The global medical spa market size is expected to reach USD 36.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.3% from 2021 to 2028. Increasing demand for noninvasive aesthetic treatment is one of the key factors driving the market. Moreover, the high influence of social media among millennials and rising demand for dermal fillers are propelling the demand for medical spas. Technological advancements, such as laser systems, have resulted in increased costs of medical spa procedures. For instance, in 2016, the average cost of laser skin resurfacing procedures increased by around 15.0%. However, rising disposable income levels will drive the demand for novel procedures.
Rapidly rising global population is increasing the demand for aesthetic cosmetic treatments and minimally invasive solutions. Availability of best anti-ageing treatments, relaxing atmosphere, quality services provided by certified professionals and innovative and cutting-edge technology are leading to increase in preference for medical spas. The growing popularity and trend of wellness tourism and rising awareness about aesthetic procedures are anticipated to further expand the market in the forecast period.
The onset of the COVID-19 pandemic resulted in revenue loss of cosmetic service providers. Aesthetic procedures are considered elective and non-essential and hence were postponed or canceled during the pandemic. On the other hand, the lockdown encouraged people to use video conferencing facilities, which made them more conscious about 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.
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Based on service, the facial treatment segment dominated the market in 2020 due to the increasing demand for minimally invasive facial procedures. According to ISAPS, 821,890 rhinoplasties, 448,485 facelifts, 369,497 chemical peels, and 270,917 brow lifts were performed in 2019 globally. This is expected to boost segment growth
On the other hand, the body shaping and contouring segment is anticipated to register remarkable growth during the forecast period. According to ISAPS, non-surgical fat reduction is the fourth leading non-surgical cosmetic procedure in the world. In 2019, a total of 462,769 non-surgical fat reduction surgeries were performed worldwide. This is likely to favor segment growth
North America accounted for the maximum revenue share in 2020. According to International Spa Association (ISPA), in the U.S., an average of around 179.0 million people visit spas annually. Increasing adoption of aesthetic procedures is driving the market growth in North America
Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028 owing to the presence of a well-established beauty market
Asian spas mainly focus on the beauty aspect of skincare and wellness, however, in the past few years; they are expanding their services to meet the rising demand for cosmetic procedures, such as scar revision, body contouring, tattoo removal, and non-surgical skin tightening
Grand View Research has segmented the global medical spa market on the basis of service and region:
Medical Spa Service Outlook (Revenue, USD Million, 2016 - 2028)
Body Shaping & Contouring
Medical Spa Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa (MEA)
List of Key Players of Medical Spa Market
Chic La Vie
Clinique La Prairie
Kurotel - Longevity Medical Center and Spa
The Orchard Wellness Resort
Longevity Wellness Worldwide
Vichy Celestins Spa Hotel
Brenners Park-Hotel & Spa
Sha Wellness Clinic
Mezzatorre Resort & Spa
Cocoona Centre Of Aesthetic Transformation
Lily's Medi Spa
The DRx Aesthetics
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