Medical Spa Market Projected To Garner Significant Revenues By 2024

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Medical Spa Market Projected to Garner Significant Revenues by 2024

Medical spas are regarded as unique form of care and treatment and are distinctively different from other types of health care providers. They are, however, not as popular as other types of health care services. Medical spa is associated with technology and requires medical expertise for providing the relaxing experience of a spa to patients. Medical spa also offers personalized health care and skin care solutions; for example, exercise advices, nutrition tips, etc.  

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Medical spas are usually targeted toward a specific group of patients/clients who have high expectations from its services. That is why, the marketing of a medical spa is done in a completely different manner than that of usual health care products or services. Similarly, the medical spa industry encounters different kinds of challenges than the general health care industry does. Nearly all medical spa patients pay for the services from their own pockets, which is why customer service is an important aspect of the medical spa industry.

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The global medical spa market is estimated to grow rapidly in the next few years. Primary driver of the market is the increase in use of cosmetic treatment and medicines for beauty enhancement in the developed economies. Some of the factors behind this are technological advancement in skincare devices, rise in the number of skin-related diseases, growth in aging population, and increase in demand of better medical spa services.  Additionally, growth of medical tourism in developing countries, for example, China, Singapore, Brazil, and India, is projected to generate lucrative opportunities for the global medical spa market. Conversely, factors affecting the growth of medical spa market are the high cost associated with the procedures and lack of skilled professionals.

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The global medical spa market can be classified based on service and region. By service, the market can be classified into tattoo removal, facial treatment, hair removal, scars and striae, body shaping, and others. The facial treatment and hair removal segments are estimated to grow rapidly in the near future. A key driver of the segment is the rise in awareness among people regarding the enhancement of self-appearance. Moreover, novel facial treatments delivered in medical spas, such as, ultrasonic fountain, nature signature facial, oxygen facial, derma wave, and HydraFacial MD are also boosting the growth of the segments. As such, development of such innovative techniques is estimated to drive the global medical spa market during the forecast period.

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Geographically, the global medical spa market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to hold a major share of the global medical spa market during the forecast period. Key factors boosting the growth of the market in the region are rise in awareness among people regarding the possible benefits of medical spa treatment procedures, well-established health care infrastructure supported by reimbursement policies, and rapid acceptance of novel medical spa techniques. After North America, the global medical spa market is expected to be dominated by Europe and Asia Pacific. Presence of prominent players, increase in investment in research and development made by them, and collaboration among market players are some of the reasons driving the global medical spa market.

Leading players operating in the global medical spa market are Canyon Ranch, Inc., Chiva Som ,True Skin Care Center, Westchase Medspa, Vilalara Longevity Thalassa & Medical Spa , Clinique La Prairie, Sciton, Inc, and Allure Medspa.

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