Medical Spa Market Size is estimated to grow at 13.8% CAGR during the forecast period

Pune, India, Feb 2023/MRFR Press Release/- Market Research Future has published its half-cooked research report on the global medical spa market.

Market Highlights

According to MRFR analysis, the global medical spa market is expected to register a CAGR of 13.8% from 2022 to 2030 and hold a value of over USD 45,827.31 million by 2030.

The global medical spa market is driven by several pivotal factors, including medical tourists visiting in large numbers due to well-established hospital structures and highly skilled professionals. Furthermore, the spread of inbound medical travel to raise the potential of the market and the surge in the low-cost treatment and availability of medical devices is fostering the growth of the market.

Regional Analysis

North America is projected to register the largest revenue in the market, owing to the factors such as developed infrastructure, rising awareness regards to medical spa procedures, and adopting skills to new & innovative techniques. Additionally, medical spa therapy is effective in the recovery of burn scars. According to the American Burn Association (ABA), the number of burn cases reported is 486,000 every year. Further, the government's support via reimbursement in burn cases bolsters the growth of the region.

Europe is likely to show significant growth during the forecast period owing to high disposable income, the availability of skilled professionals, and a high prevalence of skin problems. Furthermore, rising experience in wellness services is another pivotal factor fueling European regional growth.

The medical spa market in Asia-Pacific is attributed to the fastest revenue growth in the medical spa market during the forecast period owing to the rise in the number of cosmetic surgeries as well as a large population travelling to Asian countries for more cost-effective medical treatment.

Furthermore, the growth of the market in the rest of the world is showing sluggish growth because of the developing medical facilities and the presence of poor economies with low disposable income. However, the Middle East and Africa are famous for rejuvenation and cosmetic surgery.

Segmentation

The global medical spa market has been segmented into services, age, and gender.

Based on service, the market has been segmented into facial treatment, body shaping & contouring, hair removal, scar revision, tattoo removal, and others. The facial treatment segment is attributed to holding the largest market share in 2021 due to rising concern for beauty consciousness in urban areas, growth in disposable income, and increasing support from private organizations.

Based on age, the market has been segmented into adolescent, adult, and geriatric. The adult segment is projected to hold the highest share in 2021 due to a rise in marketing and branding to raise awareness of services and to improve face and body appearance.

On the basis of gender, the market has been segmented into men and women. The women's segment is attributed to holding the largest share in 2021 because of their willingness to delay ageing, alleviate acne, and have a younger appearance.

Key Players

Some of the key market players are Chic La Vie (US), Sciton, Inc (US), Longevity Wellness Worldwide (US), Alma Lasers, Ltd. (Israel), Lumenis Ltd (Israel), Soliton (Japan), Allergan (Ireland), Antares Pharma (US), Superdrug (UK), Clinique La Prairie (US).