in a pampering environment. The busy lifestyles and high stress levels that many people experience on a daily basis have increased the need for quick solutions that unwind and refresh the mind and body. Medical spas provide these services along with the added therapeutic benefits of clinically-advanced formulas and techniques. With the growing normalization of beauty treatments for both cosmetic and health-related reasons, more people are open to preventative and self-care options administered in a spa setting. Customized regimens tailored to individual skin analysis further contributes to the popularity of skincare procedures in medical spas.
• Rising Healthcare Expenditure: One of the significant factors influencing the growth rate of the global medical spa market is the growing healthcare expenditure, which helps in improving its infrastructure. For instance, according to the International Health Care System of the U.S., in June 2020, U.S. government organizations aimed to improve the healthcare infrastructure by increasing funding, setting legislation and national strategies, and cofounding and setting basic requirements and regulations for the Medicaid program. Similarly, in November 2022, the Canadian Institute for Health Information reported that the total health spending in Canada was US$ 331 billion in 2022, or US$ 8,563 per Canadian, while health expenditure represented 12.2% of Canada's gross domestic product (GDP) in 2022, following increase of 13.8% from 2020.

Global Medical Spa Market- Trend

• Growing Demand for Non-invasive Cosmetic Procedures: The global medical spa market is witnessing significant growth driven by growing demand for non-invasive cosmetic procedures. With increasing awareness about appearance and aesthetic beauty, more people are opting for minimally-invasive treatments and procedures to improve or enhance their appearance. Procedures such as botox injections, chemical peels, laser hair removal, and non-invasive body contouring techniques have become quite popular among individuals looking for subtle yet effective ways to address aesthetic concerns.

The shift towards healthier lifestyles and greater focus on preventive healthcare has further fuelled this trend. Patients are increasingly seeking wellness and anti-ageing treatments at medical spas which offer a relaxing ambience compared to clinics. Offerings such as skin rejuvenation, stress management, massage therapies and customized diet plans as part of integrative wellness packages are gaining wide acceptance. This is positively impacting the revenue of medical spas. According to statistics by the American Society for Aesthetic Plastic Surgery, published in March 2022, non-surgical cosmetic procedures grew by about 5% in 2020 compared to 2019.

Global Medical Spa Market - Restraints

• Risks and Complications Associated with Medical Procedures: The risks and complications associated with certain medical procedures performed at medical spas are certainly a cause for concern that restrains the growth potential of the global medical spa market. Any medical procedure, even those considered relatively minimally invasive, carries a certain degree of risk. Patients understandably want to avoid risks if possible or have transparent disclosure of potential complications.

Some of the more common issues and risks associated with procedures offered at medical spas include infection, scarring, allergic reactions to medicines or materials, and unintended effects from laser treatments, injectable, and cosmetic procedures. For example, certain skin treatments using lasers or other energy-based devices do rarely cause changes in skin color like hyperpigmentation if safety protocols are not strictly followed. Injectable treatments with substances like dermal fillers and Botox also hold niche risks like lumpiness, asymmetry, and migration of the product over time in some cases. While most providers take extensive precautions, any potential for something to go wrong creates reservations among some consumers.

• Lack of Skilled Workforce: The lack of skilled workforce is a major challenge restraining the growth of the global medical spa market. Medical spas require professionals who are adequately trained in various aesthetic procedures like cosmetic treatments, hair removal, massage therapies, and other skin care services. However, there is a severe shortage of trained professionals in this field across many parts of the world. Requiring specialized skills, medical spa professionals need qualifications and certifications in areas like dermatology, esthetics, nursing, nutrition, and beauty therapy. However, very few training institutes and programs specialize in imparting such niche skills.

This shortage of skilled manpower affects the business operations and service delivery capacities of medical spas. Many medical spas are unable to scale up and expand their service portfolios due to unavailability of certified professionals who can perform different procedures. The quality of services also tends to suffer when medical spas have to rely on partially trained or less experienced professionals. This has serious repercussions on customer satisfaction levels. The lack of trained manpower forces many prospective medical spa entrepreneurs to delay or curtail their investment plans. It discourages the opening of new facilities across geographies.

Figure 2. Global Medical Spa Market Share (%), By Service, 2023

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Global Medical Spa Market- Recent Developments

Service Launch

• On March 22, 2023, Nair, a hair removal brand in the U.S., launched Prep & Smooth Face, a new one-step formula that is created to help consumers remove facial hair with ease and achieve a smooth canvas for skincare and makeup application. Nair Prep & Smooth Face introduces an innovative facial hair removal cream designed with skincare advantages, suitable for all skin varieties. Formulated with nourishing components, this unique solution ensures a silky and soft complexion for all. Within just five minutes, users can enjoy exfoliated and smooth facial skin at home, attaining professional-level outcomes economically and conveniently, bypassing the need for waxing or razors.
• In November 2021, Chic La Vie, a medical spa, announced the launch of a Botox skin rejuvenating procedure for men aimed at starting a new revolution where skin rejuvenating spa procedures will not be limited to females only

Business Development Activities by the Market Players

• On July 14, 2023, Birch Medical Spas, a pioneering medical spa platform, backed by Imperial Capital, an investment firm, announced a partnership with Amara Med Spa LLC, a premier luxury medical spa. This partnership alliance brings together two influential players in the industry to drive innovation and reshape the medical spa landscape.
• On June 13, 2023, Medfords clinic, for dermatology and Wellness announced the creation of Pure Medspa – an upscale, modern medical spa encompassing 5,000 square feet of sublime luxury, slated for the grand opening on Halloween. Pure Medspa, a sprawling 5,000-square-foot wellness retreat, will introduce an unmatched level of luxury with its state-of-the-art treatments, world-renowned products, and impeccable client service.

Top companies in Global Medical Spa Market

• Longevity Wellness Worldwide
• The Orchard Wellness Resort
• Biovital Medspa
• Allure Medspa
• Serenity Medspa
• Vichy Celestins Spa Hotel
• Sha Wellness Clinic
• Brenners Park-Hotel & Spa
• Mezzatorre
• Cocoona Centre Of Aesthetic Transformation
• Lily's Medi Spa
• Aesthetics Medispa
• The Drx Aesthetics
• Mandarin Oriental
• Westchase
• Lisse
• Medspa
• Chiva Som
• Chic La Vie
• Kurotel-Longevity Medical Center and Spa
• Clinique La Prairie
• Lanserhof Lans

Definition: A medical spa, also known as a medspa or medi-spa, is a hybrid between a traditional day spa and a medical clinic. It operates under the supervision of a licensed healthcare professional, such as a medical doctor, and offers a blend of aesthetic procedures and services that are typically more advanced than those found in a traditional spa setting.