Medical Spa Market Growth Rate by Applications 2021 - Biovital Medspa, Allure Medspa, Chiva Som, Canyon Ranch, Inc.

The Global Medical Spa Market size was valued at USD 13.82 billion in 2019 and is predicted to reach USD 47.14 billion by 2030, with a CAGR of 11.8% from 2020-2030.

Medical Spa is an amalgamation of medical clinics and traditional spas, offering soothing, relaxing, therapeutic, and luxurious spa experience along with specialized medical treatments. It involves skin care, nutrition, exercising advice, cosmetic procedures, facial treatments, light & laser treatments, and chemical peels among many other services.

This is a unique form of treatment and care therapy that involves healthcare professionals from different fields. Medical spa is a healing treatment that aids in the improvement and preservation of health, along with fortifying development in immune system.

The upsurge in the demand for minimally invasive medical treatments such as body sculpting, injectables like Restalyne, Juvederm, and Botox, chemical peels, tattoo removal and others; supplements the growth of medical spa market.

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Competitive Landscape

The medical spa market is highly competitive and consists of various market players. Some of the major market players include Biovital Medspa, Allure Medspa, Chiva Som, Canyon Ranch, Inc., Hyatt Corporation, Clinique La Prairie, True Skin Care Center, Sciton, Inc., Westchase Medspa, Vilalara Longevity Thalassa & Medical Spa, Lumenis Ltd., Cynosure, Inc., Spa Vitoria, Lanserhof and Syneron Medical Ltd., among others.

The prominent players have adopted product launches and collaborations as their key strategies to gain substantial share in the medical spa market.

For instance, in January 2020, Hyatt Hotels Corporation, the ruling player of the medical spa market, announced a collaboration between Hyatt and Headspace, with an objective to bring mindfulness exercises, guided meditations and sleep content to millions of employees, corporate customers and guests.

Furthermore, in March 2020, the giants of medical spa market, Hyatt Hotels Corporation, Terra Group, and Turnberry, announced a collaboration with a plan to open a new 800-rooms Grand Hyatt hotel on the Miami Beach, by 2023. Managed by Hyatt, this 17-story hotel located in the heart of the city shall enhance Miami Beach Convention Center with luxurious aesthetics, new public spaces, privately funded infrastructures, improved connectivity, and resiliency upgrades.

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Market Segmentations and Scope of the Study:

The global medical spa market share is analyzed based on service, end user and geography.

Based on service, the market is segmented into body shaping, hair removal, facial treatments, tattoo removal, scars & striae, and others. Based on end user, the market is divided into men and women. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to hold the major market share maintaining its dominance in the global medical spa market throughout the forecast period, owing to higher adoption of medical spa treatments in this region. Furthermore, factors such as presence of developed healthcare infrastructure, increased awareness regarding the benefits of medical spa treatments, as well as expansion and development of new medical spa centers by the prominent market players are expected to supplement the growth of medical spa market in this region.

Asia Pacific is expected to demonstrate a substantial growth in global medical spa market, holding the highest CAGR values throughout the forecast period. Factors driving the growth of the medical spa market are, growing demand of cosmetic & beauty enhancement procedures, increasing fitness trend, higher inclination towards healthy lifestyles and increasing medical tourism in this region.

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