Medical Spa Market Size Worth $33.9 Billion By 2026 | CAGR: 13.8%

The global medical spa market size is expected to reach USD 33.9 billion by 2026 registering a CAGR of 13.8%, according to a new report by Grand View Research, Inc. Increasing number of aesthetic treatment alternatives is projected to be one of the key growth-driving factors. Moreover, integration of business areas like travel, hospitality, cosmetics, fitness, etc. with wellness tourism, especially in U.S., India, China, and Thailand, is expected to drive the market further. Technological advancements, such as laser systems, have resulted in increased cost of medical spa procedures. For instance, in 2016, the average cost of a laser skin resurfacing procedure increased by around 15%.

However, rising disposable income levels will drive the demand for novel procedures. Growing popularity of wellness tourism is anticipated to further expand the market in the forecast period. In 2017, an international wellness tourist spent an average of around USD 1,528 per trip, accounting for 53% more than a typical international tourist. It is estimated that the domestic wellness tourists spend 178% more premium than any other domestic tourist. North America led the global market in 2018 due to technological advancements and increasing number of new entrants in the medical spa industry.

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https://www.grandviewresearch.com/industry-analysis/medical-spa-market

Further key findings from the study suggest:

• Facial treatment dominated the service segment in 2018 and will maintain its position throughout the estimated period due to increasing demand for minimally invasive aesthetic treatment procedures
• On the other hand, the body shaping & contouring service segment is expected to witness the fastest CAGR over the forecast period
• North America dominated the medical spa market in 2018 in terms of revenue share pertaining to the technological advancements, and the increasing number of new entrants in the medical spa industry.
• Asia Pacific is anticipated to be the fastest-growing regional market from 2019 to 2025 owing to thepresence of well-established beauty market
• Asian spas are traditionally focused on the beauty aspect of wellness, however, in the past few years, such spas are expanding their services to meet the increasing demand for cosmetic alteration with procedures, such as body contouring, nonsurgical skin tightening, and scar revision
• Key industry participants include Chic la Vie Med Spa, Clinique La Prairie, Kurotel – Longevity Medical Center and Spa, Lanserhof Lans, The Orchard Wellness Resort, BIOVITAL Med Spa LLC, Allure MedSpa, and Longevity Wellness Worldwide