Medical Spa Market- Global Opportunity Analysis and Industry Forecast, 2017-2025
Portland, OR -- (SBWIRE) -- 05/06/2019 -- Medical spas are anticipated to continue to grow during the forecast period as there is a huge trend in various countries towards ensuring wellness and taking care of an individual?™s body. Medical spas cater to mental, physical, and emotional services associated with the body. In addition, the advances in laser technology and minimally-invasive techniques are expected to further augment the market growth.
According to a new report published by Allied Market Research, titled, Medical Spa Market by Service: Global Opportunity Analysis and Industry Forecast, 2017-2025," the global medical spa market was valued at $11,063 million in 2017, and is projected to reach $27,566 million by 2025, growing at a CAGR of 12.2% from 2018 to 2025. The facial treatment segment accounted for one-third share of the global market revenue in 2017.
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In 2017, North America was the dominant revenue contributor, owing to the increase in the wellness trend and the early adoption of novel technologies in this sector. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high-populace countries, such as India and China. In addition, the medical tourism enhancement also fuels the market growth.
The key players operating in the global medical spa market are Allure Medspa, Biovital Medspa, Canyon Ranch, Inc., Chiva Som, Clinique La Prairie, Hyatt Corporation, Sciton, Inc., True Skin Care Center, Vilalara Longevity Thalassa & Medical Spa, and Westchase Medspa. Other players operating in
the value chain are Cynosure, Inc., Lumenis, Ltd., Syneron Medical, Ltd., Spa Vitoria, and Lanserhof.
Medical spas or medispas uniquely blend medicine and aesthetics to provide quality cosmetic treatments in a relaxed ambience. Anti-wrinkle injections, Botox injections, fine-line reduction, acne therapy, and fillers are some of the various treatments included in medical spas.
Increasing use of aesthetic medicine and cosmetic treatment options for beauty enhancement and growing wellness trends among the developed countries drive the market. However, the medical spa procedures are very expensive, which restricts the market growth, especially in the developing economies. Moreover, the expansion of medical tourism in developing countries, such as India, China, and Brazil, creates lucrative opportunities for key market players.
Among the service category, the body shaping segment accounted for one-fifth revenue share of the global market in 2017. This has been owing to the recent advances in body shaping, which include various non-invasive techniques that enable lesser hospitalization and faster recovery. Thus, such advances in the body shaping segment are anticipated to augment the market growth.
Additionally, the hair removal segment accounted for one-sixth share in 2017 of the global market revenue. This growth is attributed to the innovations in the laser technology, owing to which permanent hair removal is now feasible. This also supplements the market growth.
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- The study provides an in-depth analysis with the current trends and future estimations of the global medical spa market to elucidate the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict the market growth is provided.
- The quantitative analysis of the industry from 2017 to 2025 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- An extensive analysis of key segments of the industry is provided to understand the profitability of the various types of global medical spas.
- The key players and their strategies are analyzed to understand the competitive outlook of the market.
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