Global Medical Spa Services Market Report 2020-2030: Prominent Players have Adopted Product Launches and Collaborations

DUBLIN, Feb. 4, 2021 /PRNewswire/ -- The "Medical Spa Market by Services - Global Opportunity Analysis and Industry Forecast, 2020 - 2030" report has been added to ResearchAndMarkets.com's offering.

The Global Medical Spa Market size was valued at USD 13.82 billion in 2019 and is predicted to reach USD 47.14 billion by 2030, with a CAGR of 11.8% from 2020-2030.

Medical Spa is an amalgamation of medical clinics and traditional spas, offering soothing, relaxing, therapeutic, and luxurious spa experience along with specialized medical treatments. It involves skin care, nutrition, exercising advice, cosmetic procedures, facial treatments, light & laser treatments, and chemical peels among many other services.

This is a unique form of treatment and care therapy that involves healthcare professionals from different fields. Medical spa is a healing treatment that aids in the improvement and preservation of health, along with fortifying development in immune system.

The upsurge in the demand for minimally invasive medical treatments such as body sculpting, injectables like Restalyne, Juvederm, and Botox, chemical peels, tattoo removal and others; supplements the growth of medical spa market.

Market Dynamics and Trends

The rising pollution levels, stressful lifestyles, adulteration of food products, maleficent farming techniques, use of hormones and biological substrates in dairy products, as well as exposure of skin to harmful chemicals; are leading humans to the modern-age problems like premature hair-loss, early aging, skin problems, obesity, hormonal issues, and other such physical, mental, and emotional ordeals. Consequently, the growing trend of health & fitness culture, changing lifestyles, as well as higher adoption of skin care solutions and facial treatments, are expected to proliferate the growth of global medical spa market.

Furthermore, rising level of stress, difficult work-life balance, and machine-like lifestyles of individuals, generates a need for vacations, in-order to rejuvenate the body & mind, and bounce back to normal. This scenario, coupled with wellness packages offered by hotels & resorts, tend to propel the growth of global medical spa market.

However, high cost associated with the procedure and lack of skilled healthcare professionals in this field is expected to impede the growth of medical spa market.

Moreover, factors such as upsurge in medical tourism, increase in per-capita disposable income, and expansion of present infrastructures by the major market players, are anticipated to create several lucrative opportunities for growth in the global medical spa market.

Geographical Analysis

North America is expected to hold the major market share maintaining its dominance in the global medical spa market throughout the forecast period, owing to higher adoption of medical spa treatments in this region. Furthermore, factors such as presence of developed healthcare infrastructure, increased awareness regarding the benefits of medical spa treatments, as well as expansion and development of new medical spa centers by the prominent market players are expected to supplement the growth of medical spa market in this region.

Asia Pacific is expected to demonstrate a substantial growth in global medical spa market, holding the highest CAGR values throughout the forecast period. Factors driving the growth of the medical spa market are, growing demand of cosmetic & beauty enhancement procedures, increasing fitness trend, higher inclination towards healthy lifestyles and increasing medical tourism in this region.

Competitive Landscape

The medical spa market is highly competitive and consists of various market players. Some of the major market players include Biovital Medspa, Allure Medspa, Chiva Som, Canyon Ranch, Inc., Hyatt Corporation, Clinique La Prairie, True Skin Care Center, Sciton, Inc., Westchase Medspa, Vilalara Longevity Thalassa & Medical Spa, Lumenis Ltd., Cynosure, Inc., Spa Vitoria, Lanserhof and Syneron Medical Ltd., among others.

The prominent players have adopted product launches and collaborations as their key strategies to gain substantial share in the medical spa market.

For instance, in January 2020, Hyatt Hotels Corporation, the ruling player of the medical spa market, announced a collaboration between Hyatt and Headspace, with an objective to bring mindfulness exercises, guided meditations and sleep content to millions of employees, corporate customers and guests.

Furthermore, in March 2020, the giants of medical spa market, Hyatt Hotels Corporation, Terra Group, and Turnberry, announced a collaboration with a plan to open a new 800-rooms Grand Hyatt hotel on the Miami Beach, by 2023. Managed by Hyatt, this 17-story hotel located in the heart of the city shall enhance Miami Beach Convention Center with luxurious aesthetics, new public spaces, privately funded infrastructures, improved connectivity, and resiliency upgrades.

Key Topics Covered:

1. Introduction
1.1. Report Description
1.2. Research Methodology

2. Market Snapshot, 2019-2030 Million Usd
2.1. Market Snapshot

3. Porter's Five Force Model Analysis

4. Market Dynamics
4.1. Growth Drivers
4.2. Challenges
4.3. Opportunities

5. Global Medical Spa Market, by Services
5.1. Overview
5.2. Body Shaping
5.3. Hair Removal
5.4. Facial Treatments
5.5. Tattoo Removal
5.6. Scars & Striae
5.7. Others

6. Global Medical Spa Market, by Region
6.1. Overview
6.2. North America
6.3. Europe
6.4. Asia-Pacific
6.5. Rest of World

7. Company Profiles
7.1. Allure Medspa
7.2. Biovital Medspa
7.3. Canyon Ranch Inc.
7.4. Chiva Som
7.5. Clinique La Prairie
7.6. Hyatt Corporation
7.7. Sciton, Inc
7.8. True Skin Care Center
7.9. Vilalara Longevity Thalassa & Medical Spa
7.10. Westchase Medspa

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