Medical Spa Market to grow at a CAGR of 14.98% from 2022 to 2027|Advanced Aesthetics and Biovital MedSpa LLC to emerge as key contributors to market growth - Technavio
NEW YORK, Nov. 3, 2023 /PRNewswire/ -- The medical spa market size is set to grow by USD 16,354.83 million between 2022 and 2027 and register a CAGR of 14.98%, according to Technavio's latest market research report estimates. Some of the major vendors of the medical spa market include Advanced Aesthetics, Albir Hills Resort S.A.U., Allure Medspa, Biovital MedSpa LLC, Chic la Vie Med Spa, Chiva-Som International Health Resorts Co. Ltd., Clinique La Prairie, Cocoona, Compagnie de Vichy, Lanserhof Management GmbH, Lilys Medi Spa, Longevity Wellness Worldwide Lda, Mandarin Oriental International Ltd, MEZZATORRE HOTEL S.R.L, Oetker Hotel Management Company GmbH, Qazi Cosmetic Center, Serenity Medspa, The DRx Clinic Pte Ltd., The Orchard Wellness and Health Resort, and Willow Med Spa and Salon. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the medical spa market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Read Sample Report
The report also covers the following areas:
Factors such as the rise in the geriatric population, the rising disposable income and changing lifestyle trends, and the growth in medical tourism will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The medical spa market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
Medical Spa Market 2023-2027: Segmentation
The medical spa market is segmented as follows:
- Age group
- Adults
- Adolescents
- Geriatric
- Service
- Facial Treatment
- Body Shaping And Contouring
- Tatoo Removal
- Others
- Geography
- Europe
- APAC
- North America
- South America
- Middle East And Africa
The market share growth by the adults segment will be significant for overall market growth during the forecast period. The increasing demand for non-invasive aesthetic treatments among adults plays an important role in the growth of the segment. This segment in the medical spa market is comprised of individuals aged between 25 and 60 years old. Also, there is a growing popularity as well as the availability of many non-invasive anti-aging treatments among adults due to advancements in technology. For instance, one of the most preferred treatments among adults is Botox, a non-invasive procedure that reduces the appearance of fine lines and wrinkles. Hence, such factors are expected to drive the global medical spa market growth during the forecast period.
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Vendor Offerings
- Advanced Aesthetics - The company offers medical spas such as hydro fusion treatments.
- Allure Medspa - The company offers medical spas such as chemical peels.
- Biovital MedSpa LLC - The company offers medical spas such as acne facials.
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Medical Spa Market 2023-2027: Market Dynamics
Key Drivers
- The increase in the geriatric population drives the medical spa market during the forecast period.
- This growth leads to an increase in demand for the medical spa equipment industry. Furthermore, factors such as the aging population are more prone to wrinkles, skin damage, and other skin-related problems, and medical spas can be used to cure these issues, significantly driving the market growth.
- For instance, laser machines help in treating wrinkles, skin discoloration, and other signs of aging. The availability of different kinds of laser machines, such as ablative and non-ablative lasers, has further fuelled their demand among the geriatric population.
- Hence, such factors boost the growth of the medical spa market during the forecast period.
Significant Trends
- The trend of emerging technological advancements in medical spa equipment drives the market growth during the forecast period.
- There has been a significant technological revolution in the medical spa market over the past decade. This growth leads to the development of tools and machines that offer better and more efficient treatment options to patients.
- Laser technology, microdermabrasion, radio frequency technology, cryotherapy, and ultrasonic technology are some of the emerging technologies in the market.
- Such factors are expected to drive the global medical spa market growth during the forecast period.
Major Challenges
- The high cost of medical spa equipment challenges the growth of the market during the forecast period.
- Since medical spa equipment is designed to be used for medical purposes and must meet strict regulatory requirements, medical spa equipment is considered very expensive in comparison to other types of spa equipment.
- The advanced features in medical spa equipment made from high-quality materials significantly contribute to the high cost.
- For instance, laser machines that are widely used for medical spa treatments can cost approximately USD 50,000 to USD 200,000.
- Hence, such high costs impede market growth during the forecast period.
Medical Spa Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist medical spa market growth during the next five years
- Estimation of the medical spa market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the medical spa market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of medical spa market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Age Group
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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