Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Medical Spa Market by Service, by Age Group, and by Gender - Global Opportunity Analysis and Industry Forecast, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global Medical Spa Market exhibited a valuation of USD 8.00 billion in 2022, and it is projected to achieve a substantial market size of USD 22.85 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period from 2023 to 2030.
The burgeoning demand for medical spa services can be attributed to the increasing prevalence of skin-related diseases, propelling advancements in treatments and technologies within the medical spa market. Companies are channeling investments into research and development endeavors to innovate solutions that are more effective and less invasive than conventional treatments.
For instance, Crown Aesthetics introduced its micro-needling technology, SkinPen Precision Ambassador Program, in October 2021. SkinPen Precision, the world's first micro-needling system cleared by the U.S. Food and Drug Administration (FDA), set new standards for the effective and safe treatment of facial acne scars in patients aged 22 and above, expanding its indications to address neck wrinkles as well.
Nonetheless, the high costs associated with spa equipment and supplies directly impact procedure prices, making certain treatments and services inaccessible or unaffordable for a significant portion of the population. This factor poses a challenge to the market's growth.
On a positive note, the adoption of advanced technologies such as advanced serum infusion facials and radio frequency micro-needling techniques is on the rise. These state-of-the-art beauty devices offer safe and non-invasive treatments, reducing discomfort and the risk of infections while delivering highly effective cosmetic solutions and rejuvenation. Consequently, this trend creates abundant growth opportunities for key players in the medical spa market.
Market Dynamics:
Drivers:
- Increase in Demand for Non-Invasive Cosmetic Procedures.
- Rise in the Number of Skin-Related Diseases.
Restraints:
- High Cost of Spa Equipment and Surge in Procedure Costs.
Opportunities:
- Technological Advancements in Skincare Equipment.
Segment Overview:
The global medical spa market is segmented based on service, age group, gender, and region.
Service Segment:
- Body Shaping & Contouring
- Hair Removal
- Body Treatment
- Facial Treatment
- Tattoo Removal
- Scars & Striae
- Other Services
Age Group Segment:
- 18-35 years
- 36-50 years
- 51-70 years
- 71 years & above
Gender Segment:
- Male
- Female
Regional Analysis:
Europe is projected to hold a dominant share of the market. Europe's dominance is expected to persist throughout the forecast period. The region boasts a relatively high standard of living, with consistent increases in disposable incomes, particularly in countries like the U.K., Germany, and Spain.
This rise in disposable income enables individuals to allocate more financial resources toward wellness and aesthetic treatments offered by medical spas. The Office for National Statistics (ONS) Household Finances Survey estimates that the median household disposable income in the U.K. for the financial year ending (FYE) 2022 was approximately USD 34,450. This trend has resulted in a demand for premium services and advanced procedures, catering to consumers with high purchasing power.
Additionally, the prevalence of skin conditions such as acne, eczema, and rosacea has increased, driving the demand for treatments provided by medical spas. A report from the National Institute for Health and Care Excellence highlights that acne affects a significant 95% of the population in England. Medical spas offer various effective treatments, including facials, peels, and laser therapies, to address and alleviate these common skin conditions. Consequently, the medical spa market in the U.K. is experiencing significant growth, driven by the need to address these prevalent skin concerns.
Key Market Players:
Key players operating in the medical spa industry include:
- Canyon Ranch
- Chiva Som
- Cocoon Medical Spa
- Clinique La Prairie
- Hilton
- Marriott International
- Four Seasons Hotels and Resorts
- Radisson Hotels International, Inc.
- Hyatt Corporation
- Wyndham Destinations
- Shangri-La Asia Limited
- Mandarin Oriental International Limited
- Chic La Vie Med Spa
- Cocoona Clinics
- Lanserhof Lans
Recent Developments:
- April 2023: Marriott announced the opening of its first luxury JW Marriott hotel in Xi'an, China, reflecting the growth of the luxury hospitality market in China.
- February 2023: Hilton opened the Hilton Marsa Wazar Red Sea Resort & Spa in Egypt, which is set to offer a range of amenities, including a spa, contributing to the growth of the medical spa market.
- January 2023: Four Seasons Hotel New York Downtown launched "Next Health and Wellness Services," a collection of medical spa services, reflecting the growing demand for medical spa services for improving overall health and well-being.
- March 2022: Chiva-Som opened Zulal Wellness Resort by Chiva-Som in Qatar, the world's first wellness-focused family resort, showcasing the increasing interest in wellness and spa services.
Key Benefits of the Market Report:
- The report offers quantitative analysis of the current market and estimations from 2023 to 2030, facilitating the identification of prevalent market opportunities.
- It provides a detailed analysis of medical spa market trends, encompassing current and future trends to identify investment prospects.
- The report furnishes information on key drivers, restraints, and opportunities and their impact on the medical spa market.
- Competitive analysis of market players and their market share is presented.
- SWOT analysis and the Porter's Five Forces model are elaborated.
- The value chain analysis provides insights into the roles of stakeholders.
For more information about this report visit https://www.researchandmarkets.com/r/jlkbvx
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