Global medispa market to reach £21m by 2025
The global medispa market is on track to reach a value of $27,566m (£20,916m) by 2025, according to new figures.
A report published by Allied Market Research, titled, "Medical Spa Market by Service: Global Opportunity Analysis and Industry Forecast, 2017-2025," predicted that the market will grow at a compound annual growth rate (CAGR) of 12.2% between 2018 and 2025.
Medical spas, or medispas, are defined by the researchers as properties that blend medicine and aesthetics to provide quality cosmetic treatments in a relaxed ambience. Many provide anti-wrinkle injections, acne therapy, and fillers, while some also provide doctor-led wellness retreats.
According to the report, the key players in the global medical spa market are Allure Medspa, Biovital Medspa, Canyon Ranch (pictured), Chiva Som, Clinique La Prairie, Hyatt Corporation, Sciton, True Skin Care Center, Vilalara Longevity Thalassa & Medical Spa, and Westchase Medspa. Other players are Cynosure, Lumenis, Syneron Medical, Spa Vitoria, and Lanserhof.
Last year, the facial treatment segment accounted for one-third share of the global market revenue of the sector, which was valued at $11,063m (£8,399m) in 2017.
Among the service category, the body-shaping segment accounted for one-fifth revenue share of the global market in 2017, driven by advances in non-invasive techniques that enable lesser hospitalisation and faster recovery. Therefore, further advances in the body-shaping segment are anticipated to fuel future market growth.
Other reasons for the predicted growth include increasing use of aesthetic medicine and cosmetic treatment options for beauty enhancement and growing wellness trends among developed countries.
However, medispa procedures are very expensive, which restricts market growth, especially in the developing economies, but the expansion of medical tourism in developing countries, such as India, China, and Brazil, creates lucrative opportunities for key market players.
The hair removal segment accounted for one-sixth share in 2017 of the global market revenue. This growth is attributed to the innovations in the laser technology, owing to which permanent hair removal is now feasible. This also supplements the market growth.
The tattoo removal segment accounted for about one-seventh revenue share of the total market in 2017, and is expected to register a CAGR of 11.8% from 2018 to 2025.
In 2017, North America was the dominant revenue contributor, owing to the increase in the wellness trend and the early adoption of novel technologies in this sector. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high-populace countries, such as India and China. In addition, the medical tourism enhancement also fuels the market growth.
India is the fastest-growing country in the Asia-Pacific medical spa market, registering a CAGR of 14.2% during the forecast period.
Image: Canyon Ranch Lenox