According to a new report published by Allied Market Research, titled, "Medical Spa Market by Service: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global medical spa market size was valued at $12,438 million in 2020, and is estimated to reach $29,542.33 million by 2030, growing at a CAGR of 9% from 2021 to 2030.
Covid-19 scenario-
- The outbreak of the pandemic led to the closure of most of the medical spa facilities across the world, especially during the initial phase of the pandemic, which impacted the global medical spa market negatively.
- However, the market is projected to get back on track soon.
Key players in the industry -
- Canyon Ranch
- Chiva Som
- Clinique La Prairie
- Allure Medspa
- Westchase Medspa
- Biovital Medspa
- Cocoon Medical Spa
- Hyatt Corporation
- True Skin Care Center
- Vilalara Longevity Thalassa & Medical Spa
By region, North America held the highest share in 2020, accounting for more than two-fifths of the global medical spa market. Growing consumer awareness about appearance, rapid adoption of advanced technologies, and large presence of key players in North America are driving the growth of the market. On the other hand, the Asia Pacific region is expected to witness the fastest CAGR of 10.7% during the forecast period. This is due to the increase in disposable income and the wide number of facilities that offer therapeutic spa services.
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However, lack of trained professionals and high cost associated with the procedures as well as its complications impede the market growth. Conversely, high market potential in the untapped emerging economies, rise in various product launches, partnerships, and collaborations among the key players, and development of high technology based procedures are expected to provide many opportunities for medical spa market growth during the forecast period.
North America accounted for a majority of the global medical spa market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in rise in awareness regarding self-appearance and significant increase in the baby boomer population, adoption of technologically advanced treatments and rise healthcare expenditure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to its high aging population base, increase in disposable incomes, and development of large number of spas offering varied medical treatments.
Key Findings Of The Study
- By service, facial treatments segment was the highest contributor to the medical spa market in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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