Valued to be $25.9 Billion by 2026, Medical Spa Slated for Robust Growth Worldwide

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Feb 22, 2022, 11:55 ET

SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Medical Spa - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 5; Released: February 2022
Executive Pool: 702
Companies: 160 - Players covered include Allure Medspa; Biovital Medspa; Canyon Ranch, Inc.; Chiva Som; Clinique La Prairie; Cynosure, Inc.; Hyatt Corporation; Lanserhof; Lumenis, Ltd.; Sciton, Inc.; Spa Vitoria; Syneron Medical, Ltd.; True Skin Care Center; Vilalara Longevity Thalassa & Medical Spa; Westchase Medspa and Others.
Coverage: All major geographies and key segments
Segments: Service (Facial Treatment, Body Shaping & Contouring, Hair Removal, Scar Revision, Tattoo Removal, Other Services)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Medical Spa Market to Reach US$25.9 Billion by the Year 2026
Medical Spa, also referred to as MedSpa, are cutting-edge, contemporary providers of an extensive range of therapies ranging from Botox treatments and liposuction to hair regeneration and hair removal. They are the latest niche in cosmetic surgery and medicine, and undoubtedly the fastest growing segment of the global cosmetic surgery market. The medical end of the MedSpa is taken care of by the presence of a practicing, specialized physician who is always required to be present on the premises. Since medical spas converge spa treatments and medical treatments, they offer the widest range of services possible. As medical spas are emerging, they are gaining rapid popularity among those who are financially well disposed and have an inclination towards beauty and wellness. Their success has been creating a quite a stir encouraging corporate houses, major hospital chains and leading pharmacological companies to invest funds in various MedSpas. Over the years, technological advancements have played a major role in shaping the MedSpa industry, increasing not just the availability of but also making the non-invasive treatments (for instance Botox) more affordable. The digital technology is currently a leading driver of the med spa growth, and is likely to remain so in the years ahead as technology enables people to look younger without undergoing painful procedures.

Amid the COVID-19 crisis, the global market for Medical Spa estimated at US$14.4 Billion in the year 2022, is projected to reach a revised size of US$25.9 Billion by 2026, growing at a CAGR of 13.5% over the analysis period. Facial Treatment, one of the segments analyzed in the report, is projected to grow at a 12.9% CAGR to reach US$13 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Body Shaping & Contouring segment is readjusted to a revised 15.7% CAGR for the next 7-year period. This segment currently accounts for a 18.8% share of the global Medical Spa market. The Covid-19 pandemic has caused mental health concerns to skyrocket and hence leading people to prioritize mental health and wellbeing in new ways. In addition to brightening up physical appearance, relaxing massage of facial treatments can also relieve tension in the head and neck, which can reduce headaches. Research has shown that spa aids blood flow, delivering oxygen to all the body's cells, which are responsible for increasing energy and regulates mood. Thus in the wake of Covid-19, spa treatments are being promoted as a means of addressing issues associated with mental health.

The U.S. Market is Estimated at $5.4 Billion in 2022, While China is Forecast to Reach $3.8 Billion by 2026
The Medical Spa market in the U.S. is estimated at US$5.4 Billion in the year 2022. The country currently accounts for a 37.72% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.8 Billion in the year 2026 trailing a CAGR of 18.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.3% and 12.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.2% CAGR while Rest of European market (as defined in the study) will reach US$947.3 Million by the end of the analysis period. Both business- and consumer-end response to the medical spa sector has been remarkable in recent years in the US. While new players have entered this space, existing wellness centers, dental clinics and even big retailers (such as department stores) have been expanding their offering to provide specialized services in order to attract more customers. The numbers of such centers are rapidly increasing, and are especially coming up on coasts. The concept of co-tenancy is fast catching on in the US MedSpa space, where department stores and other retailers are seen introducing dedicated flagship stores for offering medical spa services.

Hair Removal Segment to Reach $3.8 Billion by 2026
Growing acceptance of professional hair removal services is benefiting the market for medical spas. Hair removal technologies provide women and men with convenient and effective options to remove hair from specific parts of the body for a natural and hair-free skin. Continuous advances in these technologies have resulted in sophisticated products that work for different skin types and hair color. Hair removal technologies are commonly used to treat various areas including the face, upper lip, legs, pubic area, bikini line, fingers, back, chin, cheeks and feet. While these techniques are also intended to treat eyebrows, majority of customers consider low-tech means such as waxing, threading or plucking. Some of the next-generation hair removal treatments are intended for permanent removal of hair for long-lasting results. In the global Hair Removal segment, USA, Canada, Japan, China and Europe will drive the 14.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.3 Billion will reach a projected size of US$3.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$343.1 Million by the year 2026, while Latin America will expand at a 17.4% CAGR through the analysis period. More

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