Thinking about expanding your current offering? Now is the perfect time.
Renowned market research company, Global Industry Analysts Inc., (GIA), has recently released the much-anticipated Medical Spa – Global Market Trajectory & Analytic report, which projects the global medical spa market will hit US$25.9 billion by 2026.
The report incorporates data from countries around the world and independently analyses segments within the medispa sector including facial treatments and tweakments, body shaping and contouring, hair removal and scar revision. It also profiles leading industry competitors such as Clinique La Prairie, Chiva Som and Lumenis to present fresh perspectives on opportunities and challenges in the post-pandemic landscape.
The demand for medispas, which offer an extensive range of therapies from liposuction to injectables, laser hair removal and hair regeneration, has experienced exponential growth in the past few years. According to the report, medical spas are “undoubtedly the fastest-growing segment of the global cosmetic surgery market”. The medispa market has a current estimated market of US$14.4 billion and is expected to grow at a compound annual rate of 13.5% from 2022–2026. More interesting findings from the report include:
- Facial treatment, one of the segments analysed in the report, is projected to grow at a 12.9% CAGR to reach US$13 Billion by 2026.
- Body Shaping & Contouring segment is readjusted to a revised 15.7% CAGR for the next 7-year period. This segment currently accounts for a 18.8% share of the global Medical Spa market.
- COVID-19 has led people to prioritise mental health and wellbeing in new ways. Clients are frequenting medispas not only for tweakments but also for more mental wellness-focused treatments.
- Hair removal across the USA, Canada, Japan, China and Europe will experience a 14.6% CAGR to reach a combined market value of US$3.5 billion by 2026.
Both business- and consumer-end responses to the medical spa sector have been remarkable in recent years across the globe. While new players and boutique medispas have entered the space, existing beauty and wellness centres have been expanding their offering to provide more specialised services tailored to every customer. The concept of co-tenancy is fast catching on in the US MedSpa space, where department stores and other retailers are seen introducing dedicated flagship stores for offering medical spa services. This is beginning to catch on in Australia too, with department stores such as Mecca’s flagship store in Sydney offering services such as injectables and cosmetic tattooing.
For the full report, click here.
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