The Medical Spa Market size was valued at USD 8.00 billion in 2022, and is predicted to reach USD 22.85 billion by 2030, with a CAGR of 13.9% during the forecast period, 2023–2030.
The demand for medical spa is increasing due to the prevalence of skin-related diseases. This factor also propels the advancements of new treatments and technologies in the medical spa market. Companies are investing in research and development activities to create innovative solutions that are more effective and lesser invasive than traditional treatments.
New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Spa Market by Service, by Age Group, and by Gender – Global Opportunity Analysis and Industry Forecast, 2023–2030" - https://www.reportlinker.com/p06478989/?utm_source=GNW
For instance, in October 2021, Crown Aesthetics launched its micro-needling technology, SkinPen Precision Ambassador Program, in conjunction with National Micro Needling Day. SkinPen Precision is the world’s first micro-needling system cleared by the U.S. Food and Drug Administration (FDA), establishing the benchmark for effectively and safely treating facial acne scars in patients aged 22 and above. It also offers an expanded indication for treating neck wrinkles.
However, high costs of spa equipment and supplies directly impact the prices charged for procedures. As medical spas need to cover their expenses and generate profits, this factor makes certain treatments and services inaccessible or unaffordable for a significant portion of the population. This , in turn, hampers the market growth.
On the other hand, the adoption of advanced technologies such as advanced serum infusion facials and radio frequency micro-needling techniques. These cutting-edge beauty devices provide safe and non-invasive treatments, minimizing discomfort and the risk of infections. Moreover, they offer highly effective cosmetic solutions and aid in rejuvenation. As a result, this trend creates abundant growth opportunities for key players in the medical spa market.
*Segment Overview*
The global medical spa market is segmented on the basis of service, age group, gender, and region.
By service, the market is classified into body shaping & contouring, hair removal, body treatment, facial treatment, tattoo removal, scars & striae, and other services.
By age group, the market is segmented into 18-35 years, 36-50 years, 51-70 years, and 71 years & above.
By gender, the market is bifurcated into male and female.
Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
*Regional Analysis*
Europe is projected to hold a dominant share of the market
Europe dominates the medical spa market, and is expected to remain dominant throughout the forecast period. Europe has a comparatively high standard of living, and there has been a consistent rise in disposable incomes in countries such as the U.K., Germany, and Spain. As a result, individuals have more financial resources to allocate toward wellness and aesthetic treatments, including those provided by medical spas. According to estimates from the Office for National Statistics (ONS) Household Finances Survey, the median household disposable income in the U.K. for the financial year ending (FYE) 2022 was about USD 34,450. This trend has created a demand for premium services and advanced procedures offered by medical spas, appealing to consumers with high purchasing power.
Moreover, there has been a noticeable increase in the prevalence of skin conditions such as acne, eczema, and rosacea, resulting in a growing demand for the treatments offered by medical spas. A report by the National Institute for Health and Care Excellence highlights that acne, in particular, affects a significant 95% of the population in England. To address these concerns, medical spas offer a variety of effective treatments, such as facials, peels, and laser therapies. As a result, the medical spa market in the U.K. is experiencing a considerable growth, driven by the increasing need to address and alleviate these common skin conditions.
*Key Market Players*
The key players operating in the medical spa industry include companies, such as:
• Canyon Ranch
• Chiva Som
• Cocoon Medical Spa
• Clinique La Prairie
• Hilton
• Marriott International
• Four Seasons Hotels and Resorts
• Radisson Hotels International, Inc.
• Hyatt Corporation
• Wyndham Destinations
• Shangri-La Asia Limited
• Mandarin Oriental International Limited
• Chic La Vie Med Spa
• Cocoona Clinics
• Lanserhof Lans
*Recent Developments*
April 2023
Marriott announced the opening of its first luxury JW Marriott hotel in the city of Xi’an, China. The JW Marriott Hotel Xian features 411 rooms, six food and beverage outlets, a spa, a fitness center, and an extensive meeting and event space. The hotel incorporates Chinese elements into its design, showcasing the historical significance and cultural heritage of Xi’an. The opening is a testament to the growth of the luxury hospitality market in China.
February 2023
Hilton opened a new resort and spa facility in Egypt called the Hilton Marsa Wazar Red Sea Resort & Spa. The resort is set to open in 2024, and will offer a range of amenities, including multiple restaurants, swimming pools, a spa, and others. With the company’s focus on relaxation, rejuvenation, and wellness, the medical spa market is expected to grow as more people prioritize self-care and holistic health practices.
January 2023
Four Seasons Hotel New York Downtown launched "Next Health and Wellness Services," a collection of medical spa services that include personalized treatments, fitness programming, and a range of wellness offerings. The launch of this new service reflects the growing demand for medical spa services as more people seek out innovative ways to improve their overall health and well-being.
March 2022
Chiva-Som announced its official opening of Zulal Wellness Resort by Chiva-Som in Qatar. Zulal Wellness Resort is the world’s first contemporary showcase of Traditional Arabic and Islamic Medicine infused with evidence-based wellness practices and the world’s first wellness-focused family resort.
August 2021
Mandarin Oriental introduced three new spa retreats to provide guests with rejuvenating experiences and enhance their overall well-being. The launch of these unique spa retreats demonstrates Mandarin Oriental’s commitment to offering exceptional spa services and expanding its presence in the wellness industry. These additions are expected to attract spa enthusiasts and contribute to the growth of the medical spa market.
KEY BENEFITS
• The medical spa market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities.
• The study comprises a detailed analysis of the medical spa market trends, including current and future trends for depicting prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the medical spa market is provided in the report.
• The competitive analysis of the market players along with their market share in the medical spa market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the role of stakeholders.
Read the full report: https://www.reportlinker.com/p06478989/?utm_source=GNW
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